Europe Movers: Neste, Shell, SoftwareOne, TUI, UK Home Builders

Inga Muller
05 Apr, 2024
Frankfurt

European markets fell more than 1% after investors dialed down rate-cut expectations in the U.S., with a spillover effect in the eurozone. 

Benchmark indexes in France and Paris are set to decline more than 2.5%, and the FTSE 100 index in the UK is expected to fall 0.6% after a week of trading.

The DAX index decreased by 1.5% to 18,130.88, the CAC-40 index fell by 1.4% to 8,034.74, and the FTSE 100 index inched lower by 1.0% to 7,894.95.

The yield on 10-year German bonds edged down to 2.36%; French bonds inched lower to 2.87%; the UK gilts edged lower to 4.08%; and Italian bonds inched higher to 3.73%.

Travel and leisure stocks declined after crude oil prices jumped to near $91 a barrel on the rising tensions in the Middle East following the escalation of tensions between Iran and Israel. 

TUI AG declined 2.3% to €7.56, easyJet declined 2.5% to 554.80 pence, and the parent company of British Air, International Consolidated Airlines Group, fell 2.8% to 171.55 pence. 

UK home builders declined after home prices rose at the slowest pace in four months. 

Barratt Developments, Taylor Wimpey, and Persimmon declined between 12% and 1.7%. 

SoftwareOne Holding declined 1.1% to CHF 16.56 after all proxy advisors opposed the company's plan to replace its entire slate of directors. 

Neste Oyj soared 6.2% to €26.58, and the Finnish energy company announced a shut-down of its Porvoo refinery for maintenance. 

Shell PLC increased 0.6% to 2,780.84 pence, and the company said its integrated gas division is expected to show a substantial decline in the first quarter results compared to the previous quarter due to the price weakness.