Market Updates
Europe Movers: Barclays, French Banks, Nordex, Smith & Nephew, Spectris
Inga Muller
04 Jul, 2024
Frankfurt
European markets advanced and extended weekly gains, and bond yields edged higher amid election uncertainty in France and the U.K.
German factory orders declined in May due to fewer orders for large-ticket items, and Swiss inflation, one of the lowest in the world, eased in June to 1.3% from 1.4% in May.
The DAX index increased by 0.3% to 18,437.71; the CAC-40 index rose by 0.8% to 7,692.10; and the FTSE 100 index rose by 0.9% to 8,244.87.
The yield on 10-year German bonds edged lower to 2.57%; French bonds inched lower to 3.22%; the UK gilts inched lower to 4.20%; and Italian bonds decreased to 4.0%.
French banks were in focus ahead of the French government bond sale.
Credit Agricole jumped 2.8% to €13.63, Societe Generale gained 2.8% to €23.59, and BNP Paribas advanced 2.5% to €64.29.
Barclays PLC increased 2.3% to 224.32 pence, and the UK-based bank said it agreed to sell its German consumer finance business to Austria-based BAWAG.
Spectris plc gained 1.3% to 2,886.0 pence, and the instrumentation company agreed to acquire SciAps for an initial payment of $200 million and a performance-based payment of as much as $60 million.
Nordex SE advanced 4.4% to €12.48, and the wind turbine company said DenkerWulf placed an order for seven N149/5.X turbines.
Smith & Nephew soared 7.3% to 1,057.50 pence after activist investor Cevian Capital disclosed a 5% stake in the medical equipment maker.
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