Belgian Investor Summary (September - Mid-December 2024) PDF

Belgian Investor ​ Summary from September to Mid December  September September 12, 2024 ​ ECB Rate Cut: The European Central Bank is expected to cut interest rates by 25 basis points. ​ US Inflation: US inflation report opens the door for a...

Belgian Investor ​ Summary from September to Mid December  September September 12, 2024 ​ ECB Rate Cut: The European Central Bank is expected to cut interest rates by 25 basis points. ​ US Inflation: US inflation report opens the door for a potential rate cut by the Federal Reserve. ​ Belgian Government Bond Flop: The Belgian government bond has raised significantly less money than expected, highlighting the need for higher interest rates to attract investors. ​ Azelis Bond: Chemical producer Azelis is offering a higher interest rate on its bonds compared to the Belgian government, likely attracting more investment. ​ Impact of Rate Cuts on Real Estate: Lower interest rates are expected to benefit real estate shares like Cofinimmo, Montea, and Aedifica. ​ Poor Diversification: Belgian retail investors tend to have poor portfolio diversification, often investing in a very limited number of stocks. September 13, 2024 ​ ECB Rate Cut and Future Expectations: The ECB cut interest rates by 25 basis points, but the focus is now on when the next cut will occur. December seems more likely than October. ​ Gold Prices: Gold prices surged to a new record high after the ECB rate cut. ​ Immobel's Loss: Immobel announced a significant loss due to write-downs on real estate projects. ​ Adobe's Performance: Despite better-than-expected figures, Adobe's revenue and earnings stabilization might disappoint investors who expect continuous growth. ​ Brederode's Investment Strategy: Brederode, a Belgian holding company, offers a way for investors to access private equity and co-invest with wealthy families. September 16, 2024 ​ Positive Week for Stock Markets: Wall Street and the Brussels stock market ended the week with gains, with some struggling stocks showing signs of recovery. ​ Nike's Potential Fine: Nike may face a substantial fine from Belgian authorities for allegedly underpaying import duties and VAT. ​ Boeing's Challenges: Boeing faces a strike and continues to struggle with losses and a negative image. ​ Tubize's Potential: Tubize, a monoholding over UCB, is considered undervalued and could see gains due to its inclusion in the Stoxx 600 index. September 17, 2024 ​ Mixed Market Performance: The Dow Jones reached a new record high, while the Nasdaq declined due to Apple's fall. European markets were also mixed. 2  ​ Midea's Successful IPO: Home appliances producer Midea had a successful IPO in Hong Kong, despite the current negative sentiment towards Chinese shares. ​ Microsoft's Share Buyback: Microsoft announced a significant share buyback program, highlighting its strong financial position. September 18, 2024 ​ US Interest Rate Decision: Markets await the US central bank's interest rate decision, with uncertainty about whether rates will be cut by 25 or 50 basis points. ​ US Steel Takeover Delay: The decision on Nippon Steel's takeover of US Steel has been postponed until after the US presidential election. ​ Tupperware's Bankruptcy: Tupperware filed for bankruptcy protection, highlighting the challenges faced by the company despite its strong brand name. September 19, 2024 ​ Fed Cuts Interest Rates: The US central bank cut interest rates by 50 basis points, with further cuts expected in the future. ​ Asian Markets React Positively: Asian stock markets showed significant gains in response to the Fed's rate cut. ​ Hong Kong Real Estate Stocks Surge: Hong Kong real estate stocks rallied as investors anticipate lower interest rates in HKD. ​ NIO's Potential Acquisition and Challenges: Chinese carmaker NIO is considering acquiring Audi's factory in Vorst, but faces challenges in the European market. September 20, 2024 ​ Strong Market Performance: