Europe Movers: Luxury Stocks, Orange, Rightmove, SAP, Unicredit, Valmet

Inga Muller
25 Sep, 2024
Frankfurt

The central bank in Sweden lowered its key lending rate by 25 basis points and held out for more cuts later in the year. 

Spain's producer price deflation extended to the 18th month in a row in August. 

The DAX index decreased by 0.2% to 18,947.99; the CAC-40 index fell by 0.2% to 7,587.11; and the FTSE 100 index rose by 0.3% to 8,307.63. 

The yield on 10-year German bonds edged higher to 2.17%, French bonds inched lower to 2.92%, the UK gilts edged up to 3.97%, and Italian bonds decreased to 3.50%.

Rightmove Plc dropped 1.3% to 674.0 pence, and the online property platform's board unanimously rejected the revised takeover offer from Australia's REA Group and said the offer "materially undervalues" the company. 

Valmet Oyj soared 10.3% to €27.87, and the Finnish pulp and paper production automation company won an order worth more than one billion euros in Brazil. 

UniCredit SpA jumped 1.9% to €37.99, and the Italian bank said it has initiated internalizing its life insurance business and terminated its partnership with Allianz S.p.A. and CNP Assurances SA. 

Orange SA decreased 0.1% to €10.69, and the French mobile telephone company said it has voluntarily decided to terminate its listing on the New York Stock Exchange. 

SAP SE declined 2.3% to €201.40 after a report suggested that the German software company is investigated by the U.S. regulatory authorities for alleged price-fixing practices. 

Luxury stocks advanced for the second day in a row after China announced more monetary stimulus measures. 

LVMH increased 0.3% to €616.10, Hermes International SCA gained 1.3% to €2,038.0, and Kering SA added 0.8% to €230.75.