Market Updates
Europe Movers: Banks, Insurance Companies, Nordic Semiconductor, Societe Generale
Inga Muller
18 Sep, 2023
Frankfurt
European market indexes declined ahead of interest rate decisions from the central banks of Sweden, Norway, Switzerland, Japan, the U.K., and the U.S.
The DAX index decreased 0.6% to 15,798.56, the CAC-40 index declined 1.1% to 7,299.54 and the FTSE 100 index inched down 0.3% to 7,689.19.
In the previous week, the DAX increased 0.7%, the CAC 40 advanced 1.6% and the FTSE 100 jumped 3.4%.
Societe Generale SA plunged 11% to €23.58 after the recently appointed chief executive announced a plan to cut costs and lift stagnant sales by 2026.
However, investors sold stock after the revenue and earnings outlook fell short of investors' expectations.
Nordic Semiconductor ASA dropped 13.5% to €9.25 after the Norwegian chipmaker lowered its third quarter revenue outlook amid ongoing slump.
Banks and insurance companies were in focus after bond yields jumped and ahead of the expected rate increases across the Europe and the U.K.
Admiral Group, Phoenix Group Holdings gained around 1% but Hannover Re, Allianz SE, Commerzbank, Deutsche Bank, Barclays, HSBC and Standard Chartered Bank and Credit Agricole declined between 0.4% and 1.5%.
Annual Returns
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Earnings
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