Global stock markets experienced one of the best days of the year, driven by the US interest rate cut. ​ FedEx Profit Warning: FedEx issued a profit warning, signaling challenges in the parcel delivery industry. ​ Mercedes-Benz Sales Decline: Mercedes-Benz announced lower sales, particularly in China, leading to a reduced profit forecast. September 23, 2024 ​ Mixed Market Performance: US and European markets saw minor losses, while Japan and Hong Kong posted gains. FedEx and Mercedes-Benz shares fell sharply after profit warnings. ​ UniCredit's Interest in Commerzbank: UniCredit is seeking rapprochement with Commerzbank, despite potential resistance from the German government. ​ Qualcomm's Potential Takeover of Intel: Qualcomm is rumored to be interested in acquiring Intel, which has seen its market value decline significantly. September 24, 2024 ​ Positive Market Performance: European and US markets saw modest gains, driven by Chinese support measures and positive sentiment towards luxury and technology stocks. 3  ​ UniCredit's Stake in Commerzbank: UniCredit announced a 21% stake in Commerzbank and is seeking permission to increase it, raising concerns about a potential takeover. ​ UCB's Drug Approval: UCB's drug Bimzelx received approval for additional uses in the US, further solidifying its potential. ​ Vistra Corp's Strong Performance: Vistra Corp, a US energy generator, has seen its stock price surge due to its connection to the growing AI industry and demand for nuclear power. September 25, 2024 ​ Chinese Stimulus Boosts Markets: European and US markets continued to benefit from Chinese stimulus measures, with luxury and China-sensitive stocks performing well. ​ Visa's Antitrust Lawsuit: Visa faces an antitrust lawsuit from the US competition watchdog, which alleges that the company has a monopoly in the debit card market. ​ Meta Connect Conference: Meta's annual Connect conference is expected to feature new product announcements and insights into the company's AI vision. September 26, 2024 ​ Mixed Market Performance: The Bel20 held steady, while European markets saw minor losses. US markets were mixed, with positive sentiment towards AI-related stocks. ​ Interest Rate Cuts: Several central banks, including Sweden and Czech Republic, cut interest rates. Further cuts are expected from the ECB. ​ Alphabet's Complaint Against Microsoft: Alphabet filed a complaint against Microsoft in Brussels, alleging unfair practices related to cloud services. ​ Micron Technology's Strong Results: Micron Technology's strong results and positive outlook boosted investor confidence in the AI rally. September 27, 2024 ​ Luxury Stocks Surge: Luxury stocks continued to perform well, driven by Chinese stimulus measures and renewed optimism about the Chinese economy. ​ Micron Technology's Continued Gains: Micron Technology's shares continued to rise due to its connection to the AI industry. ​ Jabil Circuit's Strong Performance: Circuit board maker Jabil Circuit exceeded expectations with its quarterly results and announced a share buyback program. ​ LVMH's Investment in Moncler: LVMH is taking a stake in Moncler's investment vehicle, further consolidating its position in the luxury sector. September 30, 2024 ​ Chinese Stocks Continue to Rise: Despite sharp falls in Japan, Chinese stock markets continued to rally, driven by stimulus measures and positive economic data. ​ Volkswagen Lowers Expectations: Volkswagen lowered its sales and profitability expectations due to deteriorating economic conditions and lower demand for electric cars. ​ Warren Buffett Sells Bank of America Shares: Warren Buffett continued to sell shares of Bank of America, signaling a bearish outlook on the banking sector in a period of interest rate declines. 