Liveblog Archief maandag 1 juni 2020

11 liveblog items op maandag 1 juni 2020.

Ma 1 jun. 2020, 22:13

De chart van de VIX laat toch iets vreemds zien, het lijkt te bodemen tussen de 28 en de 30 ... Er komt zo te zien een grote move omlaag aan want bij de marktsituatie van de afgelopen 2-3 weken zou de VIX al lang onder de 20 moeten staan, zelfs rond de 15 ...

VIX chart 01062020
Patval di 2 jun. 2020, 20:57 Vrijheid van de pers moet blijven ,ik hou het op gezonde kritiek en daar kan je ook lessen uittrekken.Zolang het beleefd blijft moet het kunnen.Incasseren en dan uitpakken met n'n genadeslag. Ik steun die reactie hieronder anders gaan we Trump achterna.
kiama di 2 jun. 2020, 20:31 Blijkbaar zijn de reacties al uitgeschakeld op nieuwe berichten. Beetje flauw toch, als je fout zit mag het niet geweten zijn.
Bullbear di 2 jun. 2020, 18:53 Vix is al aan het zakken zo te zien
bloemist di 2 jun. 2020, 11:53 munt......ontweerding.......????..........???........,??.........?...............hedging blues
dmantione ma 1 jun. 2020, 22:54 Je hoeft niet te bewijzen dat het scheef zit hoor. Het is alleen de kunst om de timing te bepalen. Mijn neus zegt dat de stijging nog niet afgerond. Het is maar een geurtje, maar ja, met een beurs die blind is voor de realiteit, wordt de neus toch een belangrijk instrument.
Lees meer
Ma 1 jun. 2020, 22:01

Wall Street sluit iets hoger op deze toch volatiele sessie

Veel is er niet over te schrijven vandaag, Europa zat met een lege markt door dat het 2e Pinksteren was en op Wall Street sluit alles iets in het groen, niet veel in ieder geval. Verder ontbrak er nieuws, blijven beleggers nog steeds hopen op een herstart van de economie op volle toeren terwijl ook de tech aandelen in trek waren. Zo zien we bij aandelen als Amazon, Tesla, Apple en Facebook een behoorlijke plus, de rest deed het wat minder, ook Netflix lag er goed bij. De FAANG groep dus, die kende weer een sterke dag. Nu afwachten hoe de rest van de week zal verlopen, het blijft moeilijk en de volatiliteit is er nog steeds ook al valt dat wat minder op ...

Een goeie nacht en tot morgen ... Guy

Ma 1 jun. 2020, 16:02

Marktcijfers

Actueel Verwacht Vorige
USA USA: ISM Productie Inkoopmanagersindex (PMI) (May) 16:00 43,1 43,0 41,5 Actueel: 43,1 Verwacht: 43,0 Vorige: 41,5
Ma 1 jun. 2020, 15:27

Even technisch naar de AEX kijken, mijn mening over het fundamentele kent u al, daar blijft de index breekbaar de komende periode (1-2-3 weken). Maar ook technisch ziet het er allemaal niet zo best meer uit na de recente rally. Zie range in het rood en de afbuigende toppen (parabool). Eigenlijk moeten we inzetten op een nieuwe test van de bodemzone van de afgelopen weken, die wacht rond de 490 punten. Wat daar zal gebeuren als we er geraken moeten we opnieuw een oordeel vellen maar nu richt ik me eerst op die 490 zone. Op zich blijft de "Bear Market" voor een langere periode op de loer liggen ... Meedoen met onze signalen en gebruik maken van een coach? https://www.usmarkets.nl/tradershop

Schermafbeelding 2020 06 01 om 15 27 04
anil ma 1 jun. 2020, 21:42 fed zal ingrijpen bij slechte Q2 resultaten.
POIROT1 ma 1 jun. 2020, 21:33 Wat zal de beurzen nog doen kelderen. Slechte Q2 resultaten ? Als de beurzen nog met 5 à 10 % stijgen om dan met 10 % te dalen, wat heb je ondertussen niet gemist...Ondertussen met short te zitten verlies je steeds maar meer geld.
Abel ma 1 jun. 2020, 18:54 Ik dacht dat je niet veel op had met technische analyse Guy. Je kunt op allerlei manieren lijntjes tekenen in de grafiek, maar ik ben bang dat we uitbreken naar boven.
dmantione ma 1 jun. 2020, 16:23 Ik ga er nog steeds vanuit dat we in een berenmarkt zitten, maar dit is geen zuivere berenmarktrally meer. In denk dat we dat hoofdstuk moeten sluiten en moeten doorbladeren naar het hoofdstuk "Zeepbellen".
Ma 1 jun. 2020, 14:56

