Market Update
European Markets Lacked Direction Ahead of ECB Rate Cuts, Germany's Factory Orders Unexpectedly Advanced In April
Bridgette Randall
05 Jun, 2025
London
European stock market indexes edged slightly higher ahead of the ECB's rate decisions later in the day.
Benchmark indexes in Frankfurt, Paris, Milan, and London inched higher in lackluster trading as traders avoided taking big bets ahead of the European Central Bank's rate decisions.
The central bank is expected to cut its deposit facility rate by 25 basis points to 2% and signal its readiness to cut more if needed.
Economists are anticipating the rate to drop to 1.5% by the end of the year as inflation hovers near 2% and economic growth in the currency zone remains anemic.
Eurozone inflation dropped to 1.9% in May from 2.2% in April, marking the first fall in inflation below the ECB's target rate of 2% for the first time since September 2024.
German Factory Orders Unexpectedly Advanced In April
In other economic news, Germany's factory orders unexpectedly increased in April, according to the latest data released by the Federal Statistical Office on Thursday.
Orders advanced 0.6% from the previous month, as importers front-loaded ahead of the expected jump in U.S. tariffs.
Excluding large orders, new orders inched higher, 0.3% from the previous month.
In a less volatile three-month comparison, new orders in the three months to April rose 0.5% from the previous three-month period; excluding large orders, they rose by 1.3%.
Europe Indexes and Yields
The DAX index increased by 0.2% to 24,320.54, the CAC-40 index edged higher by 0.2% to 7,820.45, and the FTSE 100 index advanced 0.04% to 8,804.58.
The yield on 10-year German bonds inched lower to 2.52%, French bonds decreased to 3.20%, UK gilts moved down to 4.60%, and Italian bonds edged lower to 3.48%.
The euro increased to $1.14; the British pound was higher at $1.36; and the U.S. dollar traded at 81.89 Swiss cents.
Brent crude increased by $0.29 to $65.15 a barrel, and the Dutch TTF natural gas was higher by €0.31 to €35.97 per MWh.
Europe Movers
LVMH added 0.7% to €480.15, Kering SA edged up 1% to €177.70, Salvatore Ferragamo SpA decreased 0.1% to €5.55, and Hermes International SCA declined 0.6% to €2,367.0.
Volkswagen Group AG declined 0.6% to €93.16, Mercedes-Benz Group edged up 0.3% to €51.65, Porsche Automobil Holding SE inched higher 0.3% to €34.41, and Renault SA gained 0.7% to €43.96.
Europe Movers: Dr. Martens, Heidelberger, Wise, Wizz Air
Inga Muller
05 Jun, 2025
Frankfurt
Heidelberger Druckmaschinen AG edged up 1.3% to €1.43 despite the German mechanical engineering company reporting lower revenue in the full fiscal year ending on March 31.
Net sales declined to €2.28 billion from €2.39 billion, net loss shrank to €34 million from a loss of €36 million, and diluted earnings per share fell to 2 cents from 13 cents a year ago.
The company guided full-year sales to be around €2.35 billion, compared to €2.28 billion a year earlier.
“Persistently high interest rates, geopolitical tensions, and the ambiguous global trade policy being followed by the U.S. government are hindering economic growth,” the company said in a release to investors.
Dr. Martens Plc. traded up 0.2% to 60.05 pence despite the British footwear and clothing company reporting sharply lower earnings in the fiscal year 2025 ending in March.
Revenue declined to £787.6 million from £877.1 million, pre-tax profit plunged to £8.8 million from £93.0 million, and earnings per share fell to 0.5 pence from 7.0 pence a year ago.
The company paid an unchanged dividend of 2.55 pence per share for the fiscal year 2025.
Wise Plc. surged 7.5% to 1,164.00 pence after the money transfer company reported fiscal year 2025 results ending on March 31.
Revenue climbed to £1.21 billion from £1.05 billion, profit edged up to £416.7 million from £354.6 million, and diluted earnings per share rose to 39.73 pence from 33.73 pence a year ago.
The company increased its customer base by 21% to 15.57 million from 12.84 million a year earlier, and moved £145.2 billion across borders in the fiscal year.
Wizz Air Holdings Plc. plunged 25.6% to 1,246.00 pence after the U.K.-based discount airline failed to meet analyst expectations for its fiscal year 2025 ending on March 31.
