Market Updates
European Movers: Delivery Hero, Deutsche Post, Equinor, J Sainsbury, SAS
Bridgette Randall
05 Jul, 2022
New York City
Market indexes in Europe dropped more than 2% as fears of a recession escalated in the union on soaring inflation and no end in sight of a war in Ukraine.
The DAX index fell 2.9% to 12,401.24, the CAC-40 index declined 2.4% to 5,794.18, and the FTSE 100 index dropped 2.86% to 7,025.46.
Market worries were compounded after coronavirus infections flared up in easter region of China and local authorities imposed mass testing in at least three cities.
Scandinavian Airlines SAS AB dropped 10.5% to 55 krona cents after the company sought bankruptcy protection in a U.S. court to accelerate its restructuring plan.
Delivery Hero SE gained 1.5% to 35.69 euros after the delivery services provider said it has completed the purchase of additional stake in Spain-based delivery app GlovoApp23 S.A.
Delivery Hero acquired an additional stake of 39.4% in addition to the 43.8% stake held in the delivery app company.
J Sainsbury Plc increased 1.1% to 210.68 pence after the retailer confirmed its full-year outlook.
The retailer said total sales excluding fuel sales declined 4.5% in the sixteen week period ending on June 25. Grocery sales were down 2.4% in the period.
The company confirmed fiscal year 2022-23 underlying profit before tax of between
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