Europe Movers: Banks, Barratt Developments, Entain, Lloyds Banking, Luxury Stocks, Mining Companies, Oil Stocks

Inga Muller
09 Sep, 2024
Frankfurt

European markets rebounded from the previous week's decline of 3% and looked ahead to the expected interest rate cuts and inflation updates later in the week. 

The DAX index increased by 0.5% to 18,402.53; the CAC-40 index rose by 0.6% to 7,393.17; and the FTSE 100 index advanced by 0.6% to 8,231.36. 

The yield on 10-year German bonds edged higher to 2.22%, French bonds inched up to 2.93%, the UK gilts edged down to 3.87%, and Italian bonds decreased to 3.51%.

Banks in the eurozone rebounded ahead of the expected interest rate cut later in the week. 

Deutsche Bank gained 2.9% to €15.09, UniCredit jumped 2.2% to €37.04, Societe Generale advanced 2.1% to €22.29, and BNP Paribas increased 1.2% to €62.91. 

Oil explorers rebounded in Monday's trading, tracking a technical rebound in crude oil prices after falling 8% in the previous week. 

Shell PLC gained 1% to 2,542.0 pence, and BP plc edged up 0.5% to 407.65 pence. 

Mining companies edged higher after copper edged up 2% and iron ore stabilized around a four-year low. 

Glencore Plc jumped 1.3% to 371.75 pence, Anglo American Plc advanced 0.7% to 2,040.50 pence, and Antofagasta gained 1.9% to 1,669.50 pence.

Luxury stocks were under pressure after China reported weak consumer price inflation and producer price inflation, confirming ongoing economic growth slowdown. 

Kering SA dropped 3.5% to €228.0, Hermes International increased 0.4% to €1,916.50, and LNMH Moet Hennessey inched up 0.3% to €1,916.50. 

Barratt Developments increased 0.7% to 496.23 pence, and the homebuilder and Lloyds Banking Group, along with the UK government agency Homes England, launched a £165 million joint venture. 

Lloyds Banking Group increased 1.3% to 57.14 pence.

Entain PLC soared 8.3% to 692.20 pence, and the online gambling platform operator said its businesses in the U.K. and Ireland rebounded faster than previously estimated.