Market Update
With One Eye On Earnings, Market Averages Edge Higher On Wall Street
Barry Adams
25 Jul, 2023
New York City
With earnings releases picking up the pace, investors reacted to corporate news and looked for signs of looming recession and slowing inflation.
Market averages traded higher as most companies met or exceeded lowered earnings expectations.
General Motors, General Electric, Verizon and 3M reported rising sales and earnings and stable operating margins, supporting the case of a healthy economic environment for large companies.
Investors are looking ahead to policy decisions from the Federal Reserve Bank, the European Central Bank and the Bank of Japan.
The Fed and the ECB are widely expected to raise rates by at least 25 basis points and the Bank of Japan is expected to keep its ultra-loose policy intact despite steady rise in inflation in recent months.
Crude oil traded at a new 3-month high and natural gas edged higher after China pledged more stimulus measures to support faltering economic momentum and depressed property market.
Copper traded up 2% to $3.93 per pound on the hopes of China measures spurring additional demand.
U.S. Indexes & Yields
The S&P 500 index traded higher 0.1% to 4,560.50 and the Nasdaq Composite futures edged up 0.5% to 14,130.53.
The yield on 2-year Treasury notes decreased to 4.89%, 10-year Treasury notes inched lower to 3.90% and 30-year Treasury bonds edged down to 3.94%.
Crude oil decreased $0.25 to $78.49 a barrel and natural gas prices decreased 1 cent to $2.69 a thermal unit.
Stock Movers
General Motors declined 3.2% to $38.09 despite the automaker lifting its full-year earnings outlook.
The company revised full-year earnings outlook to between $12 billion and $14 billion, from the previous range between $11 billion and $13 billion.
The automaker also reported sharply higher second quarter earnings from a year ago.
3M Company rose 4.6% to $109.26 after the diversified company reported better-than-expected quarterly earnings and the company reiterated its annual sales outlook and revised higher its annual earnings estimate.
Verizon Communication Inc decreased 0.3% to $33.85 after the company reported mixed quarterly results.
Revenue in the quarter increased to $32.6 billion and earnings per share excluding one-time items was $1.21.
General Electric Company increased 4.5% to $115.57 after the engineering company reported stronger-than-expected quarterly earnings.
The company also lifted its full-year earnings outlook on the strong demand for its engines and products in the aerospace division and record orders in its renewable energy business.
Xerox Holdings Corp soared 9.2% to $16.93 after the workspace technology provider reported second quarter earnings ahead of market expectations.
Alaska Air Group, Inc dropped 10.6% to $47.68 despite the regional airline reporting better-than-expected revenue and earnings.
The airline reported second quarter revenue of $2.84 billion and adjusted earnings per share of $3 and guided full-year earnings per share between $5.50 and $7.50 a share.
Europe Movers: Ashtead Group, Bayer, Dassault, Remy Cointreau, Thales, UBS
Inga Muller
25 Jul, 2023
New York City
European markets edged higher and investors reacted to corporate news and earnings releases.
The DAX index increased 0.2% to 16,216.70, the CAC-40 index advanced 0.2% to 7,450.23 and the FTSE 100 index gained 0.2% to 7,686.32.
China's pledge to support the property sector after the Politburo meeting chaired by Xi Jinping, lifted commodities prices.
Antofagasta, Glencore and Anglo American advanced between 2% and 4%.
UBS Group AG increased 1.2% to CHF 18.24 and the Swiss banking giant was fined $400 million by regulators in Switzerland, U.S. and U.K. for misconducts of Credit Suisse, acquired by the bank in June.
Unilever Plc jumped 4.8% to 4,213.0 pence after the consumer products company reported better than expected sales in its latest quarter.
Ashtead Group Plc dropped 0.5% to 5,560.0 pence after the company priced its 5.95% senior notes worth $750 million.
Bayer AG declined 3.8% to $13.87 after the German chemical company lowered its fiscal year 2023 outlook and cited deteriorating macroeconomic outlook.
Dassault Systemes SE declined 3.9% to €38.50 after the French software company reported weaker-than-expected revenue growth in its latest quarter.
Remy Cointreau SA increased 3.8% to €151.90 after the company reiterated its fiscal 2024 outlook.
Thales SA declined 0.5% to €131.70 after the French defense company agreed to acquire cyber security company Imperva for $3.6 billion.
