Market Update
U.S. Movers: Activision Blizzard, Microsoft, Citigroup, JPMorgan Chase, Wells Fargo
Scott Peters
13 Oct, 2023
New York City
Market indexes traded sideways after big banks reported rising revenue and earnings.
The S&P 500 index increased 0.2% to 4,374.16 and the Nasdaq Composite eased 0.3% to 13,306.74.
The yield on 2-year Treasury notes increased to 5.02%, 10-year Treasury notes inched lower to 4.60% and 30-year Treasury bonds edged up to 4.76%.
JPMorgan Chase & Company increased 1.1% to $147.49 after the bank reported a surge in revenue and earnings in the third quarter.
The bank benefited from higher interest rates and lower provision for credit losses.
Revenue increased 22% to $39.8 billion $32.7 billion and net income soared 35% to $13.2 billion from $$9.7 billion and diluted earnings per share advanced to $4.33 from $3.12 from a year ago.
Net income attributable to First Republic was $1.1 billion in the quarter.
The bank set aside $1.3 billion for potential credit losses compared to the $2.39 billion estimate.
Wells Fargo & Company advanced 2.4% to $40.70 after the bank reported a surge in net interest income in the third quarter.
Total revenue increased to $20.8 billion from $19.6 billion and net income advanced to $5.7 billion from $3.6 billion and diluted earnings per share surged to $1.48 from 86 cents a year ago.
Provision for credit losses increased to $1.2 billion from $784 million a year ago.
The company repurchased 33.8 million shares of $1.5 billion of its common stock in the third quarter.
Citigroup Inc advanced 2.4% to $42.85 after the bank reported a surge in earnings on the back of higher interest rates in the third quarter.
Revenue in the third quarter increased 9% to $20.1 billion from $18.5 billion and net income increased 2% to $3.54 billion from $3.47 billion and diluted earnings per share was unchanged at $1.63 compared to a year ago.
Citigroup's total allowance for credit losses was approximately $17.6 billion compared to $16.3 billion at the end of the quarter a year ago , with a reserve-to-funded loans ratio of 2.68%, compared to 2.54% at the end of the prior-year period.
Activision Blizzard Inc jumped 0.1% to $94.64 after the UK regulator approved the purchase of the company by Microsoft Corp.
Microsoft edged lower a fraction to $330.98.
Stocks Lack Direction After Big Banks Earnings, Crude Oil Surged 4%
Barry Adams
13 Oct, 2023
New York City
Benchmark indexes traded down as investors reviewed the latest earnings from big banks.
JPMorgan Chase and Wells Fargo reported a rise in revenue on the back of rising interest rates and Citigroup reported flat earnings.
Big banks passed on higher interest rates to customers but depositors were not rewarded with higher interest rates.
The worries of recession and weakening commercial real estate market set the tone for credit provisions and banks generally faced higher losses in the real estate loan portfolios.
Crude oil surged more than 3% on the worries of widening conflict in the Middle East as Israel ordered evacuation of 1.1 million in the occupied northern Gaza.
Investors feared that the Israeli military offensive as early as this weekend may draw neighboring nations in the latest conflict with Hamas.
U.S. Indexes & Yields
The S&P 500 index increased 0.2% to 4,374.16 and the Nasdaq Composite eased 0.3% to 13,306.74.
The yield on 2-year Treasury notes increased to 5.02%, 10-year Treasury notes inched lower to 4.60% and 30-year Treasury bonds edged up to 4.76%.
Crude oil prices were in focus on the worries that the latest flare up between Israel and Hamas may spread to neighboring oil producing states and disrupt global oil supply.
Crude oil decreased $3.75 to $86.67 a barrel and natural gas prices eased 6 cents to $3.27 a thermal unit.
The dollar index edged higher to 106.46, the level last seen in November 2022 and extended gains from the low of 99.85 on July 13, 2023.
