Europe Movers: BayWa, Burberry Group, Brunner Trust, CompuGroup, Ericsson, Luxury Stocks, ME Group, Swatch Group

Inga Muller
15 Jul, 2024
Frankfurt

European markets halted a 3-day rally, and luxury stocks declined after China reported mixed economic data.

Industrial output in the eurozone declined less than expected in May.

The DAX index decreased by 0.4% to 18,676.88; the CAC-40 index fell by 0.7% to 7,673.76; and the FTSE 100 index rose by 0.4% to 8,224.75. 

The yield on 10-year German bonds edged lower to 2.49%. French bonds inched lower to 3.15%; the UK gilts inched lower to 4.11%; and Italian bonds decreased to 3.77%.

The Swatch Group dropped 10.9% to CHF 169.60 after the Swiss watch group reported a sharp decline in sales and earnings in the first half due to a slowdown in China. 

Burberry Group plunged 16.9% to 738.60 pence after the UK-based luxury group issued a profit warning and rehired its chief executive. 

Luxury stocks in Paris declined after China reported mixed economic data and slower-than-estimated second-quarter economic growth of 4.7%. 

LVMH, Kering, and Hermes declined between 2% and 4%. 

Ericsson AB decreased 1.1% to SEK 70.10, and the Swedish telecom equipment maker signed a cross-licensing patent agreement with the China-based mobile handset maker Oppo. 

Brunner Investment Trust increased 1.1% to 1,390.0 pence after the investment fund reported an increase in profit in the first half. 

ME Group International PLC gained 0.5% to 182.68 pence, and the UK-based vending machine operator reported strong results in the six months ending in April. 

BayWa plunged 33% to €15.18 after the Germany-based agriculture nutrition company said that the financially challenged company is seeking a restructuring opinion. 

CompuGroup Medical decreased 0.1% to €15.97 after the German medical software company reported its second quarter results.