European Markets Trade Higher After Crude Oil and Copper Advanced
Bridgette Randall
25 Jul, 2023
Frankfurt
European markets traded slightly higher as investors awaited rate decisions this week and reacted to corporate earnings.
Investors are looking ahead to policy decisions from the Federal Reserve Bank, the European Central Bank and the Bank of Japan.
The Fed and the ECB are widely expected to raise rates by at least 25 basis points and the Bank of Japan is expected to keep its ultra-loose policy intact despite steady rise in inflation in recent months.
Crude oil traded at a new 3-month high and natural gas edged higher after China pledged more stimulus measures to support faltering economic momentum and depressed property market.
Copper traded up 2% to $3.93 per pound on the hopes of China measures spurring additional demand.
Hong Kong stocks soared 4% on the hopes of more measures to revive the flagging property market.
German business confidence deteriorated for the third month in a row in July, the Ifo Institute survey showed today.
The business climate index decreased to 87.3 in July from 88.6 in the previous month, a decline for the third month in a row.
Europe Indexes & Yields
The DAX index increased 0.2% to 16,216.70, the CAC-40 index advanced 0.2% to 7,450.23 and the FTSE 100 index gained 0.2% to 7,686.32.
The yield on 10-year German bonds decreased higher to 2.43%, French bonds traded lower to 2.99%, the UK gilts edged down to 4.28% and Italian bonds increased to 4.08%.
The euro edged higher to $1.10, the British pound to $1.28 and the U.S. dollar fetched 86.99 Swiss cents
Brent crude increased $0.20 to $82.94 a barrel and the Dutch TTF natural gas increased €1.14 to €32.69 per MWh.
Europe Stock Movers
China's pledge to support the property sector after the Politburo meeting chaired by Xi Jinping, lifted commodities prices.
Antofagasta, Glencore and Anglo American advanced between 2% and 4%.
UBS Group AG increased 1.2% to CHF 18.24 and the Swiss banking giant was fined $400 million by regulators in Switzerland, U.S. and U.K. for misconducts of Credit Suisse, acquired by the bank in June.
Unilever Plc jumped 4.8% to 4,213.0 pence after the consumer products company reported better than expected sales in its latest quarter.
Ashtead Group Plc dropped 0.5% to 5,560.0 pence after the company priced its 5.95% senior notes worth $750 million.
Bayer AG declined 3.8% to $13.87 after the German chemical company lowered its fiscal year 2023 outlook and cited deteriorating macroeconomic outlook.
Dassault Systemes SE declined 3.9% to €38.50 after the French software company reported weaker-than-expected revenue growth in its latest quarter.
Remy Cointreau SA increased 3.8% to €151.90 after the company reiterated its fiscal 2024 outlook.
Thales SA declined 0.5% to €131.70 after the French defense company agreed to acquire cyber security company Imperva for $3.6 billion.
Mega-cap Dow Jones Extended Rally to 11 Days Ahead of Key Tech Earnings
Barry Adams
24 Jul, 2023
New York City
Stocks traded higher in trading as investors prepare to review earnings reports and the Federal Reserve's policy decision later in the week.
Market averages edged higher as investors await earnings from several companies including Meta, Amazon, Microsoft, and Alphabet.
About 740 companies are scheduled to release their quarterly results this week, including about 40% of the companies in the S&P 500 index.
Nine-month long market rally is powered by large gains in a narrow list of stocks, after companies have reported better-than-expected earnings in the last three quarters.
Investors are looking for clues how far companies can improve earnings and operating margin in the face of a 500 basis points increase in interest rates in the last fifteen months.
Moreover, according to the Fed's previous announcements the worst of the rate increases are expected to be felt in the current quarter, and investors are awaiting forecasts of revenue and margins for the third quarter of 2023.
Moreover, the Federal Reserve is scheduled to announce its rate decision on Wednesday, and market participants are factoring at least 25 basis points increase.
Economists are also looking to understand how high rates are likely to go by the end of this year, in the face of tight labor market conditions.
Despite the persistent drumbeat of a looming recession, the economy has been chugging along at a slower pace and investors are postponing the arrival of a recession every quarter to the next quarter for the last three quarters.
The Federal Reserve has raised rates ten times over the last fifteen months and the economy has still not dipped into a recession and core inflation has stayed near 5%, significantly above the Fed's target rate of 2%.
