Market Updates
Europe Movers: Ashmore, Ericsson, Nokia, SBB, Zoo Digital
Inga Muller
14 Jul, 2023
New York City
European markets gained 4% this week after inflation and interest rates worries eased.
The euro jumped to a 16-month high after the dollar eased on the expectations that the U.S. Federal Reserve may pause following steady decline in consumer and wholesale price inflation indexes.
The DAX index decreased 0.2% to 16,103.98, the CAC-40 index advanced 0.3% to 7,394.75 and the FTSE 100 index increased 0.2% to 7,454.87.
The yield on 10-year German Bunds inched higher to 2.44%, French bonds traded lower to 3.0%, the UK gilts edged up to 4.39% and Italian bonds increased to 4.14%.
Ericsson declined 9..9% to 52.73 kronor after the Swedish multinational company in the second quarter swung to a net loss of 0.6 billion kronor compared to a profit of 4.7 billion a year ago.
Nokia Oyj plunged 10% to €3.54 after the Finnish telecom company lowered its annual earnings outlook.
SBB AB plunged 11% to 5.34 kronor after the Swedish property company reported a wider-than-expected quarterly loss.
Ashmore Group plc declined 6% to 203.80 pence after the UK-based asset management company reported a 3% decline in asset management.
Zoo Digital Group Plc plunged 33% to 70.0 pence after the cloud services provider said revenue in the fiscal first quarter is likely to be lower than in the comparable period a year ago.
Annual Returns
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Earnings
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