Market Updates
Europe Movers: Danske Bank, Electrolux, Mining Stocks, SEGRO
Inga Muller
19 Jul, 2024
Frankfurt
European markets extended weekly losses amid rate path uncertainty, a global tech outage, and a lack of policy clarity in China.
Resource stocks were under pressure after policymakers failed to make major policy announcements at the end of the much-delayed Third Plenum.
The DAX index increased by 0.7% to 18,236.73; the CAC-40 index fell by 0.5% to 7,552.53; and the FTSE 100 index advanced by 0.6% to 8,158.07.
The yield on 10-year German bonds edged higher to 2.44%, French bonds inched higher to 3.10%, the UK gilts inched higher to 4.10%, and Italian bonds decreased to 3.78%.
SEGRO declined 0.8% to 918.0 pence after the UK-based property company agreed to sell a portfolio of four warehouses in Italy for €327 million.
Mining companies in London declined after copper prices eased on the Chinese demand growth worries, after the Chinese Communist Party's top policy committee ended with no major economic reform announcement.
Antofagasta, Angle American, and Glencore declined between 0.7% and 1.5%.
Sartorious AG plunged 12.6% to €172.20 after the German pharmaceutical products maker lowered its full-year outlook.
Electrolux AB increased 6.8% to SEK 96.54 after the Swedish appliance maker swung to a larger-than-expected profit in the second quarter.
Danske Bank AS rose 7.6% to DKK 214.80 after the Danish bank reported better-than-expected second quarter profit.
The bank also said it plans to return 5.5 billion Danish kroner to shareholders later in the year.
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