Europe Movers: Alstom, British Land, Lanxess, Lufthansa, SAP, Tesco, Vonovia

Inga Muller
03 Oct, 2024
Frankfurt

European markets traded down amid rising tensions in the Middle East and uncertainty related to the U.S. port workers strike. 

Eurozone private sector activities contracted for the first time in seven months. Swiss consumer price inflation dropped to a three-year low. 

The DAX index decreased by 0.5% to 19,066.73; the CAC-40 index fell by 0.7% to 7,521.42; and the FTSE 100 index rose by 0.3% to 8,317.92. 

The yield on 10-year German bonds edged higher to 2.14%, French bonds inched higher to 2.92%, the UK gilts edged up to 4.03%, and Italian bonds increased to 3.50%.

Deutsche Lufthansa increased 0.2%, and the German state-controlled carrier said it is resuming flights to certain destinations in the Middle East. 

The international flight operator also said the carrier plans to avoid airspace used by Iran and Iraq due to ongoing conflicts in the region. 

Alstom SA increased 2.4% to €18.79 after the French mobility company received orders from supply chain procurement company Proxima for 12 high-speed trains. 

SAP SE decreased 1.3% to €201.45, and the Germany company is under investigation by the U.S. Department of Justice for the alleged price-fixing practices. 

Vonovia SE declined 1.5% to €33.11, and the German residential landlord confirmed total cash inflow of about €4 billion in 2024, matching the level in the previous year. 

LANXESS AG declined 1.8% to €28.76, and the German chemical company agreed to sell its Urethane Systems business to Japan-based UBE Corporation. 

Tesco PLC increased 2.3% to 363.10 pence after the British grocery company reported an increase in revenue and profit in the first half and lifted its annual outlook. 

Comparable same store sales in the UK rose at a slower pace of 4% in the second quarter from 4.6% in the first quarter. 

The retailer said its investment in keeping the prices low helped its to increase market share by 62 basis points to 27.8%, the highest since January 2022. 

The company declared an interim dividend of 4.25 pence, and the company estimated retail adjusted operating profit of £2.9 billion the full-year. 

British Land Company declined 1.1% to 433.0 pence, and the property firm said it plans to acquire seven retail properties for £441 million and raise £301 million through a secondary offering priced at 422 pence per share.