Generally, market indexes peak about six to nine months ahead of the arrival of a recession, but there is no sign that the markets are near a peak.
The S&P Global US Composite PMI eased to 52.0 in July 2023, down from 53.2 in June, according to a preliminary estimate.
The latest reading showed the weakest pace of expansion in private sector business activity since February, after service sector activity slowed to a five-month low, and manufacturing output was relatively unchanged.
The European Central Bank is expected to announce its rate decision on Thursday and the Bank of Japan is also set to announce its policy directive on the yield curve management on Friday.
U.S. Indexes & Yields
The S&P 500 index traded higher 0.4% to 4,554.99 and the Nasdaq Composite futures edged up 0.1% to 14,049.76.
The yield on 2-year Treasury notes decreased to 4.83%, 10-year Treasury notes inched lower to 3.80% and 30-year Treasury bonds edged down to 3.89%.
Crude oil increased $0.55 to $77.62 a barrel and natural gas prices increased a fraction to $2.71 a thermal unit.
Stock Movers
Domino's Pizza Inc increased 1.8% to $391.20 after the company reported revenue of $1.0 billion and $3.08 a share.
AMC Entertainment Holding Inc soared 35.7% to $5.95 after a judge disallowed the company's plan to convert its preferred share to common share.
Preferred units declined 2.2% to $1.90.
The company said it has proposed a revised conversion plan.
Ryanair Holdings plc declined 4% to $102.30 after the deep discount airline reported a surge in traffic, revenue and earnings.
Revenue in the fiscal year 2024 first quarter ending in June increased 40% to Є3.65 billion after passenger count rose 11% to 50.4 million and load factor rose to 95% from 92% from a year ago.
Profit after-tax soared 290% to Є663 million from Є170 million and earnings per share rose to 58.22 cents from 16.53 cents a year ago.
European Indexes Lacked Direction, Spain's Post Election Turmoil
European markets traded down after an inconclusive election in Spain and weak business condition surveys in the Euro Area kept market sentiment down.
The IBEX index in Madrid fell as much as 0.8% after the right-wing block failed to achieve an absolute majority in Sunday's election in Spain.
Right-wing block won 169 seats and the left-block secured 153, leaving no clear winner and leaving the country in a gridlock.
Spain’s conservative Partido Popular party won 136 parliamentary seats, followed by the incumbent socialist party PSOE with 122 seats.
Far-right party Vox lost its total seat count from the previous election to 33 seats, while the leftish Sumar party winning 31.
All parties failed to win the needed majority of 176 to form a government. The governing PSOE and Vox were considered as a possible coalition partner before the election, but their combined tally fell short of required majority to 169.
The right leaning Popular Party led by Nunez Feijoo is hoping to become Spain's next prime minister but he will need support from several smaller parties.
Spain]s political turmoil is likely to last several weeks while Feijoo attempts to build a coalition with the help of several smaller parties with different political philosophies.
The HCOB Flash Eurozone Composite PMI Output Index, which measures manufacturing and services sector activities, declined to an eight-month low of 48.9 in July from 49.9 in June.
German economic activities contracted the most since November of last year and French output also shrank for the second month in a row.
The S&P Global/CIPS composite Purchasing Managers' Index for the UK showed a preliminary reading of 50.7 in July, a decline from 52.8 in June.
The UK's economic activities were anticipated to decline on the worries of restrained consumer spending in the face of elevated inflation and the ongoing supply chain disruption after Brexit.
Europe Indexes & Yields
The DAX index increased 0.08% to 16,190.95, the CAC-40 index fell 0.07% to 7,427.31 and the FTSE 100 index increased 0.2% to 7,678.29.
The yield on 10-year German bonds decreased higher to 2.37%, French bonds traded lower to 2.97%, the UK gilts edged down to 4.20% and Italian bonds increased to 4.02%.
The euro edged higher to $1.11, the British pound to $1.28 and the U.S. dollar fetched 86.49 Swiss cents
Brent crude increased $1.55 to $78.62 a barrel and the Dutch TTF natural gas increased €2.39 to €30.56 per MWh.
Europe Stock Movers
Stocks in Madrid declined after neither party achieved a clear majority to form a stable government.
Banks led the decliners in Madrid and Bankinter, Unicaja, Caizabank and Banco Sabadell fell between 2% and 3%.
