Tech companies like ASML and Adyen have been popular since the fall in US inflation

Technology companies had a good day on the Amsterdam Stock Exchange, buoyed by US inflation news. Chip funds like ASML and ASMI, and payments app Adiane were the biggest winners.

For Americans, daily living was up 7.1 percent in November. As a result, prices are still rising rapidly, but less so than a month ago. This is good news for stock valuations, as moderate inflation will allow the Federal Reserve to cut interest rates.

In recent months, relatively expensive tech stocks have fallen due to rising interest rates. But after the fall in inflation in the US, Adienne, ASML and ASMI rose more than 4 percent. Among major funds, technology investor Process was the biggest winner, adding 4.2 percent.

The AEX closed at 732.95 points, up 1.7 percent from the previous day. The volume of the 25 most important listed companies in Damrak clearly rose after the announcement of the US inflation figures. The biggest loser was telecoms group KPN (minus 1 percent), which is sometimes considered a safe haven in uncertain times.

Midcap rose 1 percent to 955.21 points. Shares in Frankfurt, Paris and London rose as much as 1.4 percent.

European-based metals giants ArcelorMittal, Aperam, ThyssenKrupp and Salzgitter rose as much as 3.6 percent. Large industrial companies outside the EU are subject to a CO2 tax that exports to the country’s bloc, so they have to deal with the same environmental taxes as they do within the EU. This climate action applies to aluminum and steel companies.

Lufthansa rose 3.7 percent in Frankfurt. The company, which also owns airlines such as Eurowings, Austrian, Swiss and Brussels Airlines, expects gross profit of 1.5 billion euros in 2022, compared with an earlier expectation of 1 billion euros.

Air France-KLM rose 0.2 percent at MidKap, which included an analyst downgrade of Oddo BHF. IAG, the parent company of British Airways and Iberia, gained 2.2 percent in London.

The euro was at $1.0644, down from $1.0548 the previous day. U.S. oil prices rose 3.7 percent to $75.91 a barrel. Brent crude rose 3.9 percent to $81 a barrel.