Market Updates
Europe Movers: Burberry, Energy Stocks, Eni, Luxury Stocks, Skanska
Inga Muller
04 Nov, 2024
Frankfurt
European markets lacked direction ahead of a busy week of earnings and economic releases.
Manufacturing activities in Spain expanded at the fastest pace over two years, and in Italy they contracted for the seventh consecutive month.
The DAX index increased by 0.1% to 19,267.85; the CAC-40 index rose by 0.3% to 7,430.84; and the FTSE 100 index rose by 0.7% to 8,235.38.
The yield on 10-year German bonds edged higher to 2.41%, French bonds inched higher to 3.15%, the UK gilts edged higher to 4.46%, and Italian bonds decreased to 3.66%.
Energy stocks rebounded after crude oil prices advanced following the OPEC+'s decision to delay an increase in output by a month.
Shell PLC gained 1.2% to 2,610.50 pence, BP plc rose 1.5% to 384.0 pence, and TotalEnergies SE increased 0.8% to €58.36.
Eni SpA increased 0.7% to €14.13 after the Italian energy company completed the sale of two upstream offshore assets.
Burberry Group increased 6% to 860.51 pence on speculation that Italy-based Moncler could be preparing for a bid for the luxury fashion product maker.
Skanska AB advanced 1% to SEK 219.80 after the Swedish construction company signed a contract to build office buildings in London's West End.
Mining companies advanced following a rebound in commodities prices as China's top legislators commenced a weeklong meeting to finalize the amount of additional fiscal measures.
Anglo American increased 1.4% to 2,428.50 pence, Antofagasta advanced 0.8% to 1,777.81 pence, and Glencore added 0.8% to 410.83 pence.
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Earnings
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