Endesa dropped 3.2% to €19.22 and Indra Sistemas SA declined 3.1% to €12.30.
Julius Baer Gruppe AG rose 7.0% to CHF 60.26 after the Swiss financial services firm reported strong quarterly results.
Ocado Group Plc soared 11% to 764.0 pence after the company settled its long running intellectual property dispute with Norwegian robotics company AutoStore Holdings.
Vodafone Group Plc increased 4% to 76.55 pence after the company reported better-than-expected revenue growth in its latest quarter and named a new CFO.
Alstom SA rose 1% to €27.66 after the French power equipment company signed a contract worth up to €260 million with Germany-based RAILPOOL
S4 Capital PLC plunged 19.7% to 160.75 pence after the digital advertising and marketing company lowered its annual revenue growth core profit margin estimated citing the challenging macroeconomic environment.
Movers: AMC Entertainment, Domino's Pizza, Ryanair
Scott Peters
24 Jul, 2023
New York City
The S&P 500 index traded higher 0.2% to 4,574.26 and the Nasdaq Composite futures edged up 0.1% to 14,098.52.
The yield on 2-year Treasury notes decreased to 4.83%, 10-year Treasury notes inched lower to 3.80% and 30-year Treasury bonds edged down to 3.89%.
Domino's Pizza Inc increased 1.8% to $391.20 after the company reported revenue of $1.0 billion and $3.08 a share.
AMC Entertainment Holding Inc soared 35.7% to $5.95 after a judge disallowed the company's plan to convert its preferred share to common share.
Preferred units declined 2.2% to $1.90.
The company said it has proposed a revised conversion plan.
Ryanair Holdings plc declined 4% to $102.30 after the deep discount airline reported a surge in traffic, revenue and earnings.
Revenue in the fiscal year 2024 first quarter ending in June increased 40% to Є3.65 billion after passenger count rose 11% to 50.4 million and load factor rose to 95% from 92% from a year ago.
Profit after-tax soared 290% to Є663 million from Є170 million and earnings per share rose to 58.22 cents from 16.53 cents a year ago.
Tech Earnings Optimism Drives Broader Averages Higher Ahead of Rate Decision This Week
Barry Adams
24 Jul, 2023
New York City
Stocks traded slightly higher in early trading as investors prepare to review a barrage of earnings reports and the Federal Reserve's policy decision later in the week.
Market averages edged higher as investors await earnings from several companies including Meta, Amazon, Microsoft, and Alphabet.
About 740 companies are scheduled to release their quarterly results this week, including about 40% of the companies in the S&P 500 index.
Nine-month long market rally is powered by large gains in a narrow list of stocks, after companies have reported better-than-expected earnings in the last three quarters.
Investors are looking for clues how far companies can improve earnings and operating margin in the face of a 500 basis points increase in interest rates in the last fifteen months.
Moreover, according to the Fed's previous announcements the worst of the rate increases are expected to be felt in the current quarter, and investors are awaiting forecasts of revenue and margins for the third quarter of 2023.
Moreover, the Federal Reserve is scheduled to announce its rate decision on Wednesday, and market participants are factoring at least 25 basis points increase.
Economists are also looking to understand how high rates are likely to go by the end of this year, in the face of tight labor market conditions.
The European Central Bank is expected to announce its rate decision on Thursday and the Bank of Japan is also set to announce its policy directive on the yield curve management on Friday.
U.S. Indexes & Yields
The S&P 500 index traded higher 0.2% to 4,574.26 and the Nasdaq Composite futures edged up 0.1% to 14,098.52.
The yield on 2-year Treasury notes decreased to 4.83%, 10-year Treasury notes inched lower to 3.80% and 30-year Treasury bonds edged down to 3.89%.
Crude oil increased $0.55 to $77.62 a barrel and natural gas prices increased a fraction to $2.71 a thermal unit.
Stock Movers
Domino's Pizza Inc increased 1.8% to $391.20 after the company reported revenue of $1.0 billion and $3.08 a share.
AMC Entertainment Holding Inc soared 35.7% to $5.95 after a judge disallowed the company's plan to convert its preferred share to common share.
Preferred units declined 2.2% to $1.90.
The company said it has proposed a revised conversion plan.
Ryanair Holdings plc declined 4% to $102.30 after the deep discount airline reported a surge in traffic, revenue and earnings.
