Market Updates
Europe Movers: Galliford Try, Flutter Entertainment, JD Sports Fashion, Renault, STMicroelectronics, Telecom Italia
Inga Muller
31 May, 2024
Frankfurt
European market indexes were under pressure after inflation accelerated for the first time in five months, raising the prospect of fewer rate cuts in 2024.
The DAX index decreased by 0.3% to 18,449.26; the CAC-40 index fell by 0.2% to 7,962.53; and the FTSE 100 index advanced by 0.3% to 8,256.14.
For the week, the DAX index declined 1.3% and advanced 3.2% in May. and the CAC 40 index fell 1.6% and 0.1%, respectively.
The FTSE 100 index declined 0.6% in the week and rose 1.6% in May.
The yield on 10-year German bonds edged up to 2.69%; French bonds inched higher to 3.19%; the UK gilts edged lower to 4.39%; and Italian bonds inched higher to 3.99%.
STMicroelectronics decreased 0.6% to €37.59 after the advanced semiconductor foundry announced its plan to build a new manufacturing facility in Catania, Italy.
Telecom Italia declined 2.2% to €0.24 after the U.S.-based private equity group KKR received unconditional European Union approval to acquire the company's fixed-line network.
Flutter Entertainment dropped 4.2% to 14,330.0 pence after the online gambling firm appointed a new group chief financial officer.
Renault SA declined 1.3% to €53.26, and the French automaker announced a joint venture with China-based Geely for the manufacturing of hybrid combustion engines.
JD Sports Fashion dropped 7.6% to 123.53 pence after the company reported lower-than-expected full-year profits.
Galliford Try Holdings gained 2.6% to 265.0 pence after the UK-based construction firm won two government contracts worth £101 million.
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