Markt snapshot Wall Street

TOP NEWS
Fires burn near White House in violent U.S. protests
Fires burned near the White House, stores were looted in New York City and Southern California, and a tanker truck drove into marchers in Minneapolis as the United States struggled to contain chaotic protests over race and policing.
China warns U.S. it will retaliate on moves over Hong Kong
China said U.S. attempts to harm Chinese interests will be met with firm countermeasures, criticising a U.S. decision to begin ending special treatment for Hong Kong as well as actions against Chinese students and companies.
FOCUS-Wall Street and Fed fly blind as coronavirus upends annual stress tests
U.S. financial regulators, banks and their investors will get their first glimpse into the health of the nation's banking system as it confronts soaring corporate and consumer defaults in the economic crisis sparked by the novel coronavirus.
Eli Lilly starts human study of potential COVID-19 treatment
Eli Lilly said first set of patients have been dosed in an early-stage trial to test its potential treatment for COVID-19, in the world's first study of an antibody treatment against the disease.
SpaceX Crew Dragon delivers two NASA astronauts to International Space Station
Nearly 24 hours after launching from Florida, SpaceX's Crew Dragon capsule delivered NASA astronauts Bob Behnken and Doug Hurley to the International Space Station on Sunday, marking the first U.S. space capsule to do so with a crew since 2011.


BEFORE THE BELL
Wall Street Futures were lower as concerns over riots in U.S. cities and rising tensions between Washington and Beijing hurt sentiment. European shares were up and Asian equities closed in the green on hopes of global economic recovery. The dollar fell against the euro and Aussie, while spot gold prices gained. Brent crude rose on reports that OPEC and Russia were closer to a deal on extending oil cuts.


STOCKS TO WATCH

Moves
Coty Inc (COTY). The cosmetics maker appointed its Chairman Peter Harf as the chief executive officer of the company, replacing Pierre Laubies, who stepped down after less than two years in the job. Shares of the company rose before the bell after it also said it had signed a deal with investment firm KKR for a majority stake in its professional and retail hair business, including Wella, Clairol and OPI brands. Jimmy Choo boss Pierre Denis, who was set to replace Laubies after his departure in May, will not take up an executive position, and has also resigned from the company's board, Coty said. The appointment of Harf, who is also the managing partner and founder of JAB Investors, marks the company's fourth chief executive change in less than four years.

