Europe Movers: Banks, Bakkafor, Oil Explorers, Luxury Goods Makers

Inga Muller
26 Aug, 2024
Frankfurt

European markets traded mixed after advancing three consecutive weeks. 

Investors are looking forward to the release of inflation data in the eurozone, Germany, and Spain later in the week. 

The DAX index increased by 0.5% to 18,595.71; the CAC-40 index rose by 0.5% to 7,560.72; and the FTSE 100 index advanced by 0.3% to 8,312.02. 

The yield on 10-year German bonds edged lower to 2.23%, French bonds inched higher to 2.94%, the UK gilts edged lower to 3.91%, and Italian bonds inched down to 3.58%.

The euro edged down to $1.11; the British pound inched higher to $1.31; and the U.S. dollar weakened to 84.65 Swiss cents.

Bakkafor PLC declined 0.5% to 155.0 pence after the Faroese salmon farming company's second quarter revenue was below market expectations. 

Oil exploration companies advanced following higher crude oil prices and rising tensions in the Middle East. 

TotalEnergies SE jumped 0.6% to €62.56, Eni SpA gained 1.1% to €14.76, Repsol SA added 2.2% to €12.91, BP plc increased 0.7% to 429.31 pence, and Shell PLC advanced 0.9% to €32.59. 

Banks and insurance companies were among the leading decliners amid mixed trading in Europe. 

UniCredit SpA decreased 0.3% to €36.42, Banco Santander fell 0.4% to €4.34, Deutsche Bank declined 0.7% to €14.59, and Societe Generale eased 0.2% to €21.44. 

Luxury stocks in Paris advanced despite the market weakness in mainland China, and the yield on the Chinese 10-year bond hovered at a record low of 2.14%. 

Hermes International SCA added 1.1% to €2,202, LVMH gained 0.3% to €682.90, and Kering SA increased 0.1% to €260.30. 

Automakers advanced in Monday's trading, and extended gains of the previous week. 

BMW added 0.6% to €84.94, Mercedes-Benz Group gained 0.6% to €62.48, and Volkswagen Group added 0.3% to €97.24.