U.S. Stock Movers
JPMorgan Chase & Company increased 1.1% to $147.49 after the bank reported a surge in revenue and earnings in the third quarter.
The bank benefited from higher interest rates and lower provision for credit losses.
Revenue increased 22% to $39.8 billion $32.7 billion and net income soared 35% to $13.2 billion from $$9.7 billion and diluted earnings per share advanced to $4.33 from $3.12 from a year ago.
Net income attributable to First Republic was $1.1 billion in the quarter.
The bank set aside $1.3 billion for potential credit losses compared to the $2.39 billion estimate.
Wells Fargo & Company advanced 2.4% to $40.70 after the bank reported a surge in net interest income in the third quarter.
Total revenue increased to $20.8 billion from $19.6 billion and net income advanced to $5.7 billion from $3.6 billion and diluted earnings per share surged to $1.48 from 86 cents a year ago.
Provision for credit losses increased to $1.2 billion from $784 million a year ago.
The company repurchased 33.8 million shares of $1.5 billion of its common stock in the third quarter.
Citigroup Inc advanced 2.4% to $42.85 after the bank reported a surge in earnings on the back of higher interest rates in the third quarter.
Revenue in the third quarter increased 9% to $20.1 billion from $18.5 billion and net income increased 2% to $3.54 billion from $3.47 billion and diluted earnings per share was unchanged at $1.63 compared to a year ago.
Citigroup's total allowance for credit losses was approximately $17.6 billion compared to $16.3 billion at the end of the quarter a year ago , with a reserve-to-funded loans ratio of 2.68%, compared to 2.54% at the end of the prior-year period
Activision Blizzard Inc jumped 0.1% to $94.64 after the UK regulator approved the purchase of the company by Microsoft Corp.
Microsoft edged lower a fraction to $330.98.
Europe Movers: Ashmore Group, Avon Protection, Sartorius, St James's Place
Inga Muller
13 Oct, 2023
Frankfurt
European markets trimmed weekly gains after inflation stayed elevated in France and accelerated in Spain in September.
The DAX index decreased 0.8% to 15,304.72, the CAC-40 index fell 0.6% to 7,061.84 and the FTSE 100 index eased 0.5% to 7,606.70.
For the week, the DAX index increased 1.1%, the CAC-40 index advanced 0.8% and the FTSE 100 index edged higher 1.4%.
Ashmore Group Plc declined 5.7% to 174.20 pence after the emerging market asset manager reported a 8% decline in assets under management in the fiscal first quarter.
Avon Protection Plc jumped 6.3% to 711.50 pence after the maker of helmets and body armor reported strong trading in the fiscal second-half ending in September compared to first-half.
The company said order book increased 10% from a year ago at the end of the second-half and adjusted operating margin was flat in the second-half compared to the first-half.
The company said net debt is estimated to decline to £65 million at the end of the fiscal year 2023 and is likely to fall by additional £20 million in the first quarter of 2024.
St James's Place PLC plunged 15.9% to 688.80 pence on news that the company is asked by regulators to overhaul its fee structure.
Sartorius AG declined 4.9% to €233.0 after the German pharmaceutical and laboratory equipment supplier reported weak third quarter results and lowered its annual outlook.
European Markets Eased After Elevated Inflation Reports In France and Spain
Bridgette Randall
13 Oct, 2023
Frankfurt
European markets struggled to stay in the positive zone after rate path worries dominated market sentiment.
Benchmark indexes in London, Paris and Frankfurt eased on the final day of the week after inflation data from France and Spain pointed to tighter monetary conditions from the European Central Bank.
Crude oil prices soared on the worries that rising tensions between Israel and Hamas could spillover to neighboring oil producing nations.
Israel ordered 1.1 million people, about half of them children and women, to leave north Gaza in the next 24 hours as the military prepares its offensive.
Israel military and government agencies have cut off electricity, food and water to about 2.5 million people in the occupied Gaza and blocked aid arriving from Egypt and other Middle Eastern nations.
