Europe Movers: Adidas, Barratt Developments, Energy Stocks, Just Eat Takeaway.com, Luxury Stocks, Marshalls

Inga Muller
18 Oct, 2023
Frankfurt

European markets declined on interest rate uncertainties, looming economic slowdown and the rising prospects of a wider conflict in the Middle East. 

The DAX index decreased 0.6% to 15,158.37, the CAC-40 index fell 0.6% to 6,987.70 and the FTSE 100 index fell 0.7% to 7,621.56.

The yield on 10-year German bonds increased to 2.87%, French bonds traded higher to 3.50%, the UK gilts edged down to 4.55% and Italian bonds eased to 4.91%.

Adidas AG increased 3.8% to €177.50 after the athletic shoemaker lifted its annual revenue growth outlook.

Revenue in the third quarter declined 6.4% to €5.99 billion from €6.4 billion and gross margin improved to 49.3% from 49.1% a year ago. 

Operating income fell to €409 million from €564 million from a year ago. 

The sportswear maker forecasted its annual currency-neutral revenue to decline at a low-single-digit rate compared to the previous estimate of a decline in mid-single-digit. 

The company also estimated operating profit from continuing operations to increase to €100 million from the previous estimate of a breakeven.  

Just Eat Takeaway.com advanced 1.1% to €12.05 after the company raised its full-year adjusted operating earnings outlook. 

ABB Ltd declined 6.1% to CHF 30.68 after the Swiss engineering company forecasted slower revenue growth in the fourth quarter. 

TotalEnergies SE increased 0.9% to €63.76 and BP Plc advanced 0.7% to 559.10 pence after Brent crude oil prices soared 2% in London following the worries of a wider conflict in the Middle East. 

China-linked luxury stocks in Paris advanced after China reported faster-than-expected economic growth in the third quarter and industrial output and retail sales were ahead of market's expectations. 

LVMH edged up 0.02% to €668.50, Kering SA edged up 0.2% to €671.50 and Richemont SA was unchanged at €74.18. 

Barratt Developments PLC dropped 3% to 410.94 pence after the UK-based home builder said new home bookings are likely  to ease 10% in the fiscal first quarter. 

Marshalls PLC jumped 4.6% to 207.20 pence after the concrete products maker reiterated its full-year outlook.