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European stocks rebounded, with the Stoxx Europe 600 Index rising 0.6% following positive earnings reports across various sectors after three days of declines. Travel and leisure, along with personal care, drug, and grocery sectors, led the gains. Notably, Unilever Plc saw a boost from accelerating sales growth, while Barclays Plc reported an increase in trading revenue.
Billionaire Mike Ashley has requested to be appointed as CEO of Boohoo Group Plc, criticizing the board for neglecting its largest shareholder amid poor trading results. His Frasers Group Plc described the company's performance as "abysmal" in an open letter released Thursday.
The CLO market faces a mixed outlook amid macroeconomic challenges, with interest rate cuts potentially improving the financial stability of highly leveraged companies but also lowering yields for investors. Japanese investors remain active despite recent volatility, while liability management exercises are increasingly common as sponsors restructure debt. The rise of private credit is reshaping competitive dynamics, making it harder for CLO managers to secure quality syndicated loans, necessitating innovation in CLO structures.
London Stock Exchange Group reported a 9.5% year-on-year increase in third-quarter revenues, reaching £2.12 billion, surpassing analyst expectations. The rise was driven by a 6% growth in Annual Subscription Value, although there was a slight impact from cancellations linked to Credit Suisse. The company anticipates ASV growth to remain steady for the remainder of the year.
Anglo American Plc is considering further cuts to diamond production due to weak demand in China and an oversupply in the market. The company plans to sell or spin off its De Beers diamond business, which has been impacted by declining gem prices and competition from lab-grown stones amid inflationary pressures on consumers globally.
Abrdn Plc experienced significant outflows of £3.1 billion ($4 billion) in the third quarter, primarily driven by client redemptions from its equities funds. Additionally, fixed-income funds faced around £800 million in outflows, largely due to a single mandate redemption.
Foxtons Group Plc reported a 36% year-on-year increase in sales revenue, reaching £13.5 million ($17.5 million) from July to September, signaling a potential recovery in the UK housing market. Overall revenue, which includes lettings and financial services, rose 8% to £47.4 million during the same period.
High-net-worth collectors are increasingly purchasing from new art dealers, with 88% exploring at least one new gallery in the past year, according to the Art Basel and UBS Survey of Global Collecting 2024. Despite a 32% drop in average spending in 2023, median expenditures remained stable, indicating a shift towards more diverse purchasing channels and price points. Optimism in the art market is rising, with 91% of collectors confident about its performance in the next six months, while intergenerational wealth transfer is expected to influence future collecting trends.
Hyundai Motor reported a 7% decline in third-quarter operating profit, falling short of forecasts, as global demand for cars slows and competition intensifies. The company maintained its 2024 earnings target despite a 5% drop in global retail sales, primarily due to warranty costs and increased sales incentives. Shares fell over 5% following the announcement, reflecting investor disappointment amid a challenging automotive market.
Applied Nutrition Plc raised £157.5 million ($204 million) in its initial public offering, boosting London's capital market. The protein-shake maker priced its shares at 140 pence, valuing the company at approximately £350 million as it prepares to trade on the London Stock Exchange under the symbol APN LN.
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european stocks rise on strong earnings from multiple sectors
09:18 24.10.2024
Mike Ashley seeks CEO position at struggling Boohoo Group Plc
09:08 24.10.2024
CLO market outlook amid interest rate shifts and evolving credit dynamics
09:00 24.10.2024
LSEG reports 9.5 percent revenue growth in third quarter results
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08:56 24.10.2024
anglo american considers further cuts to diamond production amid weak demand
08:45 24.10.2024
abrn reports 3.1 billion outflows as clients exit equities funds
08:42 24.10.2024
foxtons reports 36 percent rise in sales revenue amid housing market recovery
08:34 24.10.2024
high-net-worth collectors increasingly turn to new galleries for art purchases
08:31 24.10.2024
hyundai motor reports profit decline amid slowing demand and rising competition
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08:22 24.10.2024
applied nutrition raises 204 million in london ipo debut
08:19 24.10.2024
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