Revenue in the fiscal year 2024 first quarter ending in June increased 40% to Є3.65 billion after passenger count rose 11% to 50.4 million and load factor rose to 95% from 92% from a year ago.
Profit after-tax soared 290% to Є663 million from Є170 million and earnings per share rose to 58.22 cents from 16.53 cents a year ago.
Europe Movers: Alstom, Julius Baer, Ocado, Spanish Stocks, S4 Capital, Vodafone
Inga Muller
24 Jul, 2023
Frankfurt
European markets, bond yields and the euro edged lower after manufacturing and service activity surveys in July showed weakening activities.
The DAX index increased 0.2% to 16,202.20, the CAC-40 index advanced 0.2% to 7,418.18 and the FTSE 100 index decreased 0.08% to 7,658.61.
The yield on 10-year German bonds decreased higher to 2.37%, French bonds traded lower to 2.97%, the UK gilts edged down to 4.20% and Italian bonds increased to 4.02%.
Stocks in Madrid declined after neither party achieved a clear majority to form a stable government.
Banks led the decliners in Madrid and Bankinter, Unicaja, Caizabank and Banco Sabadell fell between 2% and 3%.
Endesa dropped 3.2% to €19.22 and Indra Sistemas SA declined 3.1% to €12.30.
Julius Baer Gruppe AG rose 7.0% to CHF 60.26 after the Swiss financial services firm reported strong quarterly results.
Ocado Group Plc soared 11% to 764.0 pence after the company settled its long running intellectual property dispute with Norwegian robotics company AutoStore Holdings.
Vodafone Group Plc increased 4% to 76.55 pence after the company reported better-than-expected revenue growth in its latest quarter and named a new CFO.
Alstom SA rose 1% to €27.66 after the French power equipment company signed a rolling stock contract worth up to €260 million with Germany-based RAILPOOL
S4 Capital PLC plunged 19.7% to 160.75 pence after the digital advertising and marketing company lowered its annual revenue growth core profit margin estimated citing the challenging macroeconomic environment.
Private Sector In Euro Area Contracted, Spanish Stocks Trade Down After Post-election Turmoil
Bridgette Randall
24 Jul, 2023
Frankfurt
European markets traded down after an inconclusive election in Spain and weak business condition surveys in the Euro Area kept market sentiment down.
The IBEX index in Madrid fell as much as 0.8% after the right-wing block failed to achieve an absolute majority in Sunday's election in Spain.
Right-wing block won 169 seats and the left-block secured 153, leaving no clear winner and leaving the country in a gridlock.
Spain’s conservative Partido Popular party won 136 parliamentary seats, followed by the incumbent socialist party PSOE with 122 seats.
Far-right party Vox lost its total seat count from the previous election to 33 seats, while the leftish Sumar party winning 31.
All parties failed to win the needed majority of 176 to form a government. The governing PSOE and Vox were considered as a possible coalition partner before the election, but their combined tally fell short of required majority to 169.
The right leaning Popular Party led by Nunez Feijoo is hoping to become Spain's next prime minister but he will need support from several smaller parties.
Spain]s political turmoil is likely to last several weeks while Feijoo attempts to build a coalition with the help of several smaller parties with different political philosophies.
The HCOB Flash Eurozone Composite PMI Output Index, which measures manufacturing and services sector activities, declined to an eight-month low of 48.9 in July from 49.9 in June.
German economic activities contracted the most since November of last year and French output also shrank for the second month in a row.
The S&P Global/CIPS composite Purchasing Managers' Index for the UK showed a preliminary reading of 50.7 in July, a decline from 52.8 in June.
The UK's economic activities were anticipated to decline on the worries of restrained consumer spending in the face of elevated inflation and the ongoing supply chain disruption after Brexit.
Europe Indexes & Yields
The DAX index increased 0.2% to 16,202.20, the CAC-40 index advanced 0.2% to 7,418.18 and the FTSE 100 index decreased 0.08% to 7,658.61.
The yield on 10-year German bonds decreased higher to 2.37%, French bonds traded lower to 2.97%, the UK gilts edged down to 4.20% and Italian bonds increased to 4.02%.
The euro edged higher to $1.11, the British pound to $1.28 and the U.S. dollar fetched 86.49 Swiss cents
Brent crude increased $0.30 to $81.37 a barrel and the Dutch TTF natural gas increased €0.84 to €29.01 per MWh.
