Market Updates
Europe Movers: Commerzbank, Scout24, Rightmove, Siemens, UBS
Inga Muller
23 Sep, 2024
Frankfurt
Business activities in the European Union contracted for the fourth month in a row amid persistent weakness in the manufacturing sector.
Germany's SDP narrowly won an election in the Brandenburg state.
The DAX index increased by 0.5% to 18,824.07; the CAC-40 index fell by 0.3% to 7,480.31; and the FTSE 100 index declined by 0.1% to 8,219.74.
The yield on 10-year German bonds edged lower to 2.15%, French bonds inched higher to 2.93%, the UK gilts edged up to 3.91%, and Italian bonds decreased to 3.52%.
Rightmove Plc increased 1.2% to 682.60 pence after Australia's REA Group increased its offer for the UK-based property portal.
Commerzbank added 0.2% to €15.71, and the German government agency said in a statement that it has no plans to sell its remaining 12% stake in the bank.
Scout24 SE increased 2.3% to €77.30, and Germany's largest online property platform operator announced its plans to commence its stock buyback program worth €150 million.
The company plans to launch its stock buyback plan in the next few weeks and end in 2026.
UBS Group AG was nearly unchanged at CHF 25.46 on reports that the Swiss regulator is investigating the collapse of Credit Suisse ahead of its merger with the bank.
Siemens AG increased 0.4% to €167.26, and the company said it plans to separate its eMobility business.
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