Market Pulse - Europe
Shop prices continue moving into deflation in September
Shop prices continued to move into deflation in September, with a year-on-year decline of 0. 6%, according to the British Retail Consortium-NielsenIQ Shop Price Index on Tuesday.
Carnival shares dip despite record third quarter, upgraded guidance
Shares in Anglo-American cruise giant Carnival were in the red on Monday afternoon, even after it reported record-breaking financial results for the third quarter, surpassing its earlier guidance and raising its full-year outlook for the third time.
REA urges Rightmove board to engage with it over £6.2bn fourth offer
REA Group urged the board of Rightmove to engage with it on Friday, as it made a fourth non-binding proposal to acquire the company, valuing it at £6. 2bn.
German government to retain stake in Commerzbank
Shares in Commerzbank AG traded lower early on Monday after the German government announced that it would hold on to its 12% stake in the European banking giant, likely halting its proposed merger with Italian lender UniCredit.
EU competition regulator launches compliance proceedings with Apple
European Union competition authorities started proceedings against Apple on Thursday, in a bid to enforce compliance with regulations that mandate the company to open its proprietary ecosystem to competitors.
Norway's central bank holds interest rates steady
Norway's central bank kept interest rates unchanged at a 16-year high of 4. 5% on Thursday but said it intends to launch a rate cutting programme during the first quarter of 2025.
Qatar sovereign wealth fund wants to raise stake in Iberdrola past 10%
Qatar's sovereign wealth fund has told authorities in Madrid that it wishes to raise its stake in Iberdrola past 10%.
Manchester United full-year losses widen
Manchester United reported a net loss of £113. 2m for the year ended 30 June on Wednesday, although the football club maintained that it was in compliance with both the Premier League's Profitability and Sustainability Rules (PSR) and UEFA’s Financial Fair Play regulations.
Abu Dhabi National Oil expected to make formal offer for Covestro
Abu Dhabi National Oil Company was expected to make a formal offer to acquire German plastic and chemicals manufacturer Covestro for approximately €14. 4bn including debt, according to the Financial Times.
Apple loses decade-long Irish tax battle
Tech giant Apple has lost a decade-long battle with the European Union regarding a €13. 0bn tax bill in Ireland.
German factory orders rise as large-scale orders grow
German factory orders rose by 2. 9% month-on-month in July, according to the Federal Statistical Office, beating market calls for a 1. 5% drop and following June's upwardly revised 4. 6% gain.
Europe close: Tech paces losses, French and Spanish politics in the headlines
European shares finished down again on Wednesday on the back of softer-than-expected readings for Chinese services sector activity and US job openings.
Sixth Street, Patron reportedly considering bid for L&G-owned housebuilder Cala
US investment firm Sixth Street has partnered with Patron Capital Partners to compete against FTSE 100 housebuilder Persimmon in the bid to acquire privately-held UK housebuilder Cala Group, it emerged on Wednesday afternoon.
Service activity boosts eurozone private sector in August
The eurozone's private sector experienced its fastest growth in three months during August, driven by a stronger services sector, according to the latest Hamburg Commercial Bank (HCOB) eurozone composite purchasing managers’ index (PMI) on Wednesday.
Volkswagen no longer ruling out plant closures, scraps job security agreement
German automotive giant Volkswagen warned on Monday that it would no longer be able to rule out plant closures across the country amid major cost-cutting efforts to "future-proof" the firm.