Market Updates
Europe Movers: Entain, Flutter Entertainment, Luxury Stocks, Mulberry Group
Inga Muller
14 Oct, 2024
Frankfurt
European markets lacked direction in Monday's trading as investor focus remained on earnings and upcoming rate decision.
Investors are also looking forward to the release of key economic data and rate decisions.
The DAX index increased by 0.2% to 19,411.86; the CAC-40 index fell by 0.4% to 7,549.95; and the FTSE 100 index declined by 0.1% to 8,243.65.
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 lower to 2.26%, French bonds inched lower to 3.04%, the UK gilts edged down to 4.23%, and Italian bonds decreased to 3.54%.
Mulberry Group PLC soared 18% to 132.90 pence after Frasers Group, the 37% stakeholder in the fashion group, revised its potential cash offer for the remaining stake in the company at 150 pence per share.
However, the majority shareholder, Challice Limited, with a 56% stake in the company, publicly rejected the revised offer and said it has no plans to sell its stake in the company to Frasers.
Entain PLC declined 7% to 713.04 pence, and Flutter Entertainment PLC dropped 5.6% to 17,490.0 pence following a report that the UK government is looking to increase taxes on the gambling sector by as much as £3 billion.
China-linked stocks took a dive for the second session in a row after the country's fiscal stimulus measure announcement fell short of investor expectations.
LVMH declined 2.7% to €635.0, Kering SA dropped 3.9% to €229.90, and Hermes International dropped 2.8% to €2,084.0.
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