Europe Movers: Adidas, BNP Paribas, Deutsche Bank, Glencore, Sanofi, Shell, Stora Enso

Inga Muller
01 Feb, 2024
Frankfurt

Benchmark indexes across Europe lacked direction, and Sweden maintained its lending rate at 4.0%.

The Bank of England is widely expected to hold its key lending rate steady at 5.25%.

The DAX index decreased 0.3% to 16,850.10, the CAC-40 index fell 0.8% to 7,599.65, and the FTSE 100 index inched higher by 0.4% to 7,658.88.

The yield on 10-year German bonds edged down to 2.20%; French bonds inched higher to 2.70%; the UK gilts edged lower to 3.82%; and Italian bonds inched lower to 3.77%.

BNP Paribas declined 8.2% to €57.51 after the French lender reported a decline in pre-tax income in the fourth quarter to €1.47 billion from €2.79 billion a year ago.

Adidas dropped 5.8% to €165.82 after the German sportswear maker's operating earnings guidance fell short of expectations.

Deutsche Bank added 4.4% to €12.56 after the German lender said it plans to increase shareholder payouts by 50% and announced a plan to cut 3,500 jobs.

Sanofi SA declined 2.3% to €91.16 after the global pharmaceutical company headquartered in Paris, France, reported weaker-than-expected fourth-quarter earnings.

Glencore PLC gained 1.9% to 428.55 pence, despite the resource company reporting a decline in production volumes of cobalt, nickel, and copper.

The mining company also signaled additional declines in production volumes in the current year.

Stora Enso declined 3.9% to €11.25 after the Finnish pulp and paper company reported a sharp fall in the fourth quarter and annual profit.

Shell PLC rose 3.3% to  2,520.50 after the energy explorer and distributor reported full-year earnings ahead of market expectations.

Ricardo plc increased 1.7% to 434.25 pence after the environmental consulting company reiterated its full-year earnings outlook.