Market Updates
Europe Movers: Air France KLM, Games Workshop, IAG, Lufthansa, Sanofi
Inga Muller
07 Dec, 2023
Frankfurt
European markets indexes hovered near recent highs and bond yields dropped to the levels last seen in May.
The DAX index decreased 0.3% to 16,613.29, the CAC-40 index fell 0.2% to 7,421.02, and the FTSE 100 index fell 0.3% to 7,496.21.
The yield on 10-year German bonds decreased to 2.20%; French bonds traded lower to 2.74%; the UK gilts declined to 3.98%; and Italian bonds inched lower to 3.95%.
Games Workshop Group dropped 8% to 9,750.0 pence after the company reported weaker-than-expected interim results.
Airlines in Europe were under pressure after JP Morgan lowered its view on the sector, citing rising capacity. The investment bank said discount carriers are likely to do better than large-network airlines in 2024, citing profitability worries for the international carriers.
Lufthansa declined 4.5% to €8.20 after JP Morgan lowered its view on the German airline to "underweight" from "overweight" and lowered its target price to €7.0.
Air France KLM dropped 5.7% to €11.94 after JP Morgan lowered its view on the international carrier to "underweight" from "overweight."
International Consolidated Airlines Group, parent of British Airways and Iberian Air, fell 3.5% to 156.15 pence after JP Morgan lowered its view to "neutral" from "underweight."
Sanofi SA advanced 0.3% to €87.05 after the French drug maker said it has a dozen drug candidates in the development stage with an annual sales potential of more than €1 billion.
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