Market Updates
Europe Movers: Abrdn, Bayer, Glencore, Intesa Sanpaolo, UniCredit
Inga Muller
08 Aug, 2023
Frankfurt
European markets traded down after banks dropped between 2% and 8% in the region after Italy imposed windfall tax on banks for excess profits in 2023.
The DAX index decreased 0.9% to 15,813.56, the CAC-40 index fell 0.8% to 7,263.27 and the FTSE 100 index dropped 0.6% to 7,507.44.
The yield on 10-year German bonds decreased to 2.43%, 8rench bonds traded lower to 3.00%, the UK gilts edged up to 4.35% and Italian bonds decreased to 4.14%.
Italian banks dropped after Italy placed 40% windfall tax on banks to finance tax cuts and financial support to first time mortgage holders.
UniCredit SpA declined 6.9% to €21.06 and Intesa Sanpaolo SpA dropped 8.5% to €2.34.
Banks in the region declined following the windfall tax announcement.
Commerzbank, Dresdner Bank, Banco Santander and BNP Paribas dropped between 2% and 3%.
Bayer AG declined 1.9% to €51.40 after the German chemical company reported a net loss of €1.9 billion in the second quarter.
Mining companies traded down after Glencore reported profit nearly halved from a year ago and China's exports and imports declined in July.
Glencore Plc dropped 4.2% to 437.80 pence after the company reported half-year profit plunged 50% from a year ago.
Anglo American and Antofagasta declined between 1.5% and 2.0%.
Abrdn Plc dropped 8.4% to 200.20 pence after the asset management company reported a decline in its assets under management.
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