In Other News
Alphabet Inc (GOOGL). Google on Saturday said it has postponed next week's planned unveiling of the beta version of its latest Android 11 mobile operating system in light of protests and unrest in the United States. "We are excited to tell you more about Android 11, but now is not the time to celebrate," Google said in a message posted on its Android developers website. The event was originally scheduled to take place virtually on Wednesday, according to the website. In a tweet, it said that it will announce more details on the new version of Android "soon," without specifying any dates.
Amazon.com Inc (AMZN). The company said it was removing certain images after messages using extremely strong racist abuse appeared on some listings on its UK website when users searched for Apple's AirPods and other similar products. The message sparked outrage on Twitter, with the topic "AirPods" trending in the United Kingdom. "We are removing the images in question and have taken action on the bad actor," an Amazon spokeswoman told Reuters on Sunday. She did not elaborate more on the "bad actor".
AstraZeneca Plc (AZN) and Merck & Co Inc (MRK). The drugmakers said their blockbuster cancer drug, Lynparza, has received positive recommendation from the European Medicines Agency (EMA) as a maintenance treatment for a form of pancreatic cancer. The recommendation from the EMA's Committee for Medicinal Products for Human Use (CHMP) was based on positive results from a late-stage trial, where Lynparza nearly doubled the time patients with gBRCAm metastatic pancreatic cancer lived without the disease getting worse. While final approvals are up to the European Commission, it generally follows the CHMP's recommendation and endorses them within a couple of months.
Comcast Corp (CMCSA). Jaws is back. So are the herd of Hippogriffs from Hogwarts, and the T.Rex from Jurassic Park as Universal Studios Japan said its theme park in Osaka would open later this month for the first time since closing in March due to the coronavirus. The Japanese theme park operator owned by Comcast said it would reopen on June 8 to residents of Osaka Prefecture, and to residents of nearby regions from June 19.
Delta Air Lines Inc (DAL). The airline and its pilots union said on Sunday they are working to avoid furloughs of roughly 2,300 pilots following a reshuffling process meant to match staffing to summer 2021 flying. Following the results on Sunday of a so-called "surplus" bid in which employees were asked to petition available positions at one of Delta's seven U.S. pilot bases, the airline will be shifting around 7,000 pilots to different locations or aircraft types, while 2,327 have not been assigned to any category, Delta's Master Executive Council (MEC) of the Air Line Pilots Association (ALPA) said. Delta confirmed the release of the results of the bid "to better align our staffing with our future flying demand" and said it is "looking at all options to mitigate or minimize furloughs and will continue working with ALPA in the coming weeks to explore those options."
Eli Lilly and Co (LLY). The company said first set of patients have been dosed in an early-stage trial to test its potential treatment for COVID-19, in the world's first study of an antibody treatment against the disease. The study will assess safety and tolerability in patients hospitalized with COVID-19 and results are anticipated by the end of June, the company said. The experimental treatment, LY-CoV555, has been developed through collaboration with privately held AbCellera Biologics, which Lilly partnered with in March to test antibodies to treat and prevent COVID-19. The company said it expects to move into the next phase of testing, studying the potential treatment in non-hospitalized COVID-19 patients, if the drug is shown to be safe.
Energy Transfer LP (ET). The pipeline operator will begin cutting about 6% of its workforce next week, underscoring the spreading impact of weak oil and gas prices on the energy business. Marshall McCrea, chief commercial officer for the company, said in a recorded message to employees the cuts would begin Monday and affect about 6% of the company's staff, according to two people familiar with the recording.
Ford Motor Co (F). Chinese electric vehicle (EV) maker BYD Co will supply EV batteries to the U.S. automaker, a document on the website of the Ministry of Industry and Information Technology showed. Ford's China venture with Changan Automobile is seeking government approval to build a plug-in hybrid model equipped with BYD's batteries, according to the document. BYD, which is backed by U.S. investor Warren Buffett, said it would supply EV components including batteries and power management devices.
Gilead Sciences Inc (GILD). Taiwan's government said on Saturday it had approved Gilead Sciences' potential COVID-19 treatment, remdesivir, to treat the illness caused by the novel coronavirus. Taiwan's Central Epidemic Command Centre said the Taiwan Food and Drug Administration took into account "the fact that the efficacy and safety of remdesivir has been supported by preliminary evidence" and its use is being approved by other countries. On that basis, the centre said the conditions had been met for approval of the drug for use in patients with "severe" COVID-19 infection.
KKR & Co Inc (KKR). Buyout funds, Cinven and Providence have mounted a friendly bid to pay up to $3.30 billion for Spain's MasMovil, the companies said, sending shares in the telecom operator soaring. It is the first attempt by heavyweight private equity investors to buy a publicly listed company in Europe in a so-called take-private deal since the coronavirus crisis brought most transactions in the region to a halt. The funds offered 22.50 euros per MasMovil share and said shareholders with 29.56% had already committed to sell at a price that represents a 20% premium over its price at the end of trading on Friday.
Moderna Inc (MRNA). The company said on Friday it had started dosing patients in a mid-stage study with its experimental coronavirus vaccine and eventually plans to enroll 600 patients for the trial. Earlier this month, Moderna had released early-stage data that showed the vaccine, mRNA-1273, was safe and produced protective antibodies in a small group of healthy volunteers. The drug developer also reiterated its plans to begin late-stage trials in July.
Netease Inc (NTES). The Chinese tech group aims to raise between $2 and $3 billion in one of the largest equity deals so far this year when it launches a secondary listing in Hong Kong, said three people familiar with the transaction. Netease will start the institutional book build and the retail offering will run until the end of the week, the sources told Reuters. They asked not to be named as the information has not been made public. Netease declined to comment on the listing process.
Southwest Airlines Co (LUV). Chief Executive Officer Gary Kelly said on Friday he expects a "brutal low-fare" environment when traffic returns after coronavirus-induced restrictions ease. "There are far more airplane seats right now, and there will be for some time, than there are customers," he said in a video message. "Our low-cost philosophy, strategy and structure will serve us very well."
Target Corp (TGT) & Walmart Inc (WMT). The company said on Sunday they shuttered stores across the United States as retailers already reeling from closures because of the coronavirus pandemic shut outlets amid protests that included looting in many U.S. cities. Nordstrom temporarily closed all its stores on Sunday, it told Reuters in an emailed statement. "We hope to reopen our doors as soon as possible," the statement said. "We had impacts at some of them and are in the process of assessing any damage so we can resume serving customers." Apple said in an email statement it also had decided to keep a number of its U.S. stores closed on Sunday. The company did not specify how many stores were closed, or if the closures would be extended.
Twitter Inc (TWTR). In addition to disputing misleading claims made by U.S. President Donald Trump about mail-in ballots this week, Twitter has added fact-checking labels to thousands of other tweets since introducing the alerts earlier this month, mostly on posts about the coronavirus. The company does not expect to need additional staff for the undertaking, Twitter spokeswoman Liz Kelley said on Saturday. Nor is it partnering with independent fact-checking organizations, as Facebook and Google have, to outsource the debunking of viral posts flagged by users. Separately, U.S. Senator Ted Cruz on Friday urged the Treasury and Justice Departments to investigate whether Twitter, which is embroiled in a feud with the White House, is violating U.S. law by letting top Iranian officials use the social media platform.
United Airlines Holdings Inc (UAL). The company said on Friday it will eliminate 13 officer positions even as it adds international flights back to its network, part of a restructuring to address the hit on its business from the coronavirus pandemic. United said it is increasing trans-Atlantic service from Washington, D.C. and San Francisco to cities across Europe in July thanks to a modest rise in demand, and re-starting service to Tokyo-Haneda, Hong Kong, Singapore and Seoul. It is also expanding service throughout Latin America and the Caribbean. Its July schedule will be down about 75% from normal, versus 90% currently.
Zoom Video Communications, Inc (ZM). The video conferencing provider plans to strengthen encryption of video calls hosted by paying clients and institutions such as schools, but not by users of its free consumer accounts, a company official said on Friday. The company, whose business has boomed with the coronavirus pandemic, discussed the move on a call with civil liberties groups and child-sex abuse fighters on Thursday, and Zoom security consultant Alex Stamos confirmed it on Friday. In an interview, Stamos said the plan was subject to change and it was not yet clear which, if any, nonprofits or other users, such as political dissidents, might qualify for accounts allowing more secure video meetings. He added that a combination of technological, safety and business factors went into the plan, which drew mixed reactions from privacy advocates.