Moreover, Israel warplanes carried out three bombing strikes in the last 24 hours over the southern border checkpoint at Rafah, preventing Palestinians from fleeing violence and bombing raids.
French Inflation In September Held Firm
French annual consumer price inflation was steady at 4.9% in September and matched the rate in August, the statistical office INSEE confirmed Friday.
On a monthly basis, consumer prices eased 0.5% in September, reversing 1.0% increase in August.
The statistical agency confirmed the flash estimate released on September 29.
Energy prices accelerated to 11.9% in September from 6.8% in August but food price inflation eased to 9.7% in the month from 11.2% pace in the previous month, keeping the overall inflation stable.
Sweden Inflation Dropped to 17-month Low
Sweden's consumer price inflation moderated in September to the lowest level in 17 months, Statistics Sweden reported Friday.
Consumer prices on an annual basis advanced 6.5% in September, following 7.5% rise in August, after electricity prices declined 45% in the month from a year ago, driving the overall inflation down.
On a monthly basis, consumer prices rose 0.5% in September after rising 0.1% in August.
Spanish Inflation Accelerated to 5-month High
Spain's consumer price inflation increased to a five-month high of 3.5% in September from 2.6% in August, the statistical office INE reported Friday.
Inflation picked up after transportation prices advanced 3.8% in the month compared to 1.2% in August, and food and beverages inflation held at 10.5% and matched the rate in the previous month.
The housing and utilities price inflation eased to 13.1% from 18% in the previous month, after electricity price inflation eased.
Core inflation, which excludes volatile food and energy prices, eased to 5.8% in September from 6.1% in August and overall inflation on a monthly basis eased to 0.2% from 0.5% in the previous month.
Europe Indexes & Yields
The DAX index decreased 0.8% to 15,304.72, the CAC-40 index fell 0.6% to 7,061.84 and the FTSE 100 index eased 0.5% to 7,606.70.
For the week, the DAX index increased 1.1%, the CAC-40 index advanced 0.8% and the FTSE 100 index edged higher 1.4%.
The yield on 10-year German bonds decreased to 2.72%, French bonds traded higher to 3.30%, the UK gilts edged up to 4.38% and Italian bonds rose to 4.74%.
The euro edged lower to a three-month low to $1.053, the British pound to $1.213 and the U.S. dollar fetched 90.80 Swiss cents.
Brent crude increased $3.12 to $89.12 a barrel and the Dutch TTF natural gas edged higher by €1.62 to €54.63 per MWh.
Europe Stock Movers
Ashmore Group Plc declined 5.7% to 174.20 pence after the emerging market asset manager reported a 8% decline in assets under management in the fiscal first quarter.
Avon Protection Plc jumped 6.3% to 711.50 pence after the maker of helmets and body armor reported strong trading in the fiscal second-half ending in September compared to first-half.
The company said order book increased 10% from a year ago at the end of the second-half and adjusted operating margin was flat in the second-half compared to the first-half.
The company said net debt is estimated to decline to £65 million at the end of the fiscal year 2023 and is likely to fall by additional £20 million in the first quarter of 2024.
St James's Place PLC plunged 15.9% to 688.80 pence on news that the company is asked by regulators to overhaul its fee structure.
Sartorius AG declined 4.9% to €233.0 after the German pharmaceutical and laboratory equipment supplier reported weak third quarter results and lowered its annual outlook.
S&P 500 and Nasdaq Halted 4-day Rally After Treasury Yields Rebounded
Barry Adams
12 Oct, 2023
New York City
Stocks lacked direction in morning and accelerated decline in after three hours of trading and investors reviewed the latest inflation report.
Market indexes struggled to stay above flatline after consumer price inflation held steady in September on an annual basis but rose from the previous month in September.
Despite the weakening inflation, prices are still rising at faster than 2% target rate set by the Federal Reserve, supporting the case for higher interest rates through 2024.
