Market Updates
Europe Movers: Covestro, Greggs, Oil Companies, Mulberry Group
Inga Muller
01 Oct, 2024
Frankfurt
Eurozone inflation fell at a faster-than-expected pace in September, driven by a sharp decline in energy prices.
Manufacturing woes deepened in the Euro Area as producers struggled with easing growth in orders and output.
The DAX index increased by 0.4% to 19,403.07; the CAC-40 index fell by 0.01% to 7,634.25; and the FTSE 100 index rose by 0.3% to 8,278.71.
The yield on 10-year German bonds edged lower to 2.05%, French bonds inched lower to 2.80%, the UK gilts edged down to 3.95%, and Italian bonds decreased to 3.35%.
Covestro AG jumped 4.2% to €58.10 after the Abu Dhabi-controlled oil company, ADNOC, said it plans to buy the German chemical firm for €14.7 billion.
The acquisition deal requires ADNOC to purchase all outstanding shares at €62 per share.
Crude oil prices traded volatile as investors weighed rising tensions in the Middle East against demand growth worries in the U.S.
BP plc, Shell PLC, TotalEnergies SE, and Repsol SA declined between 0.2% and 0.5%.
Mulberry Group PLC declined 3.2% to 120.0 pence, and the British luxury handbag maker rejected a conditional offer from Mike Ashley-controlled Frasers Group.
Greggs plc declined 4.2% to 2,992.0 pence after the bakery chain reported a slowdown in its core business in the latest quarter.
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