Europe Movers: Air Liquide, ATOSS, Deutsche Bank, Ipsen, L'Oreal, Thales, WPP

Inga Muller
23 Oct, 2024
Frankfurt

European markets struggled to advance for the fourth session in a row, and investors reviewed the fresh batch of earnings. 

The DAX index decreased by 0.4% to 19,347.66; the CAC-40 index fell by 0.8% to 7,474.65; and the FTSE 100 index decreased by 0.8% to 8,266.48. 

The yield on 10-year German bonds edged lower to 2.30%, French bonds inched higher to 3.04%, the UK gilts edged up to 4.20%, and Italian bonds increased to 3.53%.

WPP PLC increased 4.3% to 806.60 pence after the company reported organic revenue growth of 3.3% in the third quarter. 

L'Oreal SA declined 3.7% to €353.60 after the French cosmetic maker reported weaker-than-expected sales in the third quarter. 

Thales SA decreased 1.8% to €151.25 after the defense electronics maker reported a rise in orders and sales in the nine-month period. 

Deutsche Bank dropped 2.1% to €15.97 after the German bank returned to profit in the third quarter but flagged credit risks. 

Revenue in the third quarter increased 5% to €7.5 billion, and pre-tax profit excluding Post Bank litigation advanced 6% to €1.8 billion from €1.7 billion. 

Provision for credit losses increased to €494 million from €245 million, indicating softer macroeconomic conditions. 

ATOSS Software decreased 0.6% to €131.20 after the German workforce management company reported higher revenue in the nine-month period. 

Revenue increased 14% to €125.9 million from €110.3 million, driven by a 37% jump in cloud services revenue to €52.7 million.

The company estimated 2024 revenue of €170 million, an operating margin of 33%, and forecast 2025 revenue of at least €190 million and an operating margin of at least 30%. 

Ipsen SA dropped 0.7% to €114.30 despite the French biopharmaceutical company reporting a strong increase in revenue in the third quarter. 

Revenue increased 8.3% to €836.6 million, and the company lifted its 2024 constant-currency revenue growth estimate to 8% from 7% and core operating margin to increase to 31% from 30%. 

Air Liquide decreased 1.2% to €169.18 after the industrial gas supplier reported third quarter revenue in line with market expectations.