A separate report showed that initial jobless claims were unchanged from the previous week at 209,000 in the week ending October 7, the U.S. Department of Labor reported Thursday.
The weekly claims were near the seven-month low of 202,000, indicating tight labor market conditions and supporting the case of higher interest rates through 2024.
Continuing claims rose 30,000 from the previous week to 1.702 million.
Overall Inflation Held Steady In September
The Consumer Price Index, a measure of overall inflation, rose 0.4% in September and jumped 3.7% from a year ago, the U.S. Bureau of Labor Statistics reported Thursday.
Core inflation, which excludes volatile food and energy prices, rose 4.1% from a year ago, the slowest pace of increase since September 2021.
On a monthly basis, overall consumer price inflation declined to 0.4% from 0.6% increase in the previous month and core inflation held steady at 0.3%.
The annual pace of inflation in September matched the rate in August.
U.S. Indexes & Yields
The S&P 500 index decreased 0.8% to 4,344.06 and the Nasdaq Composite eased 1.1% to 13,509.64.
The yield on 2-year Treasury notes increased to 5.06%, 10-year Treasury notes inched higher to 4.61% and 30-year Treasury bonds held at 4.75%.
Crude oil prices were in focus on the worries that the latest flare up between Israel and Hamas may spread to neighboring oil producing states and disrupt global oil supply.
Crude oil decreased $0.89 to $82.59 a barrel and natural gas prices eased 4 cents to $3.32 a thermal unit.
The dollar index edged higher to 106.56, the level last seen in November 2022 and extended gains from the low of 99.85 on July 13, 2023.
U.S. Stock Movers
Delta Air Lines jumped 3% to $37.10 after the international carrier said third-quarter earnings soared 60% from a year ago on strong travel demand.
Walgreens Boots Alliance increased 0.8% to $22.89 after the retail pharmacy chain reported mixed quarterly results and forecasted weak annual earnings growth outlook.
Ford Motor Company declined 2.2% to $11.98 after United Auto Workers expanded its strike to a key plant in Kentucky where the company builds popular SUVs.
Domino's Pizza Inc declined 3.4% to $346.50 after the food company reported weaker-than-expected earnings and sales at U.S. comparable locations declined 0.6%.
European Markets Reverse Early Gains
Stocks extended weekly gains and investors debated future direction and level of interest rates.
Benchmark indexes in London, Paris and Frankfurt jumped more than 0.5% and investors reacted to corporate news as earnings season gathered pace.
In economic news, the U.K. gross domestic product increased 0.2% in August from July, when the economy shrank revised 0.6%, the Office for National Statistics reported Thursday.
From a year ago, GDP advanced 0.5% after service sector expansion overwhelmed the decline in production and construction.
In the three months to August, GDP increased 0.3% and manufacturing, services and construction showed growth.
Europe Indexes & Yields
The DAX index decreased 0.2% to 15,425.03, the CAC-40 index fell 0.4% to 7,104.53 and the FTSE 100 index advanced 0.3% to 7,644.78.
The yield on 10-year German bonds decreased to 2.72%, French bonds traded lower to 3.24%, the UK gilts edged up to 4.35% and Italian bonds rose to 4.66%.
The euro edged lower to a three-month low to $1.06, the British pound to $1.23 and the U.S. dollar fetched 89.97 Swiss cents.
Brent crude decreased $0.14 to $85.67 a barrel and the Dutch TTF natural gas edged higher by €6.93 to €53.00 per MWh.
Europe Stock Movers
LM Ericsson Class B advanced 3.5% to skr 55.28 after the Swedish telecom company booked a $2.9 billion charge linked to its acquisition of Vonage in 2022.
EasyJet plc decreased 5.2% to 414.0 pence despite the U.K.-based discount airline reporting record fiscal fourth quarter profit.
Givaudan SA increased 1.5% to CHF 2,937.0 despite the Swiss fragrance company reporting a decline in sales in its latest quarter.
