European Markets Hover Near Record Highs Amid Earnings Optimism, France's Jobless Rate Edged Lower

Bridgette Randall
11 Feb, 2025
London

Stock market indexes in Europe hovered near recent highs as investors focused on the latest batch of positive earnings. 

Benchmark indexes in Frankfurt, Paris, Milan, and London wavered around the flatline, and more than 50 companies reported earnings in the currency union. 

Investors reacted to the latest quarterly results from BP plc, Kering SA, UniCredit SpA, and ams-OSRAM.

Thyssenkrupp and Salzgitter dropped 1% after the U.S. announced a 25% tariff on all imports of steel and aluminum products beginning March 4.

The latest round of tariffs appears to placate the most extreme wing of the Republican Party, and the proposed import tax will stoke inflation and provide another reason for the Federal Reserve to hold higher interest rates for longer. 

 

France's Jobless Rate Edged Lower In Fourth Quarter

Closer to home, France's jobless rate unexpectedly dropped marginally in the fourth quarter. 

The unemployment rate decreased to 7.3% from 7.4% in the third quarter, according to the latest data released by INSEE, France's statistical office. 

The number of unemployed people declined by 63,000 from the previous quarter to 2.3 million. 

The unemployment rate in the age group between 15 and 24, the so-called youth jobless rate, edged down by 0.8 percentage point to 19%. 

The jobless rate in the age group between 25 and 49 eased by 0.1 percentage point to 6.5%, and for those above the age of 50 and over, it increased by 0.1 percentage point to 4.8%. 

 

Europe Indexes and Yields

The DAX index increased by 0.10% to 21,934.27, the CAC-40 index edged lower 0.05% to 8,001.99; and the FTSE 100 index advanced by 0.05% to 8,772.53.     

The yield on 10-year German bonds inched higher to 2.41%, French bonds increased to 3.14%, the UK gilts moved up to 4.60%, and Italian bonds edged higher to 3.51%.

The euro increased to $1.03; the British pound was lower at $1.24; and the U.S. dollar was higher and traded at 91.29 Swiss cents.

Brent crude increased $1.08 to $76.95 a barrel, and the Dutch TTF natural gas was higher by €0.17 to €49.91 per MWh.

 

Europe Stock Movers 

Novartis AG was nearly unchanged at CHF 96.94, and the Swiss pharmaceutical company agreed to acquire Anthos Therapeutics for $3.1 billion. 

BP plc decreased 0.6% to 462.30 pence, and the British oil company reported a steep decline in profit in the fourth quarter. 

UniCredit SpA decreased 2.8% to €45.93, and the Italian bank estimated a moderate decline in net interest margin in 2025 and reported better-than-expected 2024 earnings.

Kering SA increased 1.1% to €246.90 after the Paris-based luxury group posted better-than-expected revenue in the fourth quarter. 

Entain PLC plunged 10.5% to 667.32 pence after the UK-based online gambling company's chief executive Gavin Issacs stepped down immediately after six months in the office. 

ams-OSRAM AG jumped 16.8% to CHF 7.95, and the Austrian semiconductor company posted weak sales in the first quarter but held out for a strong recovery in automotive electronics in the fiscal second half.