Market Updates
Europe Movers: Banks, Bayer, Covestro, Sodexo
Inga Muller
19 Dec, 2023
Frankfurt
European stock market indexes erased morning gains and lacked direction after eurozone inflation was confirmed at 2.4%, and the Bank of France said economic growth is expected to pick up over the next three years.
The DAX index increased 0.3% to 16,701.74, the CAC-40 index inched up 0.01% to 7,569.97, and the FTSE 100 index increased 0.1% to 7,621.92.
The yield on 10-year German bonds increased to 2.02%; French bonds held at 2.54%; the UK gilts inched higher to 3.66%; and Italian bonds inched lower to 3.70%.
Sodexo SA decreased 0.4% to €98.38, and the catering and food service group confirmed its plan to seek shareholder approval for the spinoff of Pluxee at the meeting on January 30, 2024.
Covestro AG increased 1.9% to €54.0 on reports that the Abu Dhabi National Oil Company is looking to increase its takeover offer for the German chemical company.
Bayer AG added 0.4% to €32.24 after a U.S. jury ordered the company's unit, Monsanto, to pay $857 million for toxic leaks at a school.
The company said it plans to appeal the decision.
Banks were in focus after the European Central Bank raised the capital requirement for non-performing loans at 20 banks without naming any banks.
Deutsche Bank decreased 0.4% to €11.94, and Commerzbank fell 0.4% to €10.43.
Societe Generale declined 0.9% to €23.99, UniCredit SpA increased 0.5% to €24.24, BNP Paribas fell 0.2% to €62.27, and Banco Santander eased 0.4% to €3.77.
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