Europe Movers: Ferrexpo, Halma, Imperial Brands, Johnson Matthey, Merck, Shell, Skanska, Zalando

Bridgette Randall
06 Oct, 2022
Frankfurt

European markets traded lower after inflation jitters and rate hike worries resurfaced.

European markets traded sideways in the morning trading but turned lower following the market weakness in New York. 

Indexes closed near their lows as investors focused on the UK debt rating cut and retail sales fell in the eurozone and Germany factory orders also declined. 

Bond yield also rose ahead of the U.S. jobs report Friday and investors are anticipating at least 270,000 net new job additions in September. 

The yield on 10-year German bonds rose to 2.1%, U.K. Gilts increased to 4.19%, French bonds edged up to 2.69% and Italian bonds inched higher to 4.519%.  

The DAX index fell 0.1% to 12,470.78, the CAC-40 index dropped 0.8% to 5,936.42 and the FTSE 100 index dropped 0.80% to 6,997.27.

The euro inched lower to 98.38 U.S. cents and the British pound declined to $1.124.  

Crude oil traded down despite yesterday's production cuts announced by the OPEC and allied nations. 

Brent crude oil gained 40 cents to $93.75 a barrel and natural gas futures fell 2% to 170.33 euros a megawatts an hour.

 

Stock Movers 

Credit Suisse AG increased 2.6% to 4.22 Swiss francs after JP Morgan upgraded the stock to "neutral" from "underweight."

Ferrexpo Plc declined 3.9% to 126.70 pence after the Ukraine based high-grade iron ore pellets miner and maker reported lower production in the third quarter. 

Total iron ore pellets production declined 68% to 0.8 million tons and the company blamed the current production shortfall on Russia's invasion of Ukraine. 

 Iron ore pellets sales dropped 65% from a year ago to 1.0 million tons in the third quarter, reflecting logistics constraints and the draw down on existing stockpiles in Ukraine.

Halma Plc gained 0.7% to 2,156.78 pence after the company said it has agreed to acquire Weetech Holding GmbH for