Race droning for TomTom on slightly higher Damrak – Economy

Navigation service provider TomTom got a bang on the Amsterdam exchange on Tuesday. The news that a major customer is working with Google did not go down well with investors. In general, the stock market sentiment was moderately positive. A new round of American import tariffs on Chinese goods and the announced countermeasure of Beijing did not discourage investors.

The AEX index on Beursplein 5 closed 0.4 percent higher at 543.06 points. The MidKap dropped 0.1 percent to 778.12 points due to the fall in TomTom. The stock market indicators in Paris and Frankfurt went up 0.5 percent. London ended flat.

TomTom saw almost a quarter of market value (minus 24.4 percent) evaporate. It is the biggest day loss in years. That hit for TomTom was, according to analysts, caused by reports of a collaboration between Renault, Nissan and Mitsubishi with Google. The car manufacturers are going to incorporate the Android system of the tech giant into the dashboards. According to experts, that is a serious blow to TomTom. TomTom said in a comment to know a long-term relationship with Renault where nothing has changed.

ArcelorMittal recorded a plus of 1.2 percent for the main funds. According to business newspaper Economic Times, the steel concern is interested in a takeover of the construction and engineering division of Essar Group, named EPC Constructions India. Chip machine manufacturer ASML was the leader and gained 1.7 percent, RELX fell 1.9 percent and closed the line.

Zalando plummeted 13 percent in Frankfurt. The German online fashion store lowered its expectations for profits and sales throughout 2018 as a result of the hot summer and the delayed transition to the autumn and winter season. The summer weather has led to a weaker demand for clothing, resulting in higher discounts.

FNG won 4 percent in Brussels. The Belgian parent company of fashion chains such as Miss Etam and Brantano received advice from analysts from ING.

The euro was worth $ 1.1690, against $ 1.6689 a day earlier. A barrel of American oil cost 1.3 percent more at $ 69.85. Brent oil rose 1.2 percent in price and traded for $ 78.95 a barrel.

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