Market Updates
Europe Movers: Anglo American, BHP, Oil Stocks, IDS
Inga Muller
29 May, 2024
Frankfurt
European stock market indexes declined, bond yields rose, and crude oil prices jumped ahead of the OPEC meeting this Sunday.
The DAX index decreased by 0.6% to 18,571.37; the CAC-40 index fell by 0.9% to 7,985.61; and the FTSE 100 index decreased by 0.2% to 8,234.89.
The yield on 10-year German bonds edged up to 2.62%; French bonds inched higher to 3.11%; the UK gilts edged lower to 4.35%; and Italian bonds inched higher to 3.93%.
International Distributions Services advanced 4% to 334.0 after the parent company of Royal Mail accepted a £3.57 billion takeover proposal from EP Group, controlled by Czech billionaire Daniel Kretinsky.
BHP Group gained 2.1% to 2,384.0 pence on a report that the mining company has requested Anglo American to extend the deadline for a final takeover proposal worth £39 billion.
Anglo American decreased 1.9% to 2,511.50 pence.
Oil explorers and refiners extended gains for the second day in a row amid rising tensions in the Middle East, and traders hoped that the OPEC member nations would extend production cuts at the next meeting this Sunday.
BP plc gained 1.6% to 493.60 pence, Shell PLC jumped 1.7% to 2,827.0, and TotalEnergies SE gained 0.4% to €66.43.
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