4 September Concluding Remarks September in the markets was defined by fluctuating investor sentiment and significant reactions to central bank decisions and economic data. Early in the month, the ECB rate cut and potential Fed rate cuts dominated headlines. Market volatility was fueled by uncertainty around US inflation and disappointing performance of the Belgian government bond. As the month progressed, positive US economic news and Chinese stimulus measures boosted markets, with luxury and tech stocks, particularly those linked to AI, seeing strong gains. However, concerns remained about the stability of the recovery, with some companies like FedEx, Mercedes-Benz and Volkswagen lowering expectations. Overall, September ended with a generally positive outlook, but with lingering uncertainty about the global economic landscape. 5  October October 1, 2024 ​ US and European Markets: Mixed performance in US and European markets, with Stellantis and Aston Martin issuing profit warnings impacting car manufacturers. ​ Chinese Markets: Chinese stock markets closed for "Golden Week." ​ Carnival Corporation: Positive results for Carnival Corporation, with increased operating profits and customer spending. October 2, 2024 ​ US Port Strike and Middle East Conflict: Concerns over the US port workers' strike and the Middle East conflict impacting markets. ​ Hong Kong Market: Hong Kong market shows strong gains despite global anxieties. ​ Nike: Nike withdraws its forecasts for the year, impacting investor confidence. ​ Covestro: Covestro gains after reaching an agreement with Adnoc for a takeover. October 3, 2024 ​ Wall Street: Mixed performance on Wall Street, with Nike and Tesla declining, while UnitedHealth Group and Salesforce show gains. ​ Hong Kong Market: Profit-taking in Hong Kong after recent gains. ​ OpenAI: OpenAI raises significant capital, increasing its valuation. ​ Tesla: Tesla disappoints with sales figures, raising concerns about its growth forecast. October 4, 2024 ​ Oil Prices: Oil prices surge due to tensions in the Middle East. ​ Shipping Companies: Shipping companies decline as the US port strike ends. ​ Springer Nature IPO: Springer Nature debuts on the Frankfurt stock exchange. October 7, 2024 ​ US Job Market: Positive US job report increases chances of a soft landing for the economy. ​ European Car Manufacturers: European car manufacturers face challenges due to new import tariffs on Chinese electric vehicles. ​ Avantium: Avantium's plant-based plastic production faces delays and high risks. ​ Ubisoft: Ubisoft gains on reports of a potential takeover by Tencent. October 8, 2024 ​ US Markets: Concerns over rising interest rates and oil prices impact US markets. ​ Chinese Markets: Chinese markets reopen with mixed performance and concerns about stimulus measures. ​ Galapagos: Galapagos gains after biotech investor Oleg Nodelman joins the board. 6  ​ Syensqo: Syensqo declines after a downgrade by Deutsche Bank, despite positive long-term prospects. October 9, 2024 ​ European Markets: European markets decline, with profit-taking on China-related stocks and concerns over Chinese tariffs on spirits. ​ US Tech Stocks: US tech stocks perform well, with Nvidia nearing its all-time high. ​ Hang Seng Index: Hang Seng Index experiences a significant drop, but remains up for the year. ​ PepsiCo: PepsiCo's quarterly results meet expectations, but concerns remain about the company's long-term growth prospects. October 10, 2024 ​ S&P 500: S&P 500 reaches a new record high, but concerns remain about the strength of the bull market. ​ Chinese Markets: Chinese markets continue to fluctuate. ​ Alphabet: Alphabet faces pressure from the US Department of Justice, which is considering forcing the company to break up. ​ Ratan Tata: Indian industrialist Ratan Tata passes away. October 11, 2024 ​ US Inflation: US inflation falls to a three-year low, but slightly higher than expected. ​ Earnings Season: Start of the quarterly earnings season, with JP Morgan reporting positive results. ​ Tesla's Robotaxi: Tesla unveils its robotaxi, but concerns remain about the timeline for production. ​ Avantium: Avantium experiences significant gains after receiving FDA approval and announcing a