Market Updates
Europe Movers: German Automakers, Entain, Oil Stocks, UK Mining Companies
Inga Muller
08 Apr, 2024
Frankfurt
European markets extended the previous week's gains ahead of the European Central Bank's monetary policy decisions later this week.
The DAX index increased by 0.6% to 18,281.97, the CAC-40 index rose by 0.6% to 8,105.36, and the FTSE 100 index inched higher by 0.1% to 7,918.41.
The yield on 10-year German bonds edged up to 2.44%; French bonds inched lower to 2.93%; the UK gilts edged higher to 4.14%; and Italian bonds inched higher to 3.80%.
Mining companies in London traded higher after the price of copper in Shanghai jumped to a record on the expectation of a demand rebound and supply constraints.
Antofagasta, Anglo American, and Glencore rose between 1.2% and 1.6%.
Entain PLC rose 4.7% to 821.20 pence on speculation that private equity companies are looking to make a bid for the troubled online gambling and sports betting company.
Energy companies traded volatile after the crude oil price declined more than 1% in London trading after tensions eased in the Middle East following the start of negotiations between Israel and Hamas in Egypt.
BP plc gained 1% to 511.40 pence, Shell PLC added 1.1% to 2,808.0 pence, and TotalEnergies SE advanced 1.3% to €67.67.
German automakers advanced after the release of industrial output data.
Mercedes Benz gained 2.5% to €76.58, Volkswagen Group advanced 0.7% to €127.30, and BMW AG increased 1.5% to €114.20.
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