Europe Movers: Antofagasta, Jyske Bank, Nordex, Oil Stocks, Semiconductor Equipment Stocks

Inga Muller
20 Aug, 2024
Frankfurt

European markets extended gains amid improving global market sentiment and growing speculation that the central banks in Europe and the U.S. are ready to lower rates. 

Sweden's Riksbank cut its policy rate by 25 basis points to 3.5%. 

The Swiss trade surplus shrank in July after exports inched lower and exports advanced. 

The DAX index decreased by 0.04% to 18,414.31; the CAC-40 index rose by 0.1% to 7,509.62; and the FTSE 100 index decreased by 0.7% to 8,295.11. 

The yield on 10-year German bonds edged higher to 2.24%, French bonds inched up to 2.97%, the UK gilts edged higher to 3.94%, and Italian bonds inched up to 3.62%.

Semiconductor equipment stocks traded higher after AMD announced its plans on Monday to acquire ZT Systems for $4.9 billion. 

ASML Holding jumped 2% to €846.20, and BE Semiconductor soared 1.5% to €123.85. 

Jyske Bank decreased 0.1% to DKK 534.0 after the Danish bank reported an increase in profit in the first half and estimated annual profit to be near the upper end of the range for 2024. 

Net income increased 5% to DKK 2.6 billion, driven by higher net interest income and improvements in capital market activities. 

The company also confirmed it launched its DKK 1.5 billion stock repurchase program during the period. 

Nordex SE advanced 0.8% to €13.96, and the wind turbine maker received orders for five turbines totaling 102 MW from Akfen Renewable Energy in Turkey. 

Energy explorers declined after crude oil prices fell to a two-week low amid China demand growth worries and elevated tensions in the Middle East. 

BP Plc declined 1.8% to 433.96 pence, Shell PLC dropped 1.7% to 2,766.0 pence, and TotalEnergies eased 0.8% to €62.40. 

Antofagasta increased 0.2% to 1,883.50 pence after the UK-based mining company reported a slight decline in pre-tax profit in the first half from the previous year.