supply contract. October 14, 2024 ​ Positive Market Performance: Positive performance on Wall Street and European markets, driven by reassurance about Chinese economic support measures. ​ Tesla: Tesla declines despite unveiling its robotaxi, as concerns remain about the production timeline. ​ JP Morgan: JP Morgan reports positive quarterly results, exceeding expectations. October 15, 2024 ​ Wall Street: Wall Street sets new records, while oil prices decline. ​ Nvidia: Nvidia reaches a new record high, driven by strong demand for AI chips. ​ Bausch + Lomb: Bausch + Lomb could be taken private by private equity investors. ​ Alfen: Alfen announces layoffs due to weak market conditions and disappointing revenue figures. 7 October 16, 2024 ​ Profit Warnings Impact Markets: Profit warnings from Alfen, ASML, and LVMH lead to significant market declines. ​ ASML: ASML's stock plunges after a communication blunder during its profit warning. ​ LVMH: LVMH issues a profit warning, reporting lower-than-expected revenue. October 17, 2024 ​ Market Rebound: Wall Street rebounds after a gloomy day, while European markets remain bleak. ​ ECB Rate Cut: European Central Bank cuts interest rates. ​ Morgan Stanley: Morgan Stanley reports strong quarterly results, exceeding expectations. ​ Sipef and Barco: Sipef and Barco issue profit warnings, impacting their stock prices. October 18, 2024 ​ Chinese Economic Growth: China's economy performs slightly better than expected, but concerns remain. ​ Netflix: Netflix reports excellent results, with significant subscriber growth. ​ What's Cooking: What's Cooking announces the sale of its deli meats division. ​ WDP: WDP reports positive quarterly results, with an increase in earnings. October 21, 2024 ​ Mixed Earnings Season: Mixed start to the earnings season, with some companies exceeding expectations and others disappointing. ​ American Express: American Express fails to impress investors despite raising its full-year outlook. ​ Starboard Value: Activist investor Starboard Value takes a position in Kenvue. October 22, 2024 ​ Market Performance: Bel20 and European markets decline, while US markets are mixed. ​ JDE Peet's: JDE Peet's surges after investment group JAB tightens its grip on the company. ​ Ebusco: Ebusco plunges after a major order cancellation. October 23, 2024 ​ Market Performance: Euro Stoxx 50 and S&P 500 remain flat, while Nasdaq shows a modest gain. ​ L'Oréal: L'Oréal disappoints with lower-than-expected revenue growth. ​ McDonald's: McDonald's faces a suspected E. coli outbreak in the US. October 24, 2024 ​ Market Declines: Red markets globally, with significant losses on Wall Street. 8  ​ Boeing: Boeing reports a significant loss and faces ongoing challenges with production and a strike. ​ SK Hynix: SK Hynix reports strong revenue growth, driven by demand for AI chips. October 25, 2024 ​ Market Performance: Mixed market performance, with UCB, Lotus Bakeries, Nvidia, and Tesla among the gainers. ​ Proximus: Proximus sells its data centers to Datacenter United. ​ Unilever: Unilever reports mixed results, with weak performance in China but strong growth in the ice cream segment. October 28, 2024 ​ Market Performance: S&P 500 records a weekly loss, while Nasdaq shows a slight gain. Tesla performs strongly. ​ Oil Prices: Oil prices decline as geopolitical tensions ease. ​ Philips: Philips issues a profit warning, lowering its full-year expectations. ​ Swiggy IPO: Indian food delivery company Swiggy plans to go public, but at a lower valuation than initially anticipated. October 29, 2024 ​ Market Performance: Wall Street shows gains, but some companies experience significant declines after earnings releases. ​ Ford: Ford lowers its annual profit forecast despite a strong quarter. ​ HSBC: HSBC announces a new share buyback program after reporting better-than-expected earnings. October 30, 2024 ​ Wall Street: Wall Street shows gains, but individual stock performance is mixed following earnings releases. ​ Melexis: Melexis issues a profit warning, lowering its full-year revenue and profit margin forecasts. ​ UBS and Amundi: UBS and Amundi report strong profit increases. October 31, 2024 ​ Tech Stocks: Mixed performance for tech stocks, with declines for Microsoft and Meta after earnings releases, while Reddit and Snap surge. ​ Eli Lilly: Eli Lilly issues a profit warning. ​ AB InBev: AB InBev reports mixed results, with lower-than-expected beer sales growth but an increase in profit. 