ANALYSIS
"Lemon" or not, Trump is stuck with Phase 1 China trade deal
U.S. President Donald Trump has little choice but to stick with his Phase 1 China trade deal despite his anger at Beijing over the coronavirus pandemic, new Hong Kong security rules, and dwindling hopes China can meet U.S. goods purchase targets, people familiar with his administration's deliberations say.


ANALYSTS' RECOMMENDATION
Alexion Pharmaceuticals Inc (ALXN).Credit Suisse raises target to $147 from $142, after the company announced details of a settlement agreement with Amgen to terminate three pending Intellectual Property Rights.
Estee Lauder Companies Inc (EL). Piper Sandler raises target price to $238 from $158, reflecting on durable consumer behavior on the other side of COVID-19.
Minerals Technologies Inc (MTX).JPMorgan cuts target price to $52 from $54, after the company reported a 4% year-on-year volume decrease in the first-quarter due to lower metal casting sales in China.
T-Mobile US Inc (TMUS). RBC raises target price to $110 from $94, citing strong spectrum portfolio following the Sprint merger and faster-than-anticipated postpaid growth.
Ulta Beauty Inc (ULTA). Piper Sandler raises to overweight from neutral, seeing strong digital engagement and evidence of "post quarantine glow up", despite the company posting first-quarter results lower than expectations.