Revenue increased to €5.27 billion from €5.07 billion, profit edged down to €213.9 million from €365.9 million, and diluted earnings per share fell to €1.78 from €2.96 a year ago.
The company carried 63.4 million passengers in the fiscal year, compared to 62.0 million a year earlier.
Supported by current bookings, the company expects to have higher revenue in fiscal year 2026, despite “the lack of visibility across the trading seasons.”
Wizz Air guided growth in available seat kilometers to be in the mid-teens in the first half and up about 20% in the full year ahead, compared to the previous year, respectively.
Europe Movers: Dr. Martens, Heidelberger, Wise, Wizz Air
Inga Muller
05 Jun, 2025
Frankfurt
Heidelberger Druckmaschinen AG edged up 1.3% to €1.43 despite the German mechanical engineering company reporting lower revenue in the full fiscal year ending on March 31.
Net sales declined to €2.28 billion from €2.39 billion, net loss shrank to €34 million from a loss of €36 million, and diluted earnings per share fell to 2 cents from 13 cents a year ago.
The company guided full-year sales to be around €2.35 billion, compared to €2.28 billion a year earlier.
“Persistently high interest rates, geopolitical tensions, and the ambiguous global trade policy being followed by the U.S. government are hindering economic growth,” the company said in a release to investors.
Dr. Martens Plc. traded up 0.2% to 60.05 pence despite the British footwear and clothing company reporting sharply lower earnings in the fiscal year 2025 ending in March.
Revenue declined to £787.6 million from £877.1 million, pre-tax profit plunged to £8.8 million from £93.0 million, and earnings per share fell to 0.5 pence from 7.0 pence a year ago.
The company paid an unchanged dividend of 2.55 pence per share for the fiscal year 2025.
Wise Plc. surged 7.5% to 1,164.00 pence after the money transfer company reported fiscal year 2025 results ending on March 31.
Revenue climbed to £1.21 billion from £1.05 billion, profit edged up to £416.7 million from £354.6 million, and diluted earnings per share rose to 39.73 pence from 33.73 pence a year ago.
The company increased its customer base by 21% to 15.57 million from 12.84 million a year earlier, and moved £145.2 billion across borders in the fiscal year.
Wizz Air Holdings Plc. plunged 25.6% to 1,246.00 pence after the U.K.-based discount airline failed to meet analyst expectations for its fiscal year 2025 ending on March 31.
Revenue increased to €5.27 billion from €5.07 billion, profit edged down to €213.9 million from €365.9 million, and diluted earnings per share fell to €1.78 from €2.96 a year ago.
The company carried 63.4 million passengers in the fiscal year, compared to 62.0 million a year earlier.
Supported by current bookings, the company expects to have higher revenue in fiscal year 2026, despite “the lack of visibility across the trading seasons.”
Wizz Air guided growth in available seat kilometers to be in the mid-teens in the first half and up about 20% in the full year ahead, compared to the previous year, respectively.
U.S. Movers: Five Below, MongoDB, PVH Corp.
Scott Peters
05 Jun, 2025
New York City
Five Below Inc. surged 4.6% to $126.85 after the specialty discount store chain operator reported higher revenue and profit in the fiscal first quarter of 2025, ending on May 3.
Net sales increased to $970.53 million from $811.86 million, net income jumped to $41.15 million from $31.47 million, and diluted earnings per share rose to 75 cents from 57 cents a year ago.
The company guided second-quarter net sales to range between $975 million and $995 million, compared to $830.1 million, and diluted earnings per share between 45 cents and 57 cents, compared to 60 cents a year earlier, respectively.
In the second quarter, the company expects net income to be between $25 million and $32 million, compared to $33 million a year ago.
For the full year, the discount retailer estimated net sales to range between $4.33 billion and $4.42 billion, compared to $3.88 billion, and diluted earnings per share between $4.04 and $4.51, compared to $4.60 a year earlier.
Net income in the full year is expected to range between $223 million and $249 million, compared to $253.6 million in 2024.
PVH Corp. slumped 12.5% to $70.70 after the parent company of Calvin Klein and Tommy Hilfiger swung to a loss in the first quarter of 2025 and lowered its annual outlook.
Revenue increased to $1.98 billion from $1.95 billion, net income swung to a loss of $44.8 million from a profit of $151.4 million, and diluted earnings per share swung to a loss of 88 cents from a profit of $2.59 a year ago.
Tommy Hilfiger sales increased 3%, while Calvin Klein sales were flat from a year earlier.
