Europe Movers: Industrial Stocks, Financial Stocks, Luxury Stocks, Resource Stock

Inga Muller
04 Dec, 2023
Frankfurt

The DAX index increased 0.1% to 16,416.44, the CAC-40 index fell 0.3% to 7,324.96, and the FTSE 100 index decreased 0.6% to 7,488.12.

The yield on 10-year German bonds decreased to 2.36%; French bonds traded lower to 2.93%; the UK gilts declined to 4.17%; and Italian bonds inched lower to 4.13%.

Energy complex stocks declined on worries about the OPEC+ production quota, and crude oil prices dropped as much as 0.5%.

BP decreased 1.9% to 469.15 pence, Shell dropped 1.7% to Є29.85, Repsol fell 1.7% to €13.94, and TotalEnergies dropped 2% to €61.06.

Mining stocks lacked direction on the ongoing worries about China's property sector.

Glencore declined 1.8% to 449.40 pence, Antofagasta fell 1.5% to 1,473.0 pence, and Anglo American dropped 2.9% to 2,244.50 pence.

Luxury stocks in Paris rebounded after dropping the previous week in the hopes that the U.S. Federal Reserve will keep rates steady at the end of its policy meeting next week.

LVMH added 0.6% to €699.50, Kering jumped 2.7% to €403.65, Richemont increased 0.8% to CHF 110.80, and Salvatore Ferragamo advanced 1.4% to €11.86.

Automobile stocks traded mixed, and investors are worried that higher interest rates for longer may negatively impact demand for vehicles in 2024.

Volkswagen Group added 0.1% to €107.14, Mercedes-Benz Group fell 0.2% to €60.0, BMW fell 0.9% to €95.35, Ferrari decreased 0.9% to €325.90, and Renault dropped 0.2% to €36.18.

Financial stocks traded mixed after bond yields drifted lower and the euro and the British pound held firm against the U.S. dollar.

Barclays added 0.5% to 142.48 pence, HSBC fell 0.3% to 602.50 pence, Deutsche Bank eased 0.1% to €11.51, UniCredit declined 0.2% to €11.51, Societe Generale rose 0.7% to €23.05, and UBS Group declined 0.2% to CHF 24.78.