Market Updates
Europe Movers: Aviva, BP, Hunting, Inditex, Renault
Inga Muller
13 Sep, 2023
Frankfurt
European markets lacked direction ahead of the rate decisions by the European Central Bank on Thursday.
The DAX index decreased 0.8% to 15,593.30, the CAC-40 index eased 0.1% to 7,269.66 and the FTSE 100 index inched down 0.4% to 7,499.80.
Inditex SA decreased 2.4% to €35.05 despite the parent of Zara reporting a 40% jump in profit in the first-half.
BP Plc decreased 1.2% to 516.30 pence and chief executive Bernard Looney resigned over personal relationships with colleagues.
Renault SA advanced 1.9% to €37.43 and the European Commission launched an investigation into subsidies received by electric vehicle makers in China.
Europe is "Open to competition but not for a race to the bottom," said European Commission President Ursula von der Leyen.
Hunting Plc jumped 4.4% to 270.50 pence after the engineering company reiterated its fiscal 2023 and 2024 outlook and forecasted growth for the rest of the decade.
Aviva Plc rose 2.9% to 387.20 pence after the British insurance company said it plans to exit from its Singlife joint venture.
Aviva plans to sell its 25.9% stake in Singapore Life Holdings and two debt securities to Japan based Sumitomo Life for £800 million.
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