Europe Movers: Heineken, Merck, Reckitt Benckiser, Stabilus, ThyssenKrupp

Inga Muller
29 Jul, 2024
Frankfurt

European markets advanced as investors awaited the monetary policy decisions from major central banks in the U.S., the U.K., and Japan. 

Bond yields in Germany, France, and Italy dropped to a four-month low. 

The DAX index increased by 0.3% to 18,467.59; the CAC-40 index fell by 0.4% to 7,492.39; and the FTSE 100 index advanced by 0.9% to 8,356.18.

In the week, the DAX index gained 0.7%, the CAC 40 index fell 1.2%, and the FTSE 100 index advanced 1.4%. 

The yield on 10-year German bonds edged higher to 2.34%, French bonds inched higher to 3.04%, the UK gilts inched higher to 4.02%, and Italian bonds increased to 3.68%.

ThyssenKrupp declined 1.7% to €3.51, and the German steel company lowered its 2024 outlook. 

Heineken declined 8.6% to €82.92 after the brewer reported lower-than-expected results in the first half of 2024. 

Reckitt Benckiser dropped 9.5% to 4,070.0 pence amid potential litigation worries after a U.S. jury found Abbott Laboratories' infant formula had caused a girl to develop a dangerous bowel disease. 

China-linked luxury stocks traded down ahead of the release of the factory activities update later in the week. 

LVMH declined 1.3% to €654.40, Kering fell 0.2% to €283.55, and Hermes International declined 2.4% to €2,025.0. 

Stabilus SE jumped 5.4% to €44.65 after the French industrial control solution provider reiterated its 2024 outlook. 

Net income in the fiscal third quarter increased to €24.3 million from €21.7 million a year ago. 

Merck KGaA jumped 4% to €165.80 after the pharmaceutical company raised its annual outlook. 

Energy stocks advanced after crude oil prices rose amid rising tensions in the Middle East. 

Israel stepped up its acquisition of land in the occupied territories, and Turkish Prime Minister Recep Tayyip Erdogan said Turkey could intervene in Israel's war on Gaza and help Palestinians.