During the first quarter, the company repurchased 5.4 million shares of its own stock and paid $561 million in connection with the accelerated share repurchase agreements and open market purchases.
The retailer guided full-year revenue to be flat to slightly up on a constant currency basis, compared to $8.65 billion, and non-GAAP earnings per share between $10.75 and $11.00, compared to $11.74 in 2024, respectively.
The previous guidance was for non-GAAP earnings of $12.40 to $12.75 per share.
PVH estimated second-quarter revenue to increase by low single digits, compared to $2.07 billion, and non-GAAP earnings per share to be between $1.85 and $2.00, compared to $3.01 in the previous year, respectively.
MongoDB Inc. surged 19.2% to $238.01 after the data storage company reported higher revenue in the first quarter of fiscal 2026, ending on April 30.
Revenue edged up to $549.01 million from $450.56 million, net loss shrank to $37.63 million from a loss of $80.59 million, and diluted loss per share narrowed to 46 cents from a loss of $1.10 a year ago.
The company added 2,600 customers in the quarter, with over 57,100 total customers as of April 30.
The data storage provider issued an additional share repurchase authorization of $800 million, bringing the total buyback authorization to $1 billion.
The company guided second-quarter revenue to be between $548.0 million and $553.0 million, compared to $478.1 million, and non-GAAP earnings per share between 62 cents and 66 cents, compared to 70 cents a year earlier, respectively.
Non-GAAP income from operations is expected to be between $55.0 million and $59.0 million in the second quarter, compared to $52.5 million in the previous year.
For the full year, MongoDB estimated sales to be between $2.25 billion and $2.29 billion, compared to $2.01 billion, and non-GAAP earnings per share between $2.94 and $3.12, compared to $3.66 a year ago, respectively.
Non-GAAP income from operations is expected to be between $267.0 million and $287.0 million in fiscal 2026, compared to $299.3 million in the previous year.
U.S. Movers: Five Below
Scott Peters
05 Jun, 2025
New York City
Five Below Inc. surged 4.6% to $126.85 after the specialty discount store chain operator reported higher revenue and profit in the fiscal first quarter of 2025, ending on May 3.
Net sales increased to $970.53 million from $811.86 million, net income jumped to $41.15 million from $31.47 million, and diluted earnings per share rose to 75 cents from 57 cents a year ago.
The company guided fiscal second-quarter net sales to range between $975 million and $995 million, compared to $830.1 million, and diluted earnings per share between 45 cents and 57 cents, compared to 60 cents a year earlier, respectively.
In the second quarter, the company expects net income to be between $25 million and $32 million, compared to $33 million a year ago.
For the full year, the discount retailer estimated net sales to range between $4.33 billion and $4.42 billion, compared to $3.88 billion, and diluted earnings per share between $4.04 and $4.51, compared to $4.60 a year earlier.
Net income in the full year is expected to range between $223 million and $249 million, compared to $253.6 million in 2024.
Japan's Real Wages Dropped Fourth Consecutive Month in April
Akira Ito
05 Jun, 2025
Tokyo
Japan's real wages declined for the fourth consecutive month, complicating the Bank of Japan's efforts to normalize interest rates.
Japan's stock market indexes turned lower and erased gains of the previous session.
The Nikkei 225 Stock Average fell 0.5%, and the Topix index decreased more than 1% amid worries about a slower pace of wage growth.
Nominal wages rose at a 2.3% annual pace in April, matching the rate in the previous month, according to data released by the Ministry of Health, Labor, and Welfare.
Total cash earnings, including overtime, rose 2.3% to 302,453 yen per worker, advancing for the 40th month in a row.
Base pay for workers at businesses with five or more employees increased 2.2% to 269.325 yen, accelerating from a 1.4% increase in March and advancing for the 42nd consecutive month.
Real wages, adjusted for inflation, declined by 1.8%, marking the fourth consecutive month of decrease, highlighting challenges posed by persistent elevated inflation.
The anemic wage growth complicates the Bank of Japan's efforts to raise rates to more normal levels, as stagnant wages may affect broader economic recovery.
Japan Indexes and Stocks
The Nikkei 225 Stock Average decreased 0.5% to 37,546.21, and the broader Topix index dropped 1.1% to 2,756.08.
Sony Group Corp. declined 1.9% to ¥3,777.0, Nintendo Co. Ltd. decreased 2.1% to ¥11,840.0, and IHI Corp. fell 4.3% to ¥15,230.0.
