Market Updates
Europe Movers: Beiersdorf, Dr. Martens, Ericsson, Superdry, Vallourec, Wise
Inga Muller
16 Apr, 2024
Frankfurt
European stocks turned lower, and the euro weakened against the U.S. dollar amid escalating tensions between Iran and Israel.
The DAX index decreased by 1.5% to 17,773.53, the CAC-40 index fell by 1.3% to 7,940.42, and the FTSE 100 index inched lower by 1.4% to 7,851.21.
The yield on 10-year German bonds edged up to 2.406; French bonds inched higher to 2.99%; the UK gilts edged higher to 4.28%; and Italian bonds inched lower to 3.88%.
LM Ericsson rose 6.5% to SEK 57.22 after the telecom equipment company reported first-quarter operating profit increased 7% from a year ago to SEK 4.6 billion, excluding restructuring charges.
Beiersdorf AG increased 1.6% to €134.50 after the German skincare company lifted its 2024 sales estimate.
Superdry PLC plunged 33% to 5.33 pence after the struggling retailer said it plans to delist the company from the London Stock Exchange as a part of the company restructuring.
Wise PLC declined 7.7% to 842.50 pence after the company's revenue in the fiscal fourth quarter fell short of market expectations.
Dr. Martens plunged 33% to 63.69 pence after the shoemaker announced difficult market conditions in fiscal 2025 and the company said its chief executive Kenny Wilson has resigned.
Vallourec SA decreased 1.6% to €17.68 after the steel tubular products maker launched a debt offering to raise $820 million in senior debt maturing in 2032.
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