Europe Movers: About You Holding, Adidas, BAT, Bilfinger, Cohort, Inditex, Siemens Energy, TUI, Zalando

Inga Muller
11 Dec, 2024
Frankfurt

The European Central Bank is widely expected to announce a rate cut by at least 25 basis points and signal its readiness for additional rate cuts if the economy warrants. 

The DAX index decreased by 0.2% to 20,318.38; the CAC-40 index fell by 0.6% to 7,435.80; and the FTSE 100 index inched lower by 0.6% to 8,300.01.

The yield on 10-year German bonds edged higher to 2.12%, French bonds inched down to 2.85%, the UK gilts increased to 4.30%, and Italian bonds increased to 3.20%.

Adidas AG decreased 1.1% to €236.80 after the German tax authorities raided the company’s headquarters as part of the ongoing tax investigation.

Inditex SA declined 6.5% to €51.32 after the parent company of Zara reported weaker-than-expected sales and profit in the third quarter.

However, the apparel retailer signaled a strong start to holiday season sales.

Siemens Energy AG dropped 1.4% to €48.72 after the U.S.-based rival GE Vernova offered a cautious outlook for its struggling wind energy unit.

Zalando SE plunged 4.7% to €32.80 after the online fashion group agreed to acquire its rival About You Holding for €1.1 billion. 

About You shareholders Otto Group, Otto Family, Heartland, and the company management entered into binding agreements to sell their shares, representing about 73% of total outstanding shares.

After Zalando's offer, About You Holding SE jumped 65% to €6.45. 

TUI AG declined 2.2% to €8.26 despite the tour operator reporting higher profit in fiscal 2024 and estimating higher profits in fiscal 2025.

Bilfinger SE rose 5.3% to €47.85 after the company launched a new stock buyback plan. 

Cohort PLC jumped 5.2% to 1,075.80 pence after the software company reported record performance in the fiscal first half. 

British American Tobacco PLC jumped 1.1% to 2,999.67 pence after the company reaffirmed its annual outlook.

RM plc rose 8.5% to 96.61 pence after the education technology and assessment solution provider said its fiscal year 2024 ending in November is likely to surpass market expectations.