Europe Movers: Daimler Truck, Resource Stocks, Rheinmetall, Siemens Energy, Vinci

Inga Muller
25 Oct, 2024
Frankfurt

European markets lacked direction as investors reassessed future rate actions by the European Central Bank. 

For the week, benchmark indexes in Paris, London, and Frankfurt extended weekly losses. The Bank of Russia hikes key lending rate to 21%. 

The DAX index increased by 0.2% to 19,472.90; the CAC-40 index fell by 0.1% to 7,493.28; and the FTSE 100 index decreased by 0.2% to 8,252.402. 

The yield on 10-year German bonds edged higher to 2.27%, French bonds inched higher to 3.01%, the UK gilts edged up to 4.23%, and Italian bonds decreased to 3.49%.

Vinci SA declined 2.7% to €101.60 after the French construction company reported weak revenue growth in the third quarter and confirmed its annual outlook. 

Revenue in the third increased 1.4% to €18.53 billion from €18.27 billion, and its order book swelled to €66.8 billion. 

The company said net income in the current year is likely to be close to the level in 2023, before a potential increase in corporate income tax is considered by the parliament. 

In Frankfurt trading, 18 companies included in the 40-member DAX index traded higher. 

Daimler Truck Holding AG increased 3.7% to €38.88, Siemens Energy gained 2.4% to €37.88, and Heidelberg Materials added 2.2% to €98.98. 

Rheinmetall AG decreased 2.2% to €492.20, Continental AG dropped 2.3% to €58.08, and Qiagen NV declined 1.3% to €38.46. 

Resource companies traded higher in London ahead of China's large fiscal stimulus measures following the approval of the next budget by the committee of the National People's Congress in the next two weeks. 

Antofagasta increased 0.2% to 1,798.0 pence, Anglo American advanced 1.1% to 2,417.50 pence, and Glencore PLC edged higher 0.4% to 399.70 pence.