Market Updates
Europe Movers: Automobile Stocks, Halfords, Telecom Plus, UniCredit
Inga Muller
26 Nov, 2024
Frankfurt
U.S. trade protectionism and political instability in France and Germany added to the ongoing geopolitical tensions rooted in the Russia-Ukraine conflict.
The DAX index decreased by 0.7% to 19,279.69; the CAC-40 index fell by 0.7% to 7,203.45; and the FTSE 100 index eased by 0.2% to 8,263.45.
The yield on 10-year German bonds edged lower to 2.20%, French bonds inched down to 3.02%, the UK gilts edged lower to 4.36%, and Italian bonds increased to 3.46%.
Automobile stocks dived for the third week in a row amid growing prospects of higher U.S. tariffs on luxury vehicles shipped from the European Union.
Mercedes-Benz Group declined 1.4% to €52.11, BMW AG fell 1.5% to €68.24, Volkswagen AG dropped 2.6% to €80.24, and Renault SA decreased 1% to €39.52.
UniCredit SpA increased 0.4% to €36.30 after the Italian bank made an unsolicited €10.1 billion bid to acquire the rival Banco BPM.
Telecom Plus PLC dropped 3.4% to €20.60 despite the energy utility and telecom company reporting an increase in half-year pre-tax profit and reiterating its full-year outlook.
Halfords Group soared 11.9% to 144.66 pence after the UK-based automobile and motorcycle retailer reported higher-than-expected profit in the first half.
Profit in the interim period ending on September 27 increased to £21.3 million, and analysts estimated the company to achieve a £29 million profit for the full year.
The vehicle dealer said it plans to increase its retail location footprint to 40 stores from the current 22 stores but did not specify the time period.
Annual Returns
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Earnings
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