9 October Concluding Remarks October was a volatile month in the markets, dominated by earnings season and ongoing economic uncertainties. While major indices like the S&P 500 and Nasdaq showed overall gains, individual stock performance was highly mixed, with sharp reactions to earnings reports and profit warnings. Tech stocks remained in focus, with AI-related companies continuing to perform well, while some giants like Microsoft and Meta faced setbacks. Concerns lingered about the global economic outlook, particularly in China and Europe, with several companies lowering expectations. Despite these challenges, there were also bright spots, with strong results from companies like Netflix, HSBC, and UBS. 10  November November 1, 2024: ​ Markets slump: S&P 500 (-1.9%), Nasdaq (-2.8%), Europe (-1.2% avg). Tokyo weak; Hong Kong +1%. ​ Heavyweights disappoint: Meta and Microsoft drag U.S. indices down; Apple underwhelms but Amazon’s results look promising. ​ Brussels (Bel20) down only 0.4% thanks to D’Ieteren and Argenx offsetting AB InBev’s drop. ​ Estée Lauder shares plunge 20.9% on weak Chinese demand and retracted forecasts. ​ Amazon’s cloud growth (+19%) drives total Q3 revenue (+11%) and boosts profits; stock up 6% after hours. ​ Markets open as usual on the holiday, with upcoming U.S. jobs data potentially easing interest rate concerns. November 4, 2024: ​ Weak U.S. jobs data on Friday steadied markets, suggesting potential Fed rate cuts. ​ Pre-election tension weighs on the dollar; major U.S. tech stocks see volatility (e.g., Microsoft dip, Amazon rebound). ​ Berkshire Hathaway reduces Apple and Bank of America stakes significantly, growing its cash pile to $325 billion, awaiting new investment opportunities. ​ Colruyt rises 9% in Brussels as controlling family stake increases and speculation of a buyout lingers; ING deems current valuation overly discounted. ​ Nvidia to replace Intel in the Dow Jones on November 7, cementing Nvidia’s dominance with a $3.3 trillion market cap vs. Intel’s $100 billion. November 14, 2024: ​ U.S. inflation comes in on target at 2.6%, reducing market concerns about further rate hikes. ​ Rising 10-year yields (4.46%) haven’t yet hit stocks, but caution remains. ​ Mixed sentiment in Asia: Hang Seng down sharply over five days (-8.3%), despite modest U.S. inflation relief. ​ In Belgium, busy earnings day: Unifiedpost sees flat revenue; Atenor focuses on debt reduction; uncertainty at Proximus CEO level; DEME raises forecasts; Agfa-Gevaert restructures film division after revenue drop. ​ Cisco’s revenue falls for a fourth quarter, struggling to benefit from AI hype. ​ SBM Offshore profits from strong oil sector demand, raising EBITDA guidance after a platform sale to ExxonMobil. November 15, 2024: ​ Trump plans to cut EV subsidies, hitting Tesla and other EV makers hard. ​ Fed Chair Powell tempers rate-cut expectations amid a strong U.S. economy. ​ Chinese retail sales beat forecasts (+4.8%), China’s data surprises positively. ​ Belgian Nextensa sees slight profit pressure but expects higher rental income in 2024. Aegon raises outlook and announces share buyback. 