Europe Movers: AB InBev, Airbus, BNP Paribas, Dansk Bank, Shell, Societe Generale, TotalEnergies

Inga Muller
31 Oct, 2024
Frankfurt

Benchmark indexes in Paris, London, and Frankfurt extended losses in the month. 

Investors reacted to the latest earnings from Societe Generale, BNP, Airbus, AB InBev, and TotalEnergies. 

The DAX index decreased by 0.5% to 19,161.70; the CAC-40 index fell by 0.9% to 7,360.22; and the FTSE 100 index fell by 0.8% to 8,093.66. 

The yield on 10-year German bonds edged higher to 2.40%, French bonds inched higher to 3.13%, the UK gilts edged higher to 4.41%, and Italian bonds increased to 3.65%.

Airbus SE increased 1.6% to €142.04 after the commercial aviation company reaffirmed its target to deliver 770 aircraft in the current year.

TotalEnergies SE declined 2.9% to €57.43 after the French energy company reported lower-than-expected adjusted earnings in the third quarter.

Societe Generale increased 9.3% to €25.92 after the French lender reported strong quarterly results and a broad management shakeup. 

BNP Paribas SA declined 5.5% to €61.92 after the French bank reported weaker-than-expected third quarter earnings.

Revenue increased 3.1% to 11.9 billion from €11.6 billion, and net income increased 7.8% from a year ago to €2.87 billion from €2.66 billion. 

Equities trading division revenue rose 13% to €820 million, and revenue from trading of bonds, currencies, and commodities advanced 12% to €1.2 billion. 

Corporate and institutional banking divisions reported an increase of 9% in revenue.

However, revenue from the Commercial, Personal Banking, and Services division, the largest division by revenue, decreased 2.6% from a year earlier, largely because of weakness in the automobile lease segment. 

Last month, the company agreed to acquire the German private banking operation of HSBC as the company looked for ways to strengthen its wealth management unit in Germany and increase its asset under management to €40 billion. 

The company retained its full-year net income target of €11.2 billion. 

Anheuser-Busch InBev SA declined 4.9% to €55.52 after the brewery reported a decline in beer sales volume due to weakness in China and Argentina. 

Danske Bank AS increased 3.3% to DKK.202.70 after the Danish bank raised its annual earnings outlook. 

Shell PLC increased 1.5% to 2,526.50 pence after energy explorer launched a new stock repurchase plan of $3.5 billion to be completed by January 30, 2025.  

Revenue in the third quarter declined to $71.1 billion from $73.3 billion, net income declined to $4.2 billion from $7.2 billion, and diluted earnings per share fell to 68 cents from $1.05 a year earlier. 

The company also announced an interim cash dividend of 34.4 cents per share payable on December 19 to shareholders on record on November 15.