Market Updates
Europe Movers: Aegon, BAE Systems, Geberit, GN Store Nord, Rank Group
Inga Muller
17 Aug, 2023
Frankfurt
European markets struggled and bond yields rose following the rising expectations of another rate hike in the U.S.
The DAX index increased 0.05% to 15,782.45, the CAC-40 index fell 0.05% to 7,257.09 and the FTSE 100 index fell 0.2% to 7,340.56.
The yield on German government bonds traded at a one-month high, lifting yields in the region for other nations as traders assessed inflation risks.
The yield on 10-year German bonds increased to 2.68%, French bonds traded higher to 3.22%, the UK gilts edged up to 4.60% and Italian bonds increased to 4.39%.
The U.S. dollar traded near a 2-month high after the minutes of the meeting held on July 25-26 raised the prospect of another rate hike at the next policy meeting.
BAE Systems declined 4.5% to 961.40 pence after the company said it agreed to acquire aerospace business of Ball Corp for $5.55 billion in cash.
Geberit AG declined 4.5% to CHF 445.60 after the Swiss plumbing supplies company lowered its 2023 outlook.
Aegon NV declined 3.2% to €4.81 after the Dutch insurer swung to a net loss in the first-half of 2023.
Rank Group declined 1.5% to 88.10 pence after the gambling company said revenue in the fiscal year 2023 jumped 5.9% but reported a statutory net loss on the account of higher impairment charges.
GN Store Nord plunged as much as 20% and recovered to a loss of 7.9% to DKK 152.30 after the hearing aid company said marketing conditions are challenging and cited macroeconomic headwinds.
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