Market Updates
Europe Movers: Bechtle, KBC, Mining Companies, Saltzgitter, UBS, Unilever
Inga Muller
11 Aug, 2023
Frankfurt
European markets traded down and closed mixed after a volatile week of trading on the rising economic uncertainties and growing possibilities of more rate hikes.
The DAX index decreased 0.5% to 15,920.80, the CAC-40 index rose 0.8% to 7,376.39 and the FTSE 100 index fell 1.04% to 7,538.84.
The yield on 10-year German bonds increased to 2.58%, French bonds traded higher to 3.11%, the UK gilts edged up to 4.48% and Italian bonds increased to 4.21%.
Mining companies were on the decline after China's property developer Country Garden forecasted a loss of as much as $7.6 billion in the first-half.
Antofagasta, Anglo American and Glencore declined 2% after copper and other base metal prices eased.
Unilever Plc declined 1.3% to 4,086.30 pence after the company voluntarily recalled select Knorr Sopa Soup Mix products.
UBS Group AG increased 4.2% to CHF 20.20 after the Swiss bank voluntarily terminated a loan protection agreement worth CHF 9 billion saying it no longer needs it.
KBC Group NV jumped 1.3% to €64.02 after the Belgian insurance company reported an increase in profit in the second quarter and reiterated its full-year outlook.
Salzgitter AG decreased 3.5% to €27.62 after the German steel company reported a sharp decline in pre-tax earnings of 242.5 million from 970.5 million a year ago.
Bechtle AG rose 6.2% to €42.69 after the information system and technology company reported better-than-expected pre-tax profit in the second quarter.
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