Market Updates
Europe Movers: Ambu, Banks, ThyssenKrupp
Inga Muller
30 Aug, 2024
Frankfurt
European markets advanced for the third consecutive week, and inflation in the region edged lower.
But the core rate of inflation stayed steady, suggesting a difficult road ahead for policymakers. The jobless rate eased in the eurozone and held steady in Germany.
The DAX index increased by 0.2% to 18,947.56; the CAC-40 index rose by 0.5% to 7,678.25; and the FTSE 100 index rose by 0.3% to 8,406.11.
For the week, the DAX index advanced 2%, the CAC-40 index declined 1.1%, and the FTSE 100 index gained 1.5%.
ThyssenKrupp AG decreased 0.3% to €3.22, and the chairman and CEO of the steel division and five board members resigned after disagreeing with the parent company about the future direction of the business.
Ambu plunged 14.5% to DKK 131.30, and the Danish medical device company reported disappointing results in its fiscal third quarter.
Revenue increased 15.7% to DKK 1.38 billion, and operating earnings before special items rose to DKK 178 million from DKK 91 million.
Endoscopy solutions' organic revenue growth slowed to 18%, driven by a 9.9% increase in the pulmonology division, and anesthesia and patient monitoring organic revenue increased by 10.9%.
Banks advanced in the region after lower inflation stoked speculation of a lower interest rate in the eurozone.
Societe Generale increased 1.2% to €21.93, BNP Paribas rose 0.8% to €62.61, Intesa Sanpaolo added 1.3% to €3.78, UniCredit edged higher 0.8% to €37.18, and Deutsche Bank gained 0.5% to €14.75.
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