11  ​ EVS targets record revenue and improved EBIT, but performance fluctuates with major sporting events. ​ Applied Materials beats forecasts but warns of China-related revenue pressure, unnerving investors. November 18, 2024: ​ Global markets end the week lower on Trump’s cabinet picks and Fed’s slower rate-cut signals. ​ Pharma and biotech suffer after controversial U.S. health secretary nomination, UCB (-6% Friday) despite earlier gains. ​ In Asia, mixed trading: Hang Seng up, Tokyo down. ​ Retail Estates in Belgium posts better results, Nvidia’s upcoming earnings closely watched. ​ Swedish battery maker Northvolt struggles, nearing creditor protection. ​ Netflix disappoints with its live-streamed boxing event quality issues, raising doubts about streaming major events. November 19, 2024: ​ European indices flat, Bel20 slightly down (-0.2%); KBC outperforms on analyst upgrades. ​ U.S. markets slightly green; Tesla gains as Trump considers relaxing self-driving car rules. ​ Oil rises on supply disruptions. ​ Asia slightly higher; Walmart, Lowe’s, Keysight to report. ​ Nvidia faces overheating chip reports but retains investor enthusiasm with bullish analysts. ​ Greenyard sees revenue up but Long Fresh segment weaker; ING cuts price target on expected lower European produce purchases. November 20, 2024: ​ European stocks dip (-0.8%), Bel20 (-0.9%) on Russia-Ukraine tensions. ​ U.S. markets rise (S&P +0.4%, Nasdaq +1%) buoyed by Nvidia’s pre-earnings momentum and Super Micro Computer surge. ​ Netflix claims record sports streaming with Jake Paul vs. Mike Tyson. ​ UCB gets FDA approval for a new indication, boosting stock. ​ Walmart beats and raises guidance, capturing market share in inflationary times. ​ Seven & I shares jump on Ito family’s potential privatization plan. November 21, 2024: ​ European stocks fell slightly yesterday (-0.5% avg.), Bel20 bucked trend (+0.5%) on Argenx and UCB strength. ​ U.S. mostly flat ahead of Nvidia earnings; Target tumbles (-21.4%) on weak outlook. ​ Asia weaker this morning; Gimv and IBA in Belgium show positive figures. ​ Keysight beats expectations, stock up nearly 9%. ​ Nvidia crushes expectations (revenue +94%) but still disappoints lofty investor hopes, slipping after hours. ​ Alphabet faces DOJ pressure to divest parts of its business. November 22, 2024: 12  ​ Europe (Euro Stoxx 50, Bel20) both +0.5%. Argenx and UCB lift Brussels again. ​ Tesla flat, Nvidia mixed after earnings; Salesforce rises. ​ Adani Enterprises dives on bribery allegations. ​ Ackermans & van Haaren expects >€400m profit; CFE sees slight revenue dip. Bekaert plans share buybacks amid tough market conditions. ​ U.S. DOJ wants Google to divest Chrome, Alphabet’s stock slips. ​ Bekaert revenue falls on lower materials costs and volumes, stable profits, starts €200m share buyback. November 25, 2024: ​ Strong U.S. economy vs. weak European data shapes market narrative. U.S. PMI at 31-month high. ​ Wall Street up last week (+1.7%), Europe flat; Bel20 shines on UCB and Argenx. ​ Euro hits two-year low vs. dollar, EU bonds yields fall while U.S. yields rise. ​ UniCredit strong, launching Banco BPM takeover; Asia mixed. ​ Interest-sensitive stocks rally on hopes of ECB rate cuts. Elia, WDP, Cofinimmo, Aedifica gain. ​ U.S. retail divergence: Walmart strong, Target weak. November 26, 2024: ​ Trump’s wild cabinet picks don’t unsettle Wall Street; disciplined Treasury pick Bessent steadies bond markets. ​ Rumors of a Lebanon ceasefire ease oil and gold prices. ​ Europe and U.S. indices see modest gains; EVS plans share buybacks. ​ Dell and CrowdStrike to report earnings. ​ MicroStrategy’s massive Bitcoin speculation draws scrutiny; if BTC falls, trouble looms. ​ Agfa-Gevaert rises as bargain hunters move in, eyeing hydrogen membrane potential. November 27, 2024: ​ Wall Street drop pulls Europe down (~-0.75%). ​ Trump targets Canada and Mexico with tariffs, AB InBev and automakers hit hardest. ​ Bond yields diverge: Eurozone yields fall, U.S. yields rise slightly. ​ Proximus pressured amid calls for an external audit. ​ U.S. PCE inflation due; AB InBev vulnerable to tariff threats. ​ Amgen’s weight-loss drug disappoints vs. Novo Nordisk, Eli Lilly. ​ Warren Buffett’s philanthropy noted. November 28, 2024: ​ U.S. PCE inflation matches forecasts (up to 2.3%), core inflation at 2.8%; no market enthusiasm. ​ S&P and Nasdaq dip slightly, Microsoft and Nvidia down ~1%. ​ European bonds stable despite eurozone uncertainties; Belgian bonds remain calm. ​ Dell and HP slump on weak forecasts, failing to leverage AI trend. ​ BNP Paribas raises stake in Ageas; Aviva’s bid rejected by Direct Line. ​ Spain and Portugal enjoy low bond yields after fiscal improvements. 