Market Updates
Europe Movers: Airbus, Merck, Novo Nordisk, Saga
Inga Muller
25 Jun, 2024
Frankfurt
European markets turned lower ahead of the elections in France and the UK starting this Sunday.
Polls are predicting landslide victories for opposition parties in both countries as voters direct their frustration with the high cost of living, illegal migration, and prolonged war in Ukraine.
The DAX index decreased by 0.9% to 18,151.15; the CAC-40 index fell by 0.7% to 7,649.61; and the FTSE 100 index fell by 0.2% to 8,264.47.
The yield on 10-year German bonds edged lower to 2.38%. French bonds inched lower to 3.09%; the UK gilts edged lower to 4.05%; and Italian bonds increased to 3.90%.
Novo Nordisk added 2.1% to DKK 1,008.80, and the Danish pharmaceutical company said it plans to invest $4.1 billion, or 27 billion Danish kroner, to build a new manufacturing plant in Clayton, North Carolina.
Airbus declined 12.3% to €130.44 after the aerospace company lowered its 2024 financial targets and announced a one-time charge of €900 million because of supply chain difficulties and unexpected costs in its space division.
After the Airbus announcement, MTU Aerospace declined 3.5% to €216.80, and Rolls Royce fell 4.5% to 450.20 pence.
Merck KGaA dropped 8.5% to €153.15 after the German pharmaceutical company canceled a late-stage trial for a cancer drug.
Saga PLC jumped 1.6% to 114.70 pence after the cruise line operator focused on the 50-year-old and older age group of adults, saying revenue in the first four months to April was strong and met management expectations.
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