Restaurant Group Plc soared 37.6% to 66.4 pence after the operator of pubs and restaurants agreed to go private in a deal with Apollo Global Management.
Suedzucker AG increased 1.4% to €14.30 after the world's largest sugar producer revised its annual earnings outlook.
The sugar and starch products maker said consolidated sales in the first-half ending in August rose 10% to €5.08 billion from €4.6 billion a year ago.
Operating earnings in the first half increased to €739 million from €465 million a year ago.
The company forecasted full-year revenue to range between €10.0 billion and €10.5 billion compared to €9.5 billion and operating earnings in the range of €1.3 billion to €1.4 billion compared to the previous estimate between €1.2 billion and €1.4 billion and €1.1 billion a year ago.
Siemens Energy AG added 2.3% to €12.48 after the company agreed to sell its Trench business to an investment firm Triton as the company sharpened its focus on its core business.
Publicis Groupe SA increased 4.8% to €76.84 after the public relations and advertising company reported an increase in revenue in the third quarter.
Publicis revised higher its organic growth outlook for the full-year to range between 5.5% and 6% from the previous estimate of 5.0%.
U.S. Movers: Delta Air Lines, Domino's Pizza, Ford Motor, Walgreens
Scott Peters
12 Oct, 2023
New York City
Stocks struggled after the release of consumer price inflation report showed stubborn inflation in September.
The S&P 500 index increased 0.1% to 4,381.14 and the Nasdaq Composite rose 0.1% to 13,673.63.
The yield on 2-year Treasury notes increased to 5.06%, 10-year Treasury notes inched higher to 4.61% and 30-year Treasury bonds held at 4.75%.
Delta Air Lines jumped 3% to $37.10 after the international carrier said third-quarter earnings soared 60% from a year ago on strong travel demand.
Revenue in the September quarter jumped 11% to $15.5 billion from $14.0 billion and net income rose 59% to $1.1 billion from $695 million and diluted earnings per share advanced to $1.72 from $1.08.
The company repaid $3.7 billion of debt year-to-date and management anticipated to repay over $4 billion in the year.
Standard & Poor's in August revised the airline's debt rating to BB+ with a "positive outlook."
The company forecasted total revenue in the December quarter to increase between 9% and 12%.
Walgreens Boots Alliance increased 0.8% to $22.89 after the retail pharmacy chain reported mixed quarterly results and forecasted weak annual earnings growth outlook.
Revenue in the fiscal fourth quarter ending in August increased to $35.4 billion from $32.4 billion and net loss shrank to $180 million from $415 million and diluted loss per share fell to 21 cents from 48 cents a year ago.
Fiscal 2023 sales increased 4.8% to $139.1 billion from $132.7 billion and net income swung to a loss of $3.1 billion from $4.3 billion a year ago.
Earnings in the year were impacted by the sharp decline in Covid-19 testing and vaccine volumes.
The pharmacy retail chain guided fiscal 2024 sales in the range between $141 billion and $145 billion and adjusted earnings per share between $3.20 and $3.50.
Ford Motor Company declined 2.2% to $11.98 after United Auto Workers expanded its strike to a key plant in Kentucky where the company builds popular SUVs.
Domino's Pizza Inc declined 3.4% to $346.50 after the food company reported weaker-than-expected earnings and sales at the U.S. comparable locations declined 0.6%.
Total revenue in the quarter ending on August 10 eased to $1.02 billion from $1.06 billion and net income soared to $147.7 million from $100.5 million and diluted earnings per share surged to $4.18 from $2.79 a year ago.
Excluding the impact of the closure of the Russia market, the global net store count in the third quarter was 135 stores, comprising 27 net U.S. and 108 net international store openings.
The pizza delivery company forecasted its 2023 global net store growth "to trend at or slightly below the low-end" of its 5% to 7% two- to three-year outlook.
Additionally, the company estimated its 2023 global retail sales growth, excluding foreign currency impact, "to trend modestly below the midpoint" of its 4% to 8% two -to three-year outlook.