13 November 29, 2024: ​ Americans thankful as markets deliver second consecutive 20%+ annual gain. ​ Europe calm but positive (+0.5%), Airbus and Siemens Energy rise. ​ French CAC 40 struggles YTD (-4.8%) vs. strong Belgian and U.S. markets; luxury stocks LVMH, L’Oréal down. ​ Elia raises forecasts; Eurozone inflation due. ​ Ascencio REIT stable, offering a strong 9.3% gross dividend yield. ​ Renewi surges on takeover rumors by Macquarie. ​ Nyrstar minority shareholders push for protections. November Concluding Remarks​ Throughout November, markets navigated mixed signals: robust U.S. economic data contrasted sharply with European weakness. Inflation readings gradually met expectations, reducing central bank uncertainties, while political developments—Trump’s cabinet choices, tariff threats, and China policy shifts—stirred sentiment. Biotech and pharma names (UCB, Argenx) supported Brussels indices, while tech giants like Nvidia and Amazon thrived on AI-driven earnings before facing lofty investor expectations. Retailers showed diverging fortunes (Walmart up, Target down). Bond markets hinted at diverging paths for the U.S. and Europe. Ultimately, despite pockets of tension and volatility, most major markets maintained resilience, with U.S. indices on track for back-to-back strong yearly gains, while Europe’s performance varied widely across regions and sectors. 14  December December 2, 2024: ​ U.S. Black Friday online sales hit a record $10.8 billion. ​ “Trump trade” momentum wanes as U.S. 10-year yields dip. ​ China’s better-than-expected industrial data lifts Shanghai and Hong Kong markets. ​ Belgium’s WDP buys two French logistics sites, projecting long-term returns. ​ Floridienne posts strong results (revenue +25%), benefiting from niche markets (chemicals, food, life sciences). ​ BlackRock may buy HPS Investment Partners for $12 billion, boosting AUM beyond $12 trillion. December 3, 2024: ​ Euro falls vs. dollar amid European political uncertainty; France near government collapse. ​ U.S. markets at record highs; S&P 500 logs its 54th record close this year. ​ Floridienne gains 8.1% on strong earnings; Exmar’s trading suspended, later reveals takeover bid at €11.50. ​ Vivendi considers splitting into four parts; activist investor pushback likely futile. ​ New U.S. chip export restrictions to China leave markets unshaken; Western chip stocks rise. December 4, 2024: ​ South Korea’s failed coup attempt rattles markets briefly; iShares MSCI South Korea ETF dives, then recovers. ​ S&P 500 hits 55th record high; Palantir joins Nasdaq 100, Super Micro Computer and Moderna drop. ​ Exmar takeover bid at €11.50 per share by Saverex; seen as fair after factoring in past dividends. ​ Salesforce shares soar on strong earnings; AI narrative remains robust. ​ Ageas and Proximus go ex-dividend; X-FAB investor day in focus. December 5, 2024: ​ French government collapses; no quick elections possible. France, Germany, Belgium all without governments. ​ Markets remain calm: Euro Stoxx +0.8%, S&P 500 +0.6%. ​ Powell notes strong U.S. economy, cautious on further rate cuts. ​ Salesforce up 11% after earnings; Proximus and Ageas cut dividends but rise. ​ Synopsys lowers future guidance due to macro headwinds and China chip restrictions. ​ X-Fab delays 1.5B revenue target to 2030; long-term investors still hopeful. December 6, 2024: ​ China’s CSI 300 +1.3% on expected stimulus measures; oil market unimpressed by extended OPEC cuts. ​ U.S. Dow dips slightly after strong week. 15  ​ Quest for Growth NAV down; Aedifica invests in UK care home; Bpost hits record package day. ​ Brederode’s earnings impacted by