Market Updates
Europe Movers: Caixabank, Nestle, ThyssenKrupp
Inga Muller
19 Nov, 2024
Frankfurt
Bond yields in the Euro Area edged lower after Russia-Ukraine conflict escalation worries dominated stock and bond market trading. Switzerland's trade surplus soared to a record high in October.
The DAX index decreased by 1.1% to 18,967.02; the CAC-40 index eased by 1.2% to 7,192.02; and the FTSE 100 index fell by 0.4% to 8,081.54.
The yield on 10-year German bonds edged lower to 2.31%, French bonds inched down to 3.05%, the UK gilts edged lower to 4.42%, and Italian bonds decreased to 3.53%.
ThyssenKrupp AG increased 8.1% to €3.67 after the German steelmaker reported slightly better-than-expected earnings.
Sales in the fiscal year 2024 ending in September declined 7% to €35 billion, and adjusted operating earnings declined to €567 million from €703 million a year earlier, respectively.
The company estimated net income to swing to €100 million from a loss of €1.4 billion in the financial year that just ended.
Net loss in the fiscal year 2024 shrank to €1.4 billion from €2.0 billion the prior year, driven by asset impairment of €1.2 billion in its steel division in Europe.
The company proposed to pay an annual dividend of 15 cents per share and return cash to shareholders for the third year in a row.
Nestle SA declined 1.8% to CHF 76.78 after the company said it plans to accelerate its cost savings by CHF 2.5 billion and support additional investments.
Caixabank SA decreased 4.8% to €5.42 after the company released its 2025-2027 strategic plan.
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