Market Updates
Europe Movers: Aixtron, Germany Automakers, HSBC, UK Home Builders
Inga Muller
05 Jul, 2024
Frankfurt
European markets extended weekly gains, and the pound and the euro were in focus after the UK's Labour Party won in a landslide victory and the French parliament faced gridlock.
The DAX index increased by 0.9% to 18,608.56; the CAC-40 index rose by 0.4% to 7,723.98; and the FTSE 100 index rose by 0.001% to 8,240.89.
The yield on 10-year German bonds edged lower to 2.56%. French bonds inched lower to 3.20%; the UK gilts inched lower to 4.16%; and Italian bonds decreased to 3.95%.
Home builders in the UK traded higher after the Labour Party won in a landslide, and the new government plans to ramp up the building of affordable housing over the next five years by 1.5 million units.
Persimmons, Barratt Developments, Vistry Group, and Taylor Wimpey gained between 2% and 3%.
HSBC Holdings declined 1.9% to 678.30 pence, and a report suggested that UBS and BNP Paribas may be interested in the company's German wealth management unit.
Volkswagen, BMW, and Mercedes-Benz advanced more than 1% after the European Union imposed additional tariffs of as much as 38% on the imported Chinese electric vehicles.
Aixtron SE soared 17.5% to €22.19 after the chipmaking equipment maker reported stronger-than-expected orders in the second quarter.
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