Market Updates

European Markets Inch Higher, Spain's Economic Growth Improves

Bridgette Randall
26 Mar, 2024
Frankfurt

    European markets inched further into record territories as investors overlooked rising geopolitical tensions and debated macroeconomic developments. 

    Benchmark indexes in Paris, London, and Frankfurt advanced, and government bond yields hovered near three-month lows. 

    Investors bid up stocks in the holiday-shortened week after major central banks held key interest rates steady, keeping expectations of rate cuts alive in the second half of the year. 

    Moreover, investors also took a cautious view of China's economy after the government failed to provide additional stimulus measures to stabilize financial markets. 

    Leading Chinese companies reported sharply higher 2023 annual earnings, stoking speculation that the recent market rebound may be more sustainable. 

    PetroChina, China Merchants, China Resources Land, and Meituan reported better-than-expected annual earnings. 

     

    Spain's GDP Growth Improves In Fourth Quarter

    Closer to home, Spain's economic growth in the fourth quarter improved from the third quarter, the statistical agency INE reported Tuesday. 

    Gross domestic product in the fourth quarter expanded by 0.6% from the third quarter, when the nation's output rose by 0.4%. 

    The latest GDP data confirmed the estimate released on January 30. 

    When compared to a year ago, economic growth accelerated to 2.0% from 1.9% in the third quarter. 

    GDP growth in 2023 slowed to 2.5% from the previous year, and economic growth slowed for the third year in a row, from 5.8% in 2022 and 6.4% in 2021. 

     

    Europe Indexes and Yields

    The DAX index increased by 0.5% to 18,343.28, the CAC-40 index rose by 0.1% to 8,163.0, and the FTSE 100 index inched higher by 0.1% to 7,917.82.

    The yield on 10-year German bonds edged down to 2.34%; French bonds inched lower to 2.81%; the UK gilts edged lower to 3.97%; and Italian bonds inched higher to 3.63%.

    The euro edged higher to $1.085, the British pound inched higher to $1.265, and the U.S. dollar held steady at 90.09 Swiss cents.

    Brent crude decreased $0.33 to $86.40. a barrel, and the Dutch TTF natural gas fell by €0.63 to €27.86 per MWh.

     

    Europe Stock Movers

    Ocado Group jumped 7.7% to 487.40 pence after the grocery delivery company reported better-than-expected first-quarter results, driven by a 10.6% increase in revenues. 

    Flutter Entertainment edged up 0.2% to 17,255.0 pence after the online sports betting and gambling company reported better-than-expected 2023 financial results. 

    Nordex SE increased 0.8% to €12.15 after the wind turbine company won an order to supply and install 57 turbines in its Delta 4000 series to a customer in South Africa. 

    Smiths Group advanced 3.5% to 1,714.0 pence after the engineering company reported strong interim results and launched a £100 million stock repurchase program. 

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Earnings

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