S&P 500 and Nasdaq Faced Headwinds After Stubborn Inflation Data
Barry Adams
12 Oct, 2023
New York City
Stocks lacked direction and investors reviewed the latest inflation report.
Market indexes were little changed after consumer price inflation held steady in September on an annual basis but rose from the previous month in September.
Despite the weakening inflation, prices are still rising at faster than 2% target rate set by the Federal Reserve, supporting the case for higher interest rates through 2024.
A separate report showed that initial jobless claims were unchanged from the previous week at 209,000 in the week ending October 7, the U.S. Department of Labor reported Thursday.
The weekly claims were near the seven-month low of 202,000, indicating tight labor market conditions and supporting the case of higher interest rates through 2024.
Continuing claims rose 30,000 from the previous week to 1.702 million.
Overall Inflation Held Steady In September
The Consumer Price Index, a measure of overall inflation, rose 0.4% in September and jumped 3.7% from a year ago, the U.S. Bureau of Labor Statistics reported Thursday.
Core inflation, which excludes volatile food and energy prices, rose 4.1% from a year ago, the slowest pace of increase since September 2021.
On a monthly basis, overall consumer price inflation declined to 0.4% from 0.6% increase in the previous month and core inflation held steady at 0.3%.
U.S. Indexes & Yields
The S&P 500 index increased 0.1% to 4,381.14 and the Nasdaq Composite rose 0.1% to 13,673.63.
The yield on 2-year Treasury notes increased to 5.06%, 10-year Treasury notes inched higher to 4.61% and 30-year Treasury bonds held at 4.75%.
Crude oil prices were in focus on the worries that the latest flare up between Israel and Hamas may spread to neighboring oil producing states and disrupt global oil supply.
Crude oil decreased $1.67 to $85.16 a barrel and natural gas prices eased 4 cents to $3.32 a thermal unit.
The dollar index edged higher to 105.07, the level last seen in November 2022 and extended gains from the low of 99.85 on July 13, 2023.
U.S. Stock Movers
Delta Air Lines jumped 3% to $37.10 after the international carrier said third-quarter earnings soared 60% from a year ago on strong travel demand.
Walgreens Boots Alliance increased 0.8% to $22.89 after the retail pharmacy chain reported mixed quarterly results and forecasted weak annual earnings growth outlook.
Ford Motor Company declined 2.2% to $11.98 after United Auto Workers expanded its strike to a key plant in Kentucky where the company builds popular SUVs.
Domino's Pizza Inc declined 3.4% to $346.50 after the food company reported weaker-than-expected earnings and sales at U.S. comparable locations declined 0.6%.
Europe Movers: EasyJet, Ericsson, Givaudan, Publicis, Suedzucker, Restaurant Group, Siemens Energy
Inga Muller
12 Oct, 2023
Frankfurt
European benchmark indexes advanced to 3-week highs after bond yields edged lower and investors reacted to corporate earnings news.
The DAX index increased 0.7% to 15,562., the CAC-40 index rose 0.6% to 7,175.02 and the FTSE 100 index advanced 0.8% to 7,678.89.
The yield on 10-year German bonds decreased to 2.72%, French bonds traded lower to 3.24%, the UK gilts edged up to 4.35% and Italian bonds rose to 4.66%.
LM Ericsson Class B advanced 3.5% to skr 55.28 after the Swedish telecom company booked a $2.9 billion charge linked to its acquisition of Vonage in 2022.
EasyJet plc decreased 5.2% to 414.0 pence despite the U.K.-based discount airline reporting record fiscal fourth quarter profit.
Givaudan SA increased 1.5% to CHF 2,937.0 despite the Swiss fragrance company reporting a decline in sales in its latest quarter.
Restaurant Group Plc soared 37.6% to 66.4 pence after the operator of pubs and restaurants agreed to go private in a $625 million deal with Apollo Global Management.
