European Markets Advanced, Eurozone Industrial Production Rebounded

Bridgette Randall
15 Apr, 2024
Frankfurt

European markets rebounded in Monday's trading, and the euro held firm amid rising geopolitical tensions in the Middle East. 

Benchmark stock indexes in Frankfurt, Paris, and London edged higher in volatile trading, but bond yields in the eurozone traded in a tight range despite rising tensions in the Middle East.

Industrial production in the Euro Area increased 0.8% from the previous month and contracted 6.6% from a year ago in February, Eurostat reported Monday. 

Production of capital goods rebounded to 1.2% from a decline of 15.5% in January; durable consumer goods recovered to 1.4% from a decline of 1.2%; and intermediate goods output expanded at a slower pace of 0.5% from a 2.3% increase in the previous month, respectively. 

Meanwhile, non-durable consumer goods output fell 0.9% compared to 0.2%, and energy output decreased 3.0% after rising 0.4% in the previous month, respectively. 

 

Europe Indexes and Yields

The DAX index increased by 0.8% to 18,070.63, the CAC-40 index rose by 0.7% to 8,065.54, and the FTSE 100 index inched lower by 0.4% to 7,961.44.

Last week, the DAX index decreased 0.7%, the CAC 40 index fell 0.1%, and the FTSE 100 index added 1.5%. 

The yield on 10-year German bonds edged up to 2.40%; French bonds inched higher to 2.91%; the UK gilts edged higher to 4.24%; and Italian bonds inched lower to 3.77%.

The euro edged higher to $1.065; the British pound inched higher to $1.245; and the U.S. dollar edged lower to 91.27 Swiss cents.

Brent crude decreased $0.85 to $89.68. a barrel, and the Dutch TTF natural gas rose by €0.78 to €30.06 per MWh.

 

Europe Stock Mover

Temenos soared 20% to CHF 74.15 after the Swiss software company confirmed that a special committee by the board confirmed that the accusations levied by the U.S.-based short seller Hindenburg lacked merit and were misleading. 

Telenor ASA rose 0.5% to €10.42 after the Norwegian telecom company said its chief financial officer, Tone Hegland Bachke, plans to leave the company and join SHV Holdings NV. 

Mitie Group soared 6.6% to 119.0 pence after the company launched a stock buyback plan. 

Ageas increased 3.6% to €44.02 after Fosun Group agreed to sell its 9% stake in the Belgian insurance company for €730 million. 

Glanbia advanced 3.7% to €17.52 after the UK-based nutrition company agreed to acquire the U.S.-based Flavor Producers LLC for an initial consideration of $300 million. 

Ashmore Group declined 3% to 182.30 pence after the emerging markets fund manager said assets under management declined 4% from the previous quarter. 

Inchcape increased 5.3% to 735.50 pence after the UK-based automotive distributor agreed to sell its UK retail operations to Group 1 Automotive UK for £346 million.