Market Updates
Europe Movers: ABN AMRO, Ashtead Group, Headlam Group, Luxury Stocks, Renault, Skanska AB
Inga Muller
05 Sep, 2023
Frankfurt
European markets have been on the decline for the last five weeks on the worries of economic slowdown and higher interest rates that could dip the economy into a deeper recession.
The DAX index decreased 0.1% to 15,804.41, the CAC-40 index fell 0.3% to 7,260.80 and the FTSE 100 index advanced 0.1% to 7,459.99.
The yield on 10-year German bonds increased to 2.60%, French bonds traded higher to 3.12%, the UK gilts edged up to 4.49% and Italian bonds rose to 4.32%.
Renault SA jumped 2% to €35.50 after the electric vehicle unit may be valued as high as €10 billion in its initial public offering, chief executive Luca de Meo said.
Ashtead Group decreased 2.7% to 5,322.0 pence after the UK-based equipment rental company lowered its UK revenue outlook.
Headlam Group Plc increased 2.7% to 224.84 pence after the floorcoverings distributor reported higher first-half revenue and reiterated its full-year revenue outlook.
Luxury companies LVMH and Hermes in Paris traded down between 1% and 2% on the worries of uneven economic recovery.
China's service sector growth dropped to the lowest level in eight months after exports weakened and new orders growth slowed.
Skanska AB increased 4.3% to kr 166.20 after the Swedish construction company won a $834 million highway improvement project in the U.S.
ABN AMRO Bank NV increased 0.2% to €13.59 and the Dutch bank said it plans to appoint current interim chief financial officer Ferdinand Vaandrager permanently.
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