Suedzucker AG increased 1.4% to €14.30 after the world's largest sugar producer revised its annual earnings outlook.
The sugar and starch products maker said consolidated sales in the first-half ending in August rose 10% to €5.08 billion from €4.6 billion a year ago.
Operating earnings in the first-half increased to €739 million from €465 million a year ago.
The company forecasted full-year revenue to range between €10.0 billion and €10.5 billion compared to €9.5 billion and operating earnings in the range of €1.3 billion to €1.4 billion compared to the previous estimate between €1.2 billion and €1.4 billion and €1.1 billion a year ago.
Siemens Energy AG added 2.3% to €12.48 after the company agreed to sell its Trench business to an investment firm Triton as the company sharpened its focus on its core business.
Publicis Groupe SA increased 4.8% to €76.84 after the public relations and advertising company reported an increase in revenue in the third quarter.
Publicis revised higher its organic growth outlook for the full-year to range between 5.5% and 6% from the previous estimate of 5.0%.
European Stock Markets Advance to 3-week Highs and Bond Yields Decline
Bridgette Randall
12 Oct, 2023
Frankfurt
Stocks extended weekly gains and investors debated future direction and level of interest rates.
Benchmark indexes in London, Paris and Frankfurt jumped more than 0.5% and investors reacted to corporate news as earnings season gathered pace.
In economic news, the U.K. gross domestic product increased 0.2% in August from July, when the economy shrank revised 0.6%, the Office for National Statistics reported Thursday.
From a year ago, GDP advanced 0.5% after service sector expansion overwhelmed the decline in production and construction.
In the three months to August, GDP increased 0.3% and manufacturing, services and construction showed growth.
Europe Indexes & Yields
The DAX index increased 0.7% to 15,562.04, the CAC-40 index rose 0.6% to 7,175.02 and the FTSE 100 index advanced 0.8% to 7,678.89.
The yield on 10-year German bonds decreased to 2.72%, French bonds traded lower to 3.24%, the UK gilts edged up to 4.35% and Italian bonds rose to 4.66%.
The euro edged lower to a three-month low to $1.06, the British pound to $1.23 and the U.S. dollar fetched 89.97 Swiss cents.
Brent crude increased $1.16 to $86.98 a barrel and the Dutch TTF natural gas edged higher by €3.13 to €49.20 per MWh.
Europe Stock Movers
LM Ericsson Class B advanced 3.5% to skr 55.28 after the Swedish telecom company booked a $2.9 billion charge linked to its acquisition of Vonage in 2022.
EasyJet plc decreased 5.2% to 414.0 pence despite the U.K.-based discount airline reporting record fiscal fourth quarter profit.
Givaudan SA increased 1.5% to CHF 2,937.0 despite the Swiss fragrance company reporting a decline in sales in its latest quarter.
Restaurant Group Plc soared 37.6% to 66.4 pence after the operator of pubs and restaurants agreed to go private in a deal with Apollo Global Management.
Suedzucker AG increased 1.4% to €14.30 after the world's largest sugar producer revised its annual earnings outlook.
The sugar and starch products maker said consolidated sales in the first-half ending in August rose 10% to €5.08 billion from €4.6 billion a year ago.
Operating earnings in the first half increased to €739 million from €465 million a year ago.
The company forecasted full-year revenue to range between €10.0 billion and €10.5 billion compared to €9.5 billion and operating earnings in the range of €1.3 billion to €1.4 billion compared to the previous estimate between €1.2 billion and €1.4 billion and €1.1 billion a year ago.
Siemens Energy AG added 2.3% to €12.48 after the company agreed to sell its Trench business to an investment firm Triton as the company sharpened its focus on its core business.
Publicis Groupe SA increased 4.8% to €76.84 after the public relations and advertising company reported an increase in revenue in the third quarter.
Publicis revised higher its organic growth outlook for the full-year to range between 5.5% and 6% from the previous estimate of 5.0%.