Market Updates
Europe Movers: CRH, Johnson Matthey, Luxury Stocks, Resource Stocks, TotalEnergies
Inga Muller
24 Sep, 2024
Frankfurt
European markets advanced after the People's Bank of China announced a broad range of economic stimulus measures to revive faltering economic growth and support weak property markets.
The DAX index increased by 0.5% to 18,945.45; the CAC-40 index rose by 1.1% to 7,607.80; and the FTSE 100 index rose by 0.3% to 8,279.67.
The yield on 10-year German bonds edged higher to 2.16%, French bonds inched higher to 2.94%, the UK gilts edged up to 3.97%, and Italian bonds decreased to 3.51%.
Mining companies and luxury goods makers traded higher after China announced a raft of monetary measures to revive the faltering economic growth rate.
Antofagasta plc rose 6.8% to 1,948.50 pence, Anglo American advanced 6.6% to 2,262.97 pence, and Glencore jumped 4.5% to 402.20 pence.
LVMH gained 3.4% to €614.80, Hermes International jumped 3.8% to €2,007.0, and Kering SA added 3.5% to €232.05.
Crude oil explorers advanced amid rising tensions in the Middle East and general weakness in the U.S. dollar.
BP plc gained 0.1% to 412.25 pence, Shell PLC increased 0.2% to €31.24, and BHP Group Ltd. advanced 4.1% to 2,127.0 pence.
TotalEnergies SE jumped 1.2% to €63.07, and the French energy company signed an agreement to supply 200,000 tons of LNG to HD Hyundai Chemical for seven years starting 2027.
CRH PLC declined 0.1% to 6,838.0 pence, and the company announced the appointment of a new chief executive.
Johnson Matthey PLC advanced 1.4% to 1,500.0 pence after the company said its previously announced stock repurchase plan of £125 million will commence today.
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