Market Updates
Europe Movers: ASOS, Luxury Stocks, Origin Enterprises, Rheinmetall, Smiths Group
Inga Muller
26 Sep, 2023
Frankfurt
European markets extended losses of the previous week after bond yields surged and the euro, the pound and the Swiss franc dropped to multi-month lows.
The DAX index decreased 0.7% to 15,295.80, the CAC-40 index fell 0.8% to 7,067.34 and the FTSE 100 index added 0.2% to 7,638.78.
The yield on 10-year German bonds decreased to 2.77%, French bonds traded lower to 3.32%, the UK gilts edged down to 4.28% and Italian bonds rose to 4.67%.
Rheinmetall AG advanced 0.2% to €249.20 after the German automotive and arms maker won orders from two companies totaling several hundred million euros.
Origin Enterprises Plc jumped 6% to €3.34 despite the company reporting lower profit before tax in the fiscal year 2023.
ASOS Plc decreased 2.7% to 377.60 after the online apparel and fashion retailer reported a decline in sales in the fiscal fourth quarter and warned that net income is likely to be near the bottom end of its estimate.
Smiths Group plc declined 1.5% to 1,649.0 pence despite the engineering services company reporting record operating profit in the year ending in July.
Luxury stocks declined for the second day in a row after China property woes deepened and dampened hopes of a speedy economic recovery.
LVMH, Kering, Hermes and Richemont declined between 1% and 3%.
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Earnings
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