Europe Movers: Airlines Stocks, Equinor, Mulberry Group, Swiss Life, UBS

Bridgette Randall
28 Jun, 2023
Frankfurt

European markets jumped after investors ignored mixed economic data and focused on the U.S. economic data indicating a resilient economy. 

The DAX index increased 0.8% to 15,973.21, the CAC-40 index jumped 0.9% to 7,277.08 and the FTSE 100 index advanced 0.7% to 7,510.69.

The yield on 10-year German Bunds inched higher to 2.31%, French bonds traded lower to 2.84%, the UK gilts edged up to 4.32% and Italian bonds decreased to 3.96%.

Equinor ASA increased 0.3% to €26.23 after Norwegian regulators approved the energy company's plan to develop subsea fields, Irpa and Verdande, and the production well Andvare.

UBS Group advanced 0.8% to CHF 17.70 after the company said it plans to cut more than half of Credit Suisse's staff and unveiled its plan to integrate the recently acquired bank. 

Swiss Life Holding AG decreased 2.5% to CHF 521.40 after the insurance company said it is on track to achieve its financial goals in 2024. 

Mulberry Group jumped 1.9% to 256.70 pence after the company reiterated its full-year outlook. 

Group revenue in the year ending in April increased 4% to £159.1 million and statutory profit before tax decreased to £13.2 million from £21.3 million a year ago. 

Digital sales increased to 30% in the year from 20% in 2020 but edged slightly lower from 31% in 2022. 

The luxury products retailer said revenue is up 6% in the first 12 weeks of new financial year and the company has full-control of its Japan unit as of June 27. 

Airline stocks advanced following the strong U.S. economic data on the hopes of higher demand for air travel. 

Lufthansa, EasyJet, Ryan Air, Wizz Air and Air France KLM advanced between 0.5% and 2%.