ECONOMIC EVENTS (All timings in U.S. Eastern Time)
0945 Markit Manufacturing PMI Final for May: Prior 39.8
1000 Construction spending mm for Apr: Expected -6.0%; Prior 0.9%
1000 ISM Manufacturing PMI for May: Expected 43.0; Prior 41.5
1000 ISM Manufacturing Prices Paid for May: Expected 37.0; Prior 35.3
1000 ISM Manufacturing Employment Index for May: Expected 35.0; Prior 27.5
1000 ISM Manufacturing New Orders Index for May: Prior 27.1


COMPANIES REPORTING RESULTS
No major S&P 500 companies are scheduled to report for the day.


CORPORATE EVENTS (All timings in U.S. Eastern Time)
1000 American Campus Communities Inc (ACC). Annual Shareholders Meeting
1000 Apellis Pharmaceuticals Inc (APLS). Annual Shareholders Meeting
1000 SL Green Realty Corp (SLG). Annual Shareholders Meeting
1030 Hexcel Corp (HXL). Annual Shareholders Meeting
1100 Upwork Inc (UPWK). Annual Shareholders Meeting
1130 UnitedHealth Group Inc (UNH). Annual Shareholders Meeting
1430 Tiffany & Co (TIF). Annual Shareholders Meeting


EXDIVIDENDS
Avangrid Inc (AGR). Amount $0.44
Cathay General Bancorp (CATY). Amount $0.31
KeyCorp (KEY). Amount $0.18
Kinsale Capital Group Inc (KNSL). Amount $0.09
L3harris Technologies Inc (LHX). Amount $0.85
NextEra Energy Inc (NEE). Amount $1.40
Stanley Black & Decker Inc (SWK). Amount $0.69

Ma 1 jun. 2020, 10:07

Marktcijfers

Actueel Verwacht Vorige
DEU DEU: Duitse Productie Inkoopmanagersindex (PMI) (May) 09:55 36,6 36,8 34,5 Actueel: 36,6 Verwacht: 36,8 Vorige: 34,5
Ma 1 jun. 2020, 08:53

TA - Nederlandse oliebedrijven

Van­daag bek­ijken we een aan­tal Ned­er­landse bedri­jven waar­bij olie’ de kern van hun busi­ness vormt. We behan­de­len Shell, SBM, Vopak en Fugro. De vraag is voor­namelijk, wat voor invloed hebben de negatieve/​lage oliepri­jzen op deze bedri­jven gehad?Shell Shell is door het virus in een…

Lees verder »
Ma 1 jun. 2020, 07:45

Wake-up call: Volatiliteit blijft ook vandaag aanhouden

Goedemorgen
We mogen weer wat meer vanaf vandaag, wel onder strenge voorwaarden maar het verlost veel mensen wat meer uit de lockdown. Aan de andere kant heeft de lockdown een behoorlijke krater achtergelaten want er zijn veel mensen die hun baan zijn kwijtgeraakt en helaas zijn er ook heel wat bedrijven die het niet gaan redden door deze moeilijke periode. Aan de andere kant lijkt het in Europa wat beter dan in de VS, hier wordt je niet zo snel ontslagen. Maar nogmaals, er mag meer maar zeker niet op volle kracht, de economie kan dan ook nog niet gaan floreren mijn inziens.

Kijken we naar de VS dan zien we daar nu zo'n 30 miljoen mensen zonder werk terwijl meerdere indices op hun hoogste stand ooit staan, vooral in de technologie sector. De VS kampt dus nog met de grootste crisis die er ooit is geweest, de spanningen tussen de VS en China lopen behoorlijk op en de verhoudingen waren niet eerder zo slecht. Verder zit de VS met de enorme protesten door het volk dat zijn ongenoegen steeds meer begint te uiten, in veel grote steden wordt er geplunderd en brand gesticht met alle gevolgen wederom voor de economie want mensen worden zo bang om op straat te komen. Verder blijft de pandemie in de VS zich uitbreiden en zijn er nu al meer dan 2 miljoen Amerikanen met het virus besmet. Als je naar de beelden kijkt die dagelijks binnen komen dan zie je dat daar helemaal geen rekening wordt gehouden met de afstand. Kortom, het blijft allemaal vreemd hoe het verloopt in de VS maar het is hoe dan ook niet de schuld van Trump (zijn eigen standpunt wel te verstaan).

De futures begonnen de nacht met zwaar verlies maar toen we wakker werden vanmorgen werd dat al omgezet naar een plusje. Op moment van schrijven zie ik dat alles wat hoger staat. We hebben geen futures van de DAX vandaag want de markt blijft dicht daar, de Duitsers hebben een vrije dag wat betreft de beurs. De AEX en andere indices in Europa zijn wel open.

