LIVE MARKETS-Results, upgrades and regulator decisions keep markets busy
The stock market in Europe is experiencing a busy trading session with various companies making significant moves. H&M and GSK are facing drops in their stock prices due to weak results and regulatory decisions. On the other hand, luxury firm Kering and outsourcing firm Serco are experiencing positive gains. The overall market index, STOXX 600, remains flat.
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RESULTS, UPGRADES AND REGULATOR DECISIONS KEEP MARKETS BUSY
It’s been a busy first hour or so of trading in Europe, as investors tried to keep up with a string of large cap moves including retail giant H&M taking a kicking on weak results, drug maker GSK being hurt by decision by the U.S. CDC and luxury firm Kering jumping on a broker upgrade.
On an index level that all cancelled itself out somewhat, and the STOXX 600 is currently flat. (.STOXX) with most national indexes slightly in positive territory.
But the news was all about the single stocks.
At the bottom of the STOXX 600 is H&M, down 12% - if it holds it would be the stock’s biggest daily drop in around two decades, after the company missed quarterly earnings forcasts and cast doubt over its full-year profit margin target.
Third on the list of biggest fallers is GSK (GSK.L) down as much as 7.2%, a day after a U.S. public health agency narrowed its usage recommendation for all respiratory syncytial virus (RSV) vaccines and held off on recommending their use for those under 60 years of age.
Spain’s Grifols (GRLS.MC) down 8.5%, slots in between with few things going on, including a Moody’s downgrade.
At the other end, luxury goods firm Kering (PRTP.PA) is up 5.6% after a double BofA upgrade to buy and British mid cap, outsourcing firm Serco (SRP.L) tops the charts up 6.5% after raising its annual profit forecast.
(Alun John)
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