Market Updates
Europe Movers: Aviva, Continental, Grafton, Hugo Boss, Lufthansa, Stellantis, Virgin Money
Inga Muller
07 Mar, 2024
Frankfurt
European markets tread water ahead of monetary policy announcements by the European Central Bank.
Investors are widely anticipating policymakers holding rates and may signal about the possible rate cut timing later in the year.
The DAX index decreased by 0.3% to 17,670.55, the CAC-40 index rose by 0.3% to 7,938.50, and the FTSE 100 index inched higher by 0.3% to 7,658.65.
The yield on 10-year German bonds edged down to 2.31%; French bonds inched lower to 2.76%; the UK gilts edged lower to 4.01%; and Italian bonds inched lower to 3.64%.
Stellantis NV increased 0.04%, and the Italian automaker said it plans to invest €5.6 billion in South America between 2025 and 2030.
Grafton Group decreased 0.8% to 957.50 pence after home improvement retailer reported 2023 pre-tax profit declined 27% from the previous year.
Aviva plc rose 2.3% to 465.40 pence after the UK-based insurance company reported a 9% increase in annual operating profit.
Hugo Boss dropped 17.4% to €52.24 after the German fashion house warned that 2024 operating profit is likely to lag market expectations.
Deutsche Lufthansa declined 0.3% to €7.02 after the German airline signaled a subdued outlook for the fiscal year 2024.
Continental AG decreased 3% to €70.56 after the German tire maker reported annual operating results that fell short of market expectations.
Virgin Money UK jumped 37% to 216.20 pence after the Nationwide Building Society agreed to acquire the lender for £2.9 billion.
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