European Market Indexes Rebounded and Natural Gas Extended Gains

Bridgette Randall
10 Oct, 2023
Frankfurt

Stock markets across Europe rebounded and bond yields edged lower a day after chaotic trading. 

Market indexes in London, Paris and Frankfurt advanced more than 1.5% and investors searched for bargains.

Market sentiment was also bolstered after crude oil prices edged lower and investors overlooked the jump in natural gas prices for the second day in a row. 

Natural gas prices in Europe soared to a six-month high following a 15% advance in Monday's trading after the Israeli government requested Chevron to shut production because of safety concerns at its Tamar natural gas field near its northern coast.

 

Europe Indexes & Yields

The DAX index increased 1.8% to 15,394.90, the CAC-40 index rose 1.6% to 7,132.81 and the FTSE 100 index advanced 1.6% to 7,611.11.

The yield on 10-year German bonds decreased to 2.8%, French bonds traded lower to 3.40%, the UK gilts edged down to 4.50% and Italian bonds rose to 4.85%.

The euro edged lower to a three-month low to $1.058, the British pound to $1.218 and the U.S. dollar fetched 90.81 Swiss cents.

Brent crude decreased $0.42 to $87.69 a barrel and the Dutch TTF natural gas edged higher by €2.65 to €46.60 per MWh.

 

Europe Stock Movers

Elis SA increased 3.8% to €16.89 after the Brazil-based asset manager BWGI said it plans to acquire a 6% stake in the French cleaning service provider. 

Euroapi  SAS plunged 56.5% to €5.34 after the Sanofi spinoff lowered its 2023 sales outlook. 

Eutelsat Communications SA rose 7.6% to €5.08 after the satellite company and a hybrid network provider Marlink signed a multi-year agreement to provide maritime connectivity over the Middle East, Africa and Europe. 

YouGov Plc soared 23.2% to 850.0 pence after the British polling company reported a jump in pre-tax profit for 2023 on improved revenue. 

Currys PLC rose 4.9% to 49.32 pence after the company said it has received several non-binding offers for its Kotsovolos business in Greece and Cyprus.

Croda international Plc increased 2.2% to 4,539.0 pence after several brokerage firms lifted their target stock price.

Rheinmetall AG advanced 1.5% to €254.20 after the German defense company won an order from German Bundeswehr to supply 150,000 rounds of artillery ammunition through a framework agreement.