Wat betreft Wall Street, daar proberen de indices door te trekken richting hun topzone maar er zit tussen veel sectoren nog verschil, wel blijft de markt daar zwaar overbought en dus duur zeker met de resultaten die er nog moeten komen over de afgelopen periode. Ook hier in Europa schiet alles wat te ver door naar mijn mening waardoor een correctie op zijn plaats is. Hoe we daarop gaan handelen deze maand zoek ik wel uit, we zitten met posities die eind vorige week werden herschikt en die we meepakken naar deze maand. Wie nog mee wil kan zich inschrijven voor een abonnement, nu tot 1 augustus voor €39 ... Dat kan via de link https://www.usmarkets.nl/tradershop

Tot straks ... Guy

Ronald ma 1 jun. 2020, 08:37 DAX is dicht, maar futures zijn toch open?
Ma 1 jun. 2020, 07:39

Markt snapshot vandaag Europa

GLOBAL TOP NEWS
A tanker truck drove into a throng of protesters on a closed interstate near Minneapolis on Sunday, with the driver pulled from his rig and beaten, as major U.S. cities imposed curfews in fear of another night of demonstrations against police brutality descending into violence.

Asia's factory pain deepened in May as the slump in global trade caused by the coronavirus pandemic worsened, with export powerhouses Japan and South Korea suffering the sharpest declines in business activity in more than a decade.

China's state media and the government of Hong Kong lashed out on Sunday at U.S. President Donald Trump's vow to end Hong Kong's special status if Beijing imposes new national security laws on the city, which is bracing for fresh protests.


EUROPEAN COMPANY NEWS
Lufthansa's management board has accepted a more favourable set of demands from the European Commission in exchange for approval of a $10 billion government bailout, the carrier said on Saturday, paving the way for its rescue.

A consortium of three buyout funds including KKR and Cinven is looking to launch a takeover bid for Spanish telecoms company MasMovil, two sources close to the matter told Reuters.

Credit Suisse will not take a significant hit from its exposure to the battered oil and gas sector, Chairman Urs Rohner told Swiss state broadcaster SRF on Saturday.


TODAY'S COMPANY ANNOUNCEMENTS
Blackbird PLC Annual Shareholders Meeting
Cloudcall Group PLC Annual Shareholders Meeting
Filta Group Holdings PLC FY 2019 Earnings Call
Iniziative Bresciane Inbre SpA Annual Shareholders Meeting
Intu Properties PLC Annual Shareholders Meeting
Sirius Real Estate Ltd FY 2020 Earnings Call
VEON Ltd Annual Shareholders Meeting​


ECONOMIC EVENTS (All times GMT)
0630 (approx.) Sweden PMI Manufacturing Sector for May: Prior 36.7
0715 Spain Manufacturing PMI for May: Expected 38.0; Prior 30.8
0745 Italy Markit/IHS Manufacturing PMI for May: Expected 37.1; Prior 31.1
0750 France Markit Manufacturing PMI for May: Expected 40.3; Prior 40.3
0755 Germany Markit/BME Manufacturing PMI for May: Expected 36.8; Prior 36.8
0800 (approx.) Spain Car Registration mm for May: Prior -88.9%
0800 (approx.) Spain Car Registration yy for May: Prior -96.5%
0800 Euro Zone Markit Manufacturing final PMI for May: Expected 39.5; Prior 39.5
0830 United Kingdom Markit/CIPS Manufacturing PMI final for May: Expected 40.7; Prior 40.6​

Ma 1 jun. 2020, 03:47

Marktcijfers

Actueel Verwacht Vorige
CHN CHN: Caixin Industriële Productie PMI (May) 03:45 50,7 49,6 49,4 Actueel: 50,7 Verwacht: 49,6 Vorige: 49,4
Turbo’s zijn complexe instrumenten en brengen vanwege het hefboomeffect een hoog risico mee van snel oplopende verliezen. 7 op de 10 retailbeleggers verliest geld met de handel in turbo’s. Het is belangrijk dat u goed begrijpt hoe turbo’s werken en dat u nagaat of u zich het hoge risico op verlies kunt permitteren.