Market Updates
Europe Movers: Financial Services Stocks, H&M Group, NN Group
Inga Muller
27 Sep, 2023
Frankfurt
European markets lacked direction and investors debated future direction and terminal levels for interest rates in the months ahead.
The DAX index decreased 0.2% to 15,220.95, the CAC-40 index decreased 0.02% to 7,071.67 and the FTSE 100 index decreased 0.3% to 7,603.78.
The yield on 10-year German bonds increased to 2.78%, French bonds traded higher to 3.34%, the UK gilts edged up to 4.29% and Italian bonds rose to 4.69%.
Higher rate worries dragged banks and insurance companies lower and Deutsche Bank, Commerzbank, Allianz, BNP Paribas and AXA SA declined between 0.5% and 1.5%.
H&M Group AB jumped 3.2% to skr 159.82 after the Swedish retailer said it plans to buy back its class B shares for 3 billion kronor starting September 27.
NN Group declined 14.6% to €30.89 after the largest insurance group of the Netherlands said that the latest court ruling could have adverse material impact on its financial health.
A court in Hague ruled that the company had not provided enough information about the investment-linked insurance products, reversing the earlier ruling in 2017.
The ruling also dragged rival Dutch insurance companies ASR Nederland by 9.8% to €36.58 and Aegon NV by 0.8% to $4.86.
Annual Returns
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Earnings
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