Market Updates
Europe Movers: Deutz, Imperial Brands, Pernod Ricard, Remy Cointreau, Vistry
Inga Muller
08 Oct, 2024
Frankfurt
The weakness in resource, luxury goods, and automobile stocks dragged down European indexes.
Germany's industrial output rebounded, confirming a volatile trend over the last year.
France's goods trade deficit widened amid the persistent deficit in energy and manufactured products.
China-linked luxury brands declined in Paris and Milan, automakers fell in Frankfurt, and resource companies eased in London.
LVMH dropped 3.4% to €656.40, Hermes International declined 1% to €2,139.0, and Prada SpA decreased 1.4% to €6.50.
Mercedes-Benz Group declined 1.5% to €56.79, BMW fell 2% to €76.26, and Volkswagen Group edged lower 1.3% to €92.60.
French spirit and wine makers dropped after China imposed a temporary retaliatory tariff on brandy imports from the European Union.
Remy Cointreau SA dropped 7.6% to €60.75, and Pernod Ricard declined 3.8% to €126.50.
Antofagasta decreased 4.2% to 1,907.50 pence, Glencore declined 3.2% to 423.35 pence, and Anglo American fell 5.3% to 2,314.0 pence.
Vistry Group plunged 24% to 966.25 pence after the UK-based home builder sharply lowered its fiscal 2024 profit estimate.
Imperial Brands increased 4.4% to 2,239.0 pence after the tobacco products maker reaffirmed its fiscal year outlook.
Deutz AG increased 0.5% to €4.14, and the German engine maker said it plans to cut job costs amid challenging economic environment.
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