Market Updates
Europe Movers: Bellway, LM Ericsson, TotalEnergies, Tele2
Inga Muller
15 Oct, 2024
Frankfurt
European markets struggled to stay above the flatline after advancing for two days in a row.
Germany's wholesale price deflation accelerated in September, and France's monthly consumer price inflation fell at the fastest pace since record-keeping began in 1990.
The DAX index increased by 0.2% to 19,548.11; the CAC-40 index fell by 0.8% to 7,540.79; and the FTSE 100 index declined by 0.6% to 8,244.90.
The yield on 10-year German bonds edged lower to 2.22%, French bonds inched lower to 2.97%, the UK gilts edged down to 4.19%, and Italian bonds decreased to 3.47%.
LM Ericsson soared 9.9% to SEK 86.10 after the Swedish telecom equipment maker said net income in the third quarter swung to a profit compared to a loss a year ago.
Moreover, India-based Bharti Airtel also placed a multi-billion-dollar order for 5G wireless telecom equipment.
Oil explorers declined after crude oil prices fell as much as 5% on a report that Israel is not targeting Iran's nuclear and oil infrastructure.
Moreover, China's September imports rose only 0.6%, suggesting weak domestic demand.
BP plc declined 4.7% to 389.0 pence, Shell PLC fell 3.7% to 2,494.88 pence, and TotalEnergies decreased 4.3% to €59.80.
TotalEnergies said its downstream results are expected to decline sharply because of weak refining margins in Europe and other regions.
Tele2 AB increased 1.2% to SEK 112.85, and the company appointed Jean-Marc Harion as president and chief executive officer as of November 10.
Bellway PLC soared 6.6% to 3,256.0 pence after the UK-based home builder made positive comments about the domestic housing market recovery.
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