Seven & I Holdings decreased 0.9% to ¥2,212.0, Aeon Company declined 1.2% to ¥4,310.0, and Fast Retailing dropped 0.4% to ¥48,890.0.
Japan's Real Wages Dropped Fourth Consecutive Month in April
Akira Ito
05 Jun, 2025
Tokyo
Japan's real wages declined for the fourth consecutive month, complicating the Bank of Japan's efforts to normalize interest rates.
Japan's stock market indexes turned lower and erased gains of the previous session.
The Nikkei 225 Stock Average fell 0.5%, and the Topix index decreased more than 1% amid worries about a slower pace of wage growth.
Nominal wages rose at a 2.3% annual pace in April, matching the rate in the previous month, according to data released by the Ministry of Health, Labor, and Welfare.
Total cash earnings, including overtime, rose 2.3% to 302,453 yen per worker, advancing for the 40th month in a row.
Base pay for workers at businesses with five or more employees increased 2.2% to 269.325 yen, accelerating from a 1.4% increase in March and advancing for the 42nd consecutive month.
Real wages, adjusted for inflation, declined by 1.8%, marking the fourth consecutive month of decrease, highlighting challenges posed by persistent elevated inflation.
The anemic wage growth complicates the Bank of Japan's efforts to raise rates to more normal levels, as stagnant wages may affect broader economic recovery.
Japan Indexes and Stocks
The Nikkei 225 Stock Average decreased 0.5% to 37,546.21, and the broader Topix index dropped 1.1% to 2,756.08.
Sony Group Corp. declined 1.9% to ¥3,777.0, Nintendo Co. Ltd. decreased 2.1% to ¥11,840.0, and IHI Corp. fell 4.3% to ¥15,230.0.
Seven & I Holdings decreased 0.9% to ¥2,212.0, Aeon Company declined 1.2% to ¥4,310.0, and Fast Retailing dropped 0.4% to ¥48,890.0.
China Stock Indexes Advanced, Services Sector Expansion Accelerated In May
Li Chen
05 Jun, 2025
Hong Kong
Stocks in China and Hong Kong advanced for the third consecutive session after a private survey showed an expansion in the services sector.
The Hang Seng index increased 0.4%, and the mainland-focused CSI 300 index edged up a fraction amid optimism that global tensions could ease in the next two months.
The Caixin China Services Purchasing Managers' Index increased to 51.1 in May from 50.7 in April, according to Caixin and S&P Global on Thursday.
The acceleration in expansion in the services sector reassured markets that China's economy is more likely to hit its annual economic growth target of 5%.
The Hang Seng index has soared nearly 20%, and the CSI 300 index has increased 10% since early April, as investors anticipate that the U.S. will settle tariff increases to close to 10% on all of its trading partners.
Moreover, the People's Bank of China is likely to ease interest rates and access to loans, and policymakers are likely to provide additional incentives to purchase consumer goods and support the residential property market.
China Indexes and Stocks
The Hang Seng index added 0.4% to 23,752.37, and the mainland-focused CSI 300 index edged up 0.1% to 3,871.61.
Mixue Group declined 7.8% to HK $567.50, Laopu Gold fell 9% to HK $909.0, and Nongfu Spring Co. Ltd. decreased 1.1% to HK $38.55.
China Stock Indexes Advanced, Services Sector Expansion Accelerated In May
Li Chen
05 Jun, 2025
Hong Kong
Stocks in China and Hong Kong advanced for the third consecutive session after a private survey showed an expansion in the services sector.
The Hang Seng index increased 0.4%, and the mainland-focused CSI 300 index edged up a fraction amid optimism that global tensions could ease in the next two months.
The Caixin China Services Purchasing Managers' Index increased to 51.1 in May from 50.7 in April, according to Caixin and S&P Global on Thursday.
The acceleration in expansion in the services sector reassured markets that China's economy is more likely to hit its annual economic growth target of 5%.
The Hang Seng index has soared nearly 20%, and the CSI 300 index has increased 10% since early April, as investors anticipate that the U.S. will settle tariff increases to close to 10% on all of its trading partners.
Moreover, the People's Bank of China is likely to ease interest rates and access to loans, and policymakers are likely to provide additional incentives to purchase consumer goods and support the residential property market.
China Indexes and Stocks
The Hang Seng index added 0.4% to 23,752.37, and the mainland-focused CSI 300 index edged up 0.1% to 3,871.61.