Europe Stock Movers
Stocks in Madrid declined after neither party achieved a clear majority to form a stable government.
Banks led the decliners in Madrid and Bankinter, Unicaja, Caizabank and Banco Sabadell fell between 2% and 3%.
Endesa dropped 3.2% to €19.22 and Indra Sistemas SA declined 3.1% to €12.30.
Julius Baer Gruppe AG rose 7.0% to CHF 60.26 after the Swiss financial services firm reported strong quarterly results.
Ocado Group Plc soared 11% to 764.0 pence after the company settled its long running intellectual property dispute with Norwegian robotics company AutoStore Holdings.
Vodafone Group Plc increased 4% to 76.55 pence after the company reported better-than-expected revenue growth in its latest quarter and named a new CFO.
Alstom SA rose 1% to €27.66 after the French power equipment company signed a contract worth up to €260 million with Germany-based RAILPOOL
S4 Capital PLC plunged 19.7% to 160.75 pence after the digital advertising and marketing company lowered its annual revenue growth core profit margin estimated citing the challenging macroeconomic environment.
Stocks Rise In Volatile Session After Tech Stocks Overcame Early Weakness
Barry Adams
21 Jul, 2023
New York City
Market indexes on the final day of this week are expected to trade volatile after expiry of options and futures add a new dimension.
Tech stocks rebounded from a bruising session on Thursday after tech-heavy Nasdaq dropped 2%.
Market sentiment has decidedly stayed positive after eight weeks rallying and bearish voices of looming recession, stubborn inflation and higher interest rates ahead have been drowned out.
With the recent cooling inflation trend, the Federal Reserve's policy meeting next week is already forcing investors to take sides.
Most market participants are factoring a rate hike of 25 basis points at the Fed's policy meeting next week but what happens to rates after the next meeting is dividing investors in two camps, higher investors for longer and rate pause followed by a gradual decline in rates.
Investors also reacted to the new batch of corporate results and CSX and American Express fell on earnings worries.
U.S. Indexes & Yields
The S&P 500 index traded higher 0.1% to 4,542.43 and the Nasdaq Composite futures edged up 0.2% to 14,104.76.
The yield on 2-year Treasury notes decreased to 4.84%, 10-year Treasury notes inched lower to 3.82% and 30-year Treasury bonds edged down to 3.88%.
Crude oil increased $0.45 to $76.10 a barrel and natural gas prices decreased 2 cents to $2.73 a thermal unit.
Stock Movers
CSX Corporation declined 4% to $32.34 after the railroad operator reported earnings that missed some investors' expectations.
American Express declined 3.3% to $170.89 after the payment processor reported weaker-than-expected revenue but earnings were ahead of market expectations.
AutoNation Inc plunged 9.2% to $160.68 despite the largest automotive dealer network operator reporting better-than-expected revenue and earnings.
Capital One Financial Corp rose 0.6% to $115.58 after the credit card lender and banking services provider reported mixed quarterly results.
The company also reported deposits at the end of the quarter declined 2%, confirming the declining trend at all major banks and regional banks.
Intuitive Surgical, Inc 2.5% to $338.05 after the robotic surgery device maker reported weaker-than-expected revenue in system sales but the company met earnings expectations.
Europe Movers: Danske Bank, Delivery Hero, Glencore, SSAB
Inga Muller
21 Jul, 2023
New York City
The DAX index increased 0.2% to 16,147.21, the CAC-40 index advanced 0.4% to 7,352.81 and the FTSE 100 index increased 0.6% to 7,637.29.
The yield on 10-year German bonds increased higher to 2.44%, French bonds traded higher to 3.0%, the UK gilts edged up to 4.28% and Italian bonds increased to 4.06%.
Danske Bank AS rose 1.5% to €22.0 after the largest Danish bank lifted its annual earnings outlook.
SSAB AB dropped 13% to 65.78 kronor after the Swedish steelmaker said operating profit plunged by 50% in the second quarter.
Glencore Plc increased 0.05% to 472.85 pence after the mining company reported strong gains in production in the first quarter.
SAP SE declined 3.3% to €122.22 after the German information system company reported weaker-than-expected cloud segment revenue growth.
Delivery Hero SE declined 1% to €40.01 after the delivery service provider agreed to acquire a 37% stake in Saudi Arabia based Hungerstation Holding Limited for $297 million.