Market Updates
Europe Movers: Airlines, Energy Stocks, KPN, Philips
Inga Muller
28 Oct, 2024
Frankfurt
European markets traded around the flatline in a busy week of earnings and economic releases. Investors are still holding out for aggressive rate cuts by the European Central Bank.
Spain's retail sales rose at the fastest pace in eighteen months in September.
The DAX index decreased by 0.2% to 19,435.0; the CAC-40 index rose by 0.2% to 7,511.68; and the FTSE 100 index decreased by 0.2% to 8,230.76.
The yield on 10-year German bonds edged higher to 2.27%, French bonds inched higher to 3.01%, the UK gilts edged down to 4.21%, and Italian bonds decreased to 3.49%.
Energy stocks traded lower after Israel and Iran avoided a possible regional war.
BP plc declined 2.1% to 396.60 pence, Shell PLC dropped 2.2% to 2,493.81 pence, and TotalEnergies SE eased 1.9% to €59.14.
Philips NV plunged 17.5% to €24.30 after the medical device and equipment company lowered its annual sales outlook, citing a deteriorating demand from hospitals and consumers in China.
KPN NV dropped 1.7% to €3.70 despite the Dutch telecom carrier reiterating its annual outlook.
Travel and leisure stocks traded higher after crude oil prices eased.
Deutsche Lufthansa AG increased 1.9% to €6.85, Air France advanced 2.3% to €9.34, and International Consolidated Airlines Group gained 0.9% to 213.50 pence.
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