Europe Movers: BP, Hayes, Porsche, Stellantis, Zalando

Inga Muller
11 Oct, 2024
Frankfurt

European markets struggled to advance amid a lack of domestic catalyst. France's proposed fiscal budget estimates a 5% deficit and calls for a mix of spending cuts and new taxes. 

The DAX index increased by 0.1% to 19,229.95; the CAC-40 index rose by 0.1% to 7,545.45; and the FTSE 100 index declined by 0.2% to 8,224.35. 

For the week, the DAX index increased 1%, the CAC-40 index added 0.4%, and the FTSE 100 index decreased 0.6%. 

The yield on 10-year German bonds edged higher to 2.29%, French bonds inched higher to 3.07%, the UK gilts edged up to 4.25%, and Italian bonds increased to 3.56%.

Stellantis NV declined 3.7% to €11.73, and the Italian vehicle maker said chief executive Carlos Tavares retired in 2026 after the company announced a management shakeup. 

The automotive global conglomerate also announced new leaders for its Maserati, Alfa Romeo, and Jeep brands. 

Doug Ostermann will replace Natalie Knight as the new chief financial officer as the company struggles amid falling sales in China and intensifying competition in Europe. 

Late September, the company's management lowered its current year annual profit outlook and added its operating cash flow is going to be negative. 

Porsche Automobil SE edged down 0.1% to €39.84 after the German sports vehicle maker reported weak vehicle sales in the nine months of fiscal 2024. 

BP plc declined 0.1% to 410.60 pence, and the energy giant confirmed in its trading statement that weak refining margins and volatile trading are going to negatively impact its earnings. 

Hays plc rose 0.8% to 86.45 pence despite the recruiting company reporting a sequential decline in its first-half operating profit. 

Zalando SE increased 0.1% to €29.84 after the German online retailer lifted its fiscal year outlook.