Mixue Group declined 7.8% to HK $567.50, Laopu Gold fell 9% to HK $909.0, and Nongfu Spring Co. Ltd. decreased 1.1% to HK $38.55.
S&P 500 and Nasdaq Struggle to Advance After Weak Jobs Data
Barry Adams
04 Jun, 2025
New York City
Stocks on Wall Street attempted to extend the previous session's gains amid optimism that the U.S. president is not serious about imposing high tariffs on key trading partners.
The S&P 500 index edged up 0.1%, and the tech-heavy Nasdaq Composite advanced 0.2%, despite Trump's executive order to increase import tax to 50% from 25% on steel and aluminum.
Investors are increasingly confident that the U.S. president's sky-high tariff threats are negotiating tactics, and the Trump administration is less likely to impose tariffs on key trading partners—China, Canada, Mexico, and Japan.
The S&P 500 index is now trading about 3% and the Nasdaq Composite is about 4% from their recent highs, respectively.
Private businesses expanded payrolls by 37,000 in May, the lowest monthly job increase since March 2023, according to data released by ADP.
Wages increased 4.5% from a year ago for those who held the position and advanced 7% for those who changed to a new job.
The net payroll expansion was largely driven by an increase of 38,000 jobs in leisure and hospitality and a 20,000 increase in financial services, offset by a 17,000 decrease in business and professional services and 13,000 in education and health services.
Commodities, Currencies, Indexes, Yields
The S&P 500 index increased 0.3% to 5,987.81, the Nasdaq Composite edged up 0.4% to 19,477.52, and the Russell 2000 index advanced 0.2% to 2,106.31.
The yield on 2-year Treasury notes edged lower to 3.93%, 10-year Treasury notes decreased to 4.41%, and 30-year Treasury bonds declined to 4.93%.
WTI crude oil increased $0.11 to $63.52 a barrel, and natural gas prices edged lower by $0.05 to $3.67 a thermal unit.
Gold increased by $3.28 to 3,356.24 an ounce, and silver edged down by $0.11 to $34.41.
The dollar index, which weighs the US currency against a basket of foreign currencies, decreased by 0.22 to 99.01 and traded at the lowest level since April 2022.
U.S. Stock Movers
CrowdStrike Holdings dropped 7.3% to $453.40 after the company's current quarter revenue fell short of analysts' expectations.
The cybersecurity company estimated revenue to fall between $1.14 billion and $1.15 billion but reported better-than-expected revenue and earnings in the fiscal first quarter.
Hewlett Packard Enterprise jumped 6.7% to $18.87, and the information technology company reported fiscal second-quarter adjusted earnings per share of 38 cents on revenue of $7.63 billion.
Dollar Tree Inc. declined 2.3% to $94.51 after the discount retailer reported better-than-expected earnings, but revenue fell short of analysts' expectations.
Thor Industries increased 6.7% to $88.0 after the recreational vehicle maker reported better-than-expected earnings in the fiscal third quarter and reaffirmed annual estimates.
S&P 500 and Nasdaq Struggle to Advance After Weak J
Barry Adams
04 Jun, 2025
New York City
Stocks on Wall Street attempted to extend the previous session's gains amid optimism that the U.S. president is not serious about imposing high tariffs on key trading partners.
The S&P 500 index edged up 0.1%, and the tech-heavy Nasdaq Composite advanced 0.2%, despite Trump's executive order to increase import tax to 50% from 25% on steel and aluminum.
Investors are increasingly confident that the U.S. president's sky-high tariff threats are negotiating tactics, and the Trump administration is less likely to impose tariffs on key trading partners—China, Canada, Mexico, and Japan.
The S&P 500 index is now trading about 3% and the Nasdaq Composite is about 4% from their recent highs, respectively.
Private businesses expanded payrolls by 37,000 in May, the lowest monthly job increase since March 2023, according to data released by ADP.
Wages increased 4.5% from a year ago for those who held the position and advanced 7% for those who changed to a new job.
The net payroll expansion was largely driven by an increase of 38,000 jobs in leisure and hospitality and a 20,000 increase in financial services, offset by a 17,000 decrease in business and professional services and 13,000 in education and health services.
U.S. Stock Movers
CrowdStrike Holdings dropped 7.3% to $453.40 after the company's current quarter revenue fell short of analysts' expectations.
The cybersecurity company estimated revenue to fall between $1.14 billion and $1.15 billion but reported better-than-expected revenue and earnings in the fiscal first quarter.
