Market Updates
Europe Movers: Husqvarna AB, InterContinental Hotels, L'Oreal, Sika, Vivendi
Inga Muller
20 Oct, 2023
Frankfurt
European markets accelerated declines on the final day of the week and extended losses amid rising tensions in the Middle East, oil supply disruption worries, and interest rate uncertainties.
The DAX index decreased 1.2% to 14,860.79, the CAC-40 index fell 1.2% to 6,835.88, and the FTSE 100 index dropped 0.7% to 7,447.13.
The yield on 10-year German bonds increased to 2.93%, French bonds traded higher to 3.55%, the UK gilts edged up to 4.70%, and Italian bonds eased to 4.94%.
Husqvarna AB Class B declined 7.7% to 73.04 kronor after the Swedish garden equipment reported third-quarter revenue that fell short of market expectations.
In addition, the company announced 300 job cuts.
Sika AG increased 0.3% to CHF 218.80 after the Swiss chemical company reiterated its fiscal 2023 outlook.
L'Oreal SA declined 1.3% to €381.05 after the French cosmetic company's third quarter sales fell short of market expectations.
Vivendi SE advanced 2.5% to €8.46 after the French media company said third-quarter sales rose 2.5% to 2.43 billion from 2.37 billion a year ago.
Canal + Group revenue in the quarter increased 5.7%, and Havas Group revenue increased 4.5%, driven by increases in all divisions in the group.
InterContinental Hotels Group decreased 3.6% to 5,931.0 pence after the company said new hotel developments are on hold till the company is able to arrange short-term financing.
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