European Movers: Automakers, British Banks, Delivery Hero, GSK

Inga Muller
29 Aug, 2024
Frankfurt

The weakening inflation outlook in the Euro Area supported the case for a possible rate cut after the next policy meeting in September. 

The EU's passenger car registration edged slightly higher, and more buyers preferred hybrid cars.

The DAX index increased by 0.7% to 18,900.39; the CAC-40 index rose by 0.7% to 7,630.93; and the FTSE 100 index rose by 0.2% to 8,366.16. 

The yield on 10-year German bonds edged higher to 2.24%, French bonds inched down to 2.94%, the UK gilts edged up to 3.98%, and Italian bonds increased to 3.63%.

Automakers edged slightly higher after passenger car registration in the European Union advanced in July. 

Volkswagen Group AG edged up 0.1% to €103.50, Mercedes-Benz Group added 0.6% to €62.55, BMW increased 0.2% to €83.66, and Renault inched up 0.4% to €43.03. 

British bank stocks rebounded between 1% and 2% and reversed losses in the previous session on the worry that the latest budget from the new government could impose additional taxes on the sector. 

HSBC Holdings jumped 0.5% to 662.90 pence, Barclays PLC advanced 1.4% to 227.10, NatWest Group PLC inched up 0.5% to 339.80 pence, and Lloyds Banking Group jumped 0.9% to 339.80 pence. 

GSK plc increased 0.6% to 1,660.50 pence after the pharmaceutical company's RSV received approval for a wider use in adults in Europe. 

Delivery Hero SE soared 10% to €25.85 after the food delivery service provider reported better-than-expected results in the first half. 

Revenue increased to €3.09 billion from €2.6 billion a year earlier, driven by an increase in gross merchandise volume to €11.89 billion from €11.08 billion. 

The company reiterated its annual gross merchandise volume to increase between 7% and 9%, revenue to jump between 18% and 21%, and adjusted operating earnings between €725 million and €775 million.