Market Updates
Europe Movers: Ceconomy, Danske Bank, Delivery Hero, MTU Aero, Norsk Hydro, Schindler
Bridgette Randall
22 Jul, 2022
Frankfurt
European markets inched higher and the latest private survey estimated economic growth is slowing in the eurozone.
Private sector contracted for the first time in 15 months on weaker output and new orders, the Purchasing Managers' Index released by S&P Global showed Friday.
The DAX index increased 0.05% to 13,253.68, the CAC-40 index gained 0.3% to 6,216.82, and the FTSE 100 index inched up 0.08% to 7,276.37.
The euro edged lower and closed at $1.0193 and the British pound fetched $1.197.
Schindler Holding AG declined 3.9% to 175.0 francs after the Swiss elevator and escalator maker cut its 2022 outlook citing China market contraction and Covid-19 related restrictions.
Second quarter revenues declined 5.6% to 2.7 billion francs and net income fell 37.2% to 152 million francs.
Diluted earnings per share fell to 1.30 francs from 2.12 francs.
Schindler guided annual revenues to rise between -2% and 2% from the previous estimate between 1% and 6% in local currencies and full-year net income between 620 million and 660 million francs.
MTU Aero Engines AG increased 2.2% to 193.15 euros after the German aerospace company won orders worth $600 million of orders at the Farnborough International Airshow.
"New orders for the geared turbofan (GTF) make up the lion
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