Market Updates
Europe Movers: BNP Paribas, Deutsche Bank, Informa, LVMH, Marston's, Remy Cointreau
Inga Muller
24 Jul, 2024
Frankfurt
European markets were under pressure amid a batch of mixed earnings, and business activities nearly stagnated in the currency union in July.
The DAX index decreased by 0.7% to 18,432.36; the CAC-40 index declined by 1% to 7,532.58; and the FTSE 100 index fell by 0.1% to 8,162.83.
The yield on 10-year German bonds edged lower to 2.43%, French bonds inched higher to 3.12%, the UK gilts inched higher to 4.13%, and Italian bonds increased to 3.77%.
Informa PLC jumped 3.9% to 880.40 pence after the company agreed to acquire Ascential plc for £1.2 billion or $1.5 billion.
Ascential PLC jumped 26.8% to 566.50 pence.
Marston's PLC rose 2.9% to 39.25 pence, and the pub operator reported positive momentum for the 16-week period.
LVMH dropped 4.4% to €663.20 after the luxury goods maker reported weaker-than-expected second quarter results, raising the prospect of a wider slowdown in the industry.
Revenue in the first half declined 1% to €41.7 billion from €44.3 billion, and net profit declined 14% to €7.3 billion from €8.5 billion.
Hermes declined 1.8% to €2,045.0, Kering dropped 4.4% to €301.45, and Richemont fell 1.1% to CHF 134.0.
Remy Cointreau decreased 0.4% to €70.55 after the spirit maker reported a wider-than-expected decline in first-quarter sales of 15.6%.
Deutsche Bank dropped 6.1% to €14.72, and the German bank reported its first quarterly loss in four years.
BNP Paribas fell 1% to €64.08, despite the French financial service company reporting second-quarter earnings that surpassed market expectations.
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