Nokia plunged after AT&T decided to upgrade its telecom network equipment developed by its rival Ericsson. Spotify said it plans to carry out additional payroll cuts and lower its operating costs.
Luxury stocks advanced on the hopes of demand growth in the U.S., offsetting the weakness in China. Energy stocks traded down following the weakness in crude oil prices. Mining stocks traded mixed after gold traded at a new high.
Bechtle, the German information technology company, announced a convertible bond offering. Swiss Re announced its new net income target based on IFRS accounting standards. The stock price of Swedish streaming company Viaplay plunged after it announced a debt restructuring plan.
European stocks advanced after consumer price inflation dropped to a multi-month low. Luxury stocks traded down on the ongoing economic rebound worries in China. Banks fell following lower bond yields.
Aviva agreed to acquire a vehicle insurance company in Canada. Rightmove reported better-than-expected financial results. Julius Baer disclosed a significant charge in its business loan segment.
Barclays was in focus after the UK-based bank was looking to cut costs and trim its payrolls. Luxury stocks were under pressure after one of the largest wealth management firms in China confirmed it was insolvent.
Chrysler-parent Stellantis completed the purchase of a stake held by China-based Dongfeng Motor, and it plans to cancel these shares. Jet2 reported a surge in interim results but said bookings are running slightly lower than a year ago.
Fresenius lifted its 2023 operating income outlook and entered into a positive settlement with the U.S. Department of Defense. Kingfisher lowered its profit outlook for the second time in three months. Casino Guichard estimated a loss in 2023 at its core French business.
Sonova lowered its annual core profit forecast. ICA Group, the parent company of British Air, reaffirmed its annual outlook. CRH agreed to acquire cement and concrete mix plants in Texas from Martin Marietta.
Bayer lost a key trial in the U.S. against its weed killer Roundup. Julius Baer warned that its annual earnings are likely to be lower than in the previous year. Ashtead Group said its annual income is likely to fall short of market expectations.
Siemens reported fiscal fourth-quarter earnings ahead of expectations. HelloFresh narrowed its 2023 growth estimate and lowered its adjusted earnings outlook. Vallourec lifted its 2023 operating earnings outlook. City Pub Group agreed to be acquired by Young & Co.
Alstom announced job cuts, asset sales, and a possible stock offering to bolster its balance sheet. Alcon tightened its annual sales and earnings outlook. Infineon Technologies estimated higher annual sales in the current fiscal year.
Salzgitter AG reported a sharp decline in nine-month earnings and sales and said its return on capital will lag from the previous year. Bilfinger SE reported a rise in sales and earnings but forecasted a decline in annual free cash flow. Phoenix Group increased its interim dividend.
Mining stocks declined following weak base and precious metals prices. Allianz reiterated its annual operating profit outlook. Diageo issued an operating profit growth warning.
