Stock market: Anthropic leads the recovery after a dismal week; Milan (+1.3 per cent) returns to the 49,000 mark -3-
(Il Sole 24 Ore Radiocor) - Following a week marked by sell-offs in technology shares and tensions on the bond markets, European stock markets have therefore got off to a good start in the final week of October: Paris is up 0.8 per cent, Frankfurt 1 per cent, Amsterdam 0.21 per cent, Madrid 0.2 per cent (weighed down, incidentally, by the collapse of the Brazilian stock market following Lula’s election victory) and London 0.7 per cent. This recovery is also supported by macroeconomic indicators, starting with the German Ifo index, which rose to 90.2 points in October, whilst in Paris investors are keeping a close eye on the budget debate.
On the equity market, Computacenter was the main beneficiary of the tech rally (with the Stoxx 600 sector index up 0.94 per cent), rising 11.5 per cent in London. The British IT services group has raised its profit forecasts for the fourth time since the start of the year, benefiting from demand from data centres for AI, particularly in North America and the UK. Also in London, Man Group rose by 6.6 per cent, buoyed by the strengthening of its alliance with the Japanese insurance group Meiji Yasuda Life Insurance.
In Copenhagen, Genmab’s share price jumped by 12 per cent. The Danish pharmaceutical group was buoyed by encouraging results for its experimental cancer drug petosemtamab and a buy recommendation from JPMorgan. It was a different story for GTT, a French naval engineering company specialising in technologies for the transport and storage of LNG. The share price fell by 11 per cent following the publication of its results for the first nine months of the year.
In Lisbon, Galp Energia fell by 10.6 per cent after announcing that it had broken off talks with the Spanish company Moeve regarding the merger of their respective downstream operations. In Madrid, meanwhile, the Ibex 35’s modest gains also reflect selling in Telefónica, down 6.4 per cent following a downgrade by JPMorgan. The Spanish market was also weighed down by a fall in Santander’s share price (-3.1 per cent): Brazil is, in fact, one of the bank’s largest markets.
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