Europe Movers: Oil Explorers, Rightmove, Stellantis, Volkswagen

Inga Muller
30 Sep, 2024
Frankfurt

European bond yields edged higher despite the cooling of inflation in the region. 

Italy reported inflation cooled in September, after France and Spain confirmed weakening inflation last week. 

The DAX index decreased by 0.5% to 19,375.28; the CAC-40 index fell by 1.6% to 7,670.23; and the FTSE 100 index declined by 0.6% to 8,273.59. 

The yield on 10-year German bonds edged higher to 2.15%, French bonds inched higher to 2.95%, the UK gilts edged up to 4.0%, and Italian bonds increased to 3.48%.

Rightmove PLC decreased 613.40 pence and extended losses for the second day in a row after the company's board rejected a £6.2 billion offer from Australia-based REA Group. 

Oil exploration companies were in focus after tensions in the Middle East rose and Israel carried out more targeted bombing campaigns in Beirut and accelerated its land grab in Gaza. 

Shell PLC increased 0.1% to 2,426.50 pence. BP plc gained 0.6% to 390.55 pence, and TotalEnergies SE declined 1.4% to €58.35. 

Automakers traded down after Volkswagen AG issued a profit warning for the second time in three months and Stellantis NV lowered its annual outlook amid weakness in sales across all regions.

Stellantis dropped 15.4% to €12.36 and extended losses to more than 60% from a high of €27 in March; Volkswagen decreased 2.5% to €94.66 and traded at a five-year low. 

3i Group plc decreased 2.6% to 3,300 pence, and Shadowfall Capital reportedly took a multi-million-pound short position in the private equity venture capital firm. 

China-linked luxury stocks traded down after the official survey showed persistent weakness in the manufacturing sector. 

Benchmark indexes in Shanghai soared as much as 8% and in Hong Kong advanced 2.4%, and both indexes extended September gains to over 20% amid hopes of strong fiscal measures from Beijing over the next two weeks. 

Kering SA decreased 2.8% to €259.50, LVMH declined 1.5% to €692.50, and Hermes International fell 1.3% to €2,204.0.