Market Updates
Europe Movers: Barclays, Luxury Stocks, Mining Stocks, Trakm8
Inga Muller
24 Nov, 2023
Frankfurt
European stocks extended their rally for the third week in a row, and the euro and bond yields edged higher after comments from Bundesbank president Joachim Nagel suggesting interest rates are likely to stay higher well into 2024.
The DAX index increased 0.1% to 16,006.53, the CAC-40 index rose 0.08% to 7,283.55, and the FTSE 100 index fell 0.2% to 7,471.34.
For the week, the DAX index increased 0.8%, the CAC-40 index rose 0.7%, and the FTSE 100 index declined 0.4%.
Luxury stocks in Paris were under pressure after one of the largest wealth managers in China said it was deeply insolvent because of loans to property developers.
The Zhongzhi Enterprise Group said its liabilities are between 420 billion yuan and 460 billion yuan, while its total tangible assets were estimated at 200 billion yuan, making the company insolvent.
Kering SA declined 0.8% to €402.80, Richemont dropped 1.7% to CHF 111.60, and LVMH fell 0.8% to €705.80.
Barclays PLC gained 0.7% to 141.30 pence, and a report suggested that the UK-based bank is looking to cut as many as 2,000 jobs as part of a plan to save as much as £1 billion over the next few years.
Trakm8 Holdings PLC dropped 5.2% to 14.70 pence after the telematics data technology company reported its half-year results.
Mining companies traded down after base and precious metal prices softened due to ongoing demand growth worries.
Anglo American decreased 1% to 2,207.77 pence, Glencore fell 1% to 445.0 pence, and Antofagasta dropped 0.7% to 1,414.50 pence.
Annual Returns
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Earnings
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