currency swings, may reverse if euro stays weaker. ​ Hewlett-Packard beats expectations on strong server/AI demand. December 9, 2024: ​ Assad regime falls, isolating Iran further; Middle East geopolitics shift. ​ South Korea’s political uncertainty weighs on stocks (-2%). ​ China’s low inflation might prompt more stimulus Wednesday. ​ Galapagos reports positive early-stage cell therapy data; Hyloris finds new CFO and partner. ​ D’Ieteren’s mega dividend (74€/share) approved; shareholders may rebuy post-dividend. ​ Volkswagen and unions try to reach a deal or face strikes; output at risk. December 10, 2024: ​ China announces strong stimulus, boosting Alibaba, Baidu, JD.com. ​ U.S. markets dip; Nvidia falls on China market probe. ​ GBL and Melexis launch share buybacks; D’Ieteren trades ex-74€ dividend. ​ Oracle’s cloud revenue up but AI infrastructure costs surge, raising concerns. ​ Aalberts holds investor day, outlines ambitious 2030 targets in sustainable building solutions. December 11, 2024: ​ U.S. inflation data in focus; four consecutive months of rising core prices may slow rate cuts. ​ S&P 500 -0.3%, Nvidia down amid China probe. ​ Kroger-Albertsons merger blocked; D’Ieteren’s share price drops by less than the dividend amount. ​ GameStop profits from interest on large cash reserves despite falling revenue. ​ Colruyt loses market share to competitors; profits shrink; acquires fitness chain NRG. December 12, 2024: ​ ECB set to cut rates for the fourth time; expected 25bps. ​ Nasdaq hits all-time high of 20,000 points. ​ Colruyt falls 8.3% as competition intensifies; Shurgard downgraded. ​ Vastned Retail and Vastned Belgium finalize merger. ​ Adobe’s forecasts disappoint; fears AI competitors could erode market share. ​ Digi’s disruptive telecom pricing rattles Proximus (-7.6%); Orange responds with new budget brand. December 13, 2024: ​ ECB cuts by 25bps as expected, minor market impact; Swiss bank surprises with 50bps cut. ​ MicroStrategy speculated to join Nasdaq 100, possibly boosting Bitcoin. ​ Elia appoints new CEO and CFO; Campine expects profits above forecasts. ​ Broadcom beats profits on AI growth; Costco beats expectations and grows like a GDP powerhouse. ​ Cofinimmo sells office and care properties at book value, easing debt concerns. 16 December 16, 2024: ​ Quiet markets ahead of holidays; Europe -0.5% last week, Bel20 +0.3%. ​ KBC outperforms on upgraded price target. ​ S&P 500 -0.6%, Nasdaq +0.3% last week; Broadcom soared post-earnings. ​ Asia starts week weaker; NBB economic outlook due. ​ Corporación Financiera Alba plans to delist at a premium; Porsche SE writes down Volkswagen stake due to lack of clarity. December 17, 2024: ​ European stocks lag; Bel20 outperforms on Argenx strength. ​ Automakers hit hard as sector uncertainties persist. ​ U.S. stocks rise, Nasdaq +1.2%. ​ Broadcom surges 11.2% more, joins $1 trillion club, capitalizing on AI boom. Nvidia slips. ​ UCB halts Parkinson’s drug candidate; still up 134% YTD. ​ “Hammock investing” chosen as Word of the Year. December Concluding Remarks​ December brought a flurry of geopolitical shifts, including the downfall of the French government and the Assad regime, as well as continuing uncertainty in South Korea. Amid these political upheavals, central banks globally cut interest rates again, tempering inflation concerns and hinting at a return toward lower-rate regimes. China’s aggressive stimulus announcements invigorated its markets and supported global equities. Tech and AI remained focal points, with Broadcom emerging as a new AI star, while established players like Nvidia and Adobe faced fresh competition and regulatory scrutiny. Belgium’s market saw price wars in telecoms and shifting fortunes in retail (Colruyt under pressure) and real estate (Cofinimmo easing debt burdens). Overall, despite pockets of volatility and political drama, December’s trading ended on a relatively stable note, with investors cautiously optimistic heading into the year’s end. 17