Europe Movers: Adidas, Banco Santander, BP, HSBC, Lufthansa, Novartis

Inga Muller
29 Oct, 2024
Frankfurt

European market indexes looked up, and investors reviewed the latest batch of corporate results. 

German consumer sentiment improved for the second month in a row, and the U.K.'s retail prices fell at the fastest pace in over three years in October. 

The DAX index increased by 0.3% to 19,582.79; the CAC-40 index rose by 0.4% to 7,585.20; and the FTSE 100 index advanced by 0.1% to 8,296.67. 

The yield on 10-year German bonds edged higher to 2.31%, French bonds inched higher to 3.04%, the UK gilts edged down to 4.27%, and Italian bonds increased to 3.51%.

HSBC Holdings increased 4% to 719.80 pence after the UK- and Hong Kong-based bank reported rising revenue and earnings in the September quarter. 

Revenue increased 5% to $17.21 billion, and net income advanced 9% to $6.13 billion. 

The largest European bank also announced a stock repurchase plan of $3 billion. 

China-linked luxury fashion companies advanced more than 1% ahead of China's top legislative committee's meeting next week to finalize the annual budget and approve the issuance of additional long-term bonds. 

Hermes International increased 0.9% to €2,149.0, Kering SA gained 0.8% to €244.95, and LVMH advanced 0.7% to €642.10. 

adidas AG gained 1.3% to €216.50 after the German sportswear maker reported a 71% rise in its third quarter profit and higher sales in China. 

The company also lifted its annual profit estimate for the third quarter in a row. 

Deutsche Lufthansa AG decreased 2.7% to €6.68 after the German airline reported a 9% decline in its operating profit in the third quarter. 

BP plc decreased 2.5% to 389.14 pence after the UK-based energy company reported its weakest quarterly profit in four years. 

Weaker oil trading profit and a decline in refining margin weighed down net income and cash flow in the quarter. 

Novartis AG decreased 3% to CHF 96.83 despite the Swiss pharmaceutical company raising its annual profit outlook for the third quarter in a row. 

Banco Santander SA decreased 1.8% to €4.50 after the Spain-based bank reported lower-than-expected quarterly results.