Hewlett Packard Enterprise jumped 6.7% to $18.87, and the information technology company reported fiscal second-quarter adjusted earnings per share of 38 cents on revenue of $7.63 billion.
Dollar Tree Inc. declined 2.3% to $94.51 after the discount retailer reported better-than-expected earnings, but revenue fell short of analysts' expectations.
Thor Industries increased 6.7% to $88.0 after the recreational vehicle maker reported better-than-expected earnings in the fiscal third quarter and reaffirmed annual estimates.
European Markets Scaled Higher, U.S. Hiked Import Duties On Steel and Aluminum
Bridgette Randall
04 Jun, 2025
London
European markets advanced as investors overlooked brewing trade tensions between the U.S. and the European Union.
Benchmark indexes in Frankfurt, Paris, Milan, and London edged higher, and bond yields were stable ahead of the European Central Bank's rate decisions on Thursday.
The U.S. president unilaterally increased import duties on steel and aluminum to 50% from 25%, prompting the European Union to warn that the move could jeopardize current negotiations.
The European Union added that it is prepared to impose its own duties if needed on American products but prefers to focus on "negotiated solutions."
Investors are anticipating the European Central Bank to lower its rates on Thursday, as policymakers look for ways to soften blows to businesses and consumers amid macroeconomic uncertainties and a weakening export environment.
Europe Indexes and Yields
The DAX index increased by 0.6% to 24,242.98, the CAC-40 index edged higher by 0.4% to 7,791.37, and the FTSE 100 index declined 0.05% to 8,783.00.
The yield on 10-year German bonds inched higher to 2.51%, French bonds decreased to 3.18%, UK gilts moved down to 4.63%, and Italian bonds edged higher to 3.49%.
The euro increased to $1.14; the British pound was higher at $1.35; and the U.S. dollar was lower and traded at 82.30 Swiss cents.
Brent crude decreased $0.17 to $65.46 a barrel, and the Dutch TTF natural gas was lower by €0.21 to €35.86 per MWh.
Europe Movers
Arcelor Mittal SA decreased 0.1% to €26.40, ThyssenKrupp AG edged up 4% to €8.76, and Salzgitter AG added 3% to €21.32.
Semiconductor-related stocks advanced following a surge in the sector in overnight trading in New York.
STMicroelectronics NV rose 5.7% to €23.72, Infineon Technologies AG gained 4.3% to €35.77, and ASML Holding NV gained 1.2% to €661.10.
European Markets Scaled Higher, U.S. Hiked Import Duties On Steel and Aluminum
Bridgette Randall
04 Jun, 2025
London
European markets advanced as investors overlooked brewing trade tensions between the U.S. and the European Union.
Benchmark indexes in Frankfurt, Paris, Milan, and London edged higher, and bond yields were stable ahead of the European Central Bank's rate decisions on Thursday.
The U.S. president unilaterally increased import duties on steel and aluminum to 50% from 25%, prompting the European Union to warn that the move could jeopardize current negotiations.
The European Union added that it is prepared to impose its own duties if needed on American products but prefers to focus on "negotiated solutions."
Investors are anticipating the European Central Bank to lower its rates on Thursday, as policymakers look for ways to soften blows to businesses and consumers amid macroeconomic uncertainties and a weakening export environment.
Europe Indexes and Yields
The DAX index increased by 0.6% to 24,242.98, the CAC-40 index edged higher by 0.4% to 7,791.37, and the FTSE 100 index declined 0.05% to 8,783.00.
The yield on 10-year German bonds inched higher to 2.51%, French bonds decreased to 3.18%, UK gilts moved down to 4.63%, and Italian bonds edged higher to 3.49%.
The euro increased to $1.14; the British pound was higher at $1.35; and the U.S. dollar was lower and traded at 82.30 Swiss cents.
Brent crude decreased $0.17 to $65.46 a barrel, and the Dutch TTF natural gas was lower by €0.21 to €35.86 per MWh.
Europe Movers
Arcelor Mittal SA decreased 0.1% to €26.40, ThyssenKrupp AG edged up 4% to €8.76, and Salzgitter AG added 3% to €21.32.
Semiconductor-related stocks advanced following a surge in the sector in overnight trading in New York.
STMicroelectronics NV rose 5.7% to €23.72, Infineon Technologies AG gained 4.3% to €35.77, and ASML Holding NV gained 1.2% to €661.10.