Market Updates
Europe Movers: Aviva, CRH, Entain, Luxury Stocks, Resource Stocks, SBB AB
Inga Muller
25 Sep, 2023
New York City
European markets were under pressure on the rate uncertainties and looming economic slowdown as cumulative effect of higher interest rates negatively impact region's economy.
The DAX index decreased 0.7% to 15,455.77, the CAC-40 index fell 0.5% to 7,147.40 and the FTSE 100 index fell 0.6% to 7,640.31.
The yield on 10-year German bonds increased to 2.82%, French bonds traded higher to 3.75%, the UK gilts edged up to 4.31% and Italian bonds rose to 4.66%.
China-exposed luxury stocks in Paris declined between 2% and 3% and the UK-based mining companies fell between 1% and 2% on the ongoing China property market woes.
China's largest property company and the most indebted property group in the world said it is not able to issue more debt because of ongoing investigation in its domestic subsidiary.
Swedish property SBB AB jumped 26% to kr kr3.79 after the company agreed to handover control of a portfolio of school buildings to Canada-based Brookfield Asset Management Ltd.
Entain Plc plunged 11.5% to 931.0 pence after the online gambling platform issued revenue alert for the third quarter and full-year.
CRH added 2.2% to 4,459.0 pence after the building material company announced its plan to repurchase 17.7 million shares.
Aviva Plc declined 1.3% to 393 pence after the UK-based insurance group agreed to acquire AIG's UK life insurance business for £460 million and expand its customer base by 1.3 million individuals and 1.4 million group members.
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