Market Updates
Europe Movers: French Luxury Stocks, H&M, Nordex, Resource Stocks, Watches of Switzerland Group
Inga Muller
27 Jun, 2024
Hong Kong
European markets traded in a narrow range, bond yields advanced in the currency union, and the euro and the pound nudged lower ahead of the parliamentary elections in France and the U.K.
Sweden held its policy rate steady but held out for at least two rate cuts in the second half of the year.
The DAX index increased by 0.1% to 18,172.23; the CAC-40 index fell by 0.5% to 7,573.19; and the FTSE 100 index rose by 0.3% to 8,202.72.
The yield on 10-year German bonds edged higher to 2.46%; French bonds inched higher to 3.19%; the UK gilts edged higher to 4.16%; and Italian bonds increased to 4.03%.
H & M Hennes & Mauritz AB dropped 12.5% to SEK70.15 after the Swedish retailer reported a smaller-than-expected increase in second quarter net income.
Nordex SE declined 1.4% to €11.84, and the German wind turbine maker said it plans to restart its production in Iowa, United States.
China-linked stocks turned lower after Chinese industrial profit growth in May slowed to 0.7%, a sharp slowdown from the annual pace of 4% in the previous month.
Mining companies in the UK and French luxury stocks turned lower after the release of the Chinese data.
Anglo American, Antofagasta, and Glencore declined by around 1%.
Hermes International fell 1% to €2,188; LVMH declined 1.1% to €719.20; and Kering SA rose 3.8% to €338.75.
Watches of Switzerland Group PLC rose 9.3% to 436.80 pence after the UK-based retailer estimated stable market conditions after the sharp decline in business following the COVID-19 pandemic slump.
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