Europe Movers: Capgemini, Moncler, SKF, Schneider Electric, Standard Chartered, UBS, Volkswagen

Inga Muller
30 Oct, 2024
Frankfurt

GDP growth in the eurozone accelerated in the third quarter, and four leading economies of the region reported better-than-expected activities. 

Investors reacted to a mixed batch of earnings, including results from Volkswagen, UBS, Standard Chartered, and GSK. 

The DAX index decreased by 0.9% to 19,310.77; the CAC-40 index fell by 1.4% to 7,404.42; and the FTSE 100 index fell by 0.3% to 8,195.15. 

The yield on 10-year German bonds edged lower to 2.30%, French bonds inched higher to 3.05%, the UK gilts edged down to 4.22%, and Italian bonds increased to 3.56%.

UBS AG declined 1.9% to CHF 27.92 despite the Swiss bank reporting higher-than-expected third quarter earnings of $1.4 billion, driven by cost cutting and higher loan income. 

Standard Chartered PLC increased 3.2% to 904.0 pence after the UK-based bank upgraded its 2024 net income outlook after profit increased in the third quarter. 

SKF AB Class B increased 2.5% to SEK 208.40 after the Swedish bearings maker agreed to sell its Hanover, Pennsylvania, plant for SEK 2.6 billion, or $216 million. 

Moncler SpA declined 2.4% to €51.74 after the Italian outdoor fashion company reported a fall in revenue in the third quarter. 

Revenue in the nine-month period increased 6% on a constant currency basis to €1.87 billion from €1.81 billion a year ago. 

Third quarter revenue decreased 3%, driven by a 9% decline in the wholesale channel. 

Sales in Asia led the rise across all regions and increased 11%, followed by a 6% rise in the wider region of Europe, the Middle East, and Africa, and a modest rise of 3% in the Americas. 

Capgemini SA decreased 6.7% to €164.25 after the technology services provider lowered its 2024 revenue outlook for the second time this year.

Volkswagen AG increased 1.4% to €93.65 after the German vehicle maker reported slightly higher-than-expected revenue but operating profit plunged 42%. 

The vehicle maker also reiterated its annual revenue outlook. 

Schneider Electric SE decreased 0.3% to €240.20 despite the energy management and automation company reporting record revenue in the third quarter and reiterating its annual sales outlook. 

Sales in the third quarter increased 8% to €9.31 billion, driven by strong performance in its systems and services segments.