Newscasts - Europe Today: European shares rally at the start of the week, Continental surges 8%

Bitcoin Fund

11/11/2024 11:00

Click the following link to watch video: https://share.newscasts.refinitiv.com/link?entryId=1_gwh0zd07&referenceId=1_gwh0zd07&pageId=Newscasts
Source: 'Reuters - Business videos'

Description: European stocks were higher on Monday, starting the week on a
positive footing after Donald Trump’s election victory and interest rate
cuts from major central banks.
Short Link: https://refini.tv/40IkV0y

Video Transcript:

European shares rally at the start of the week, Continental surges 8%. Welcome
to Europe Today. I’m Ludovica Brignola. European stocks were higher on
Monday, starting the week on a positive footing after Donald Trump's election
victory and interest rate cuts from major central banks, last week. Industrial
stocks led the gains, they were up more than 1%, while mining stocks dipped.
Well, let's take a look at stocks making the biggest moves today. German
automotive and industrial supplier Continental cut its sales guidance for the
second time this year, blaming weak demand from industry in Europe and North
America. Despite that, the company posted third quarter core profit above
expectations. And Continental shares were up 8%. Stellantis and it's a Chinese
partner Leapmotor have scrapped a plan to make a second electric vehicle model
at the European automakers plant in Poland. And that's what two people with
the knowledge of the matter told Reuters. The joint venture instead
considering using a Stellantis factory in Germany as alternative production
site for the B10 electric crossover. Spain's Cellnex, next Europe's largest
mobile phone tower operator reported a six point, 1% hike in adjusted core
earnings in the first nine months of the year. That's as revenues grew 7% to
EUR2.9 billion, thanks to the deployment of more towers. NatWest has bought
back GBP1 billion worth of its own shares from Britain's government as it
continues its exit from state ownership following its bailout in the 2008
financial crisis. UKGI, which manages the government stake in the bank, said
as a result of that transaction, the governments ownership would fall from
around 14% of the company to around 11%. Direct Line Insurance Group unveiled
plans to cut 550 roles, or about 5% of its global workforce. The company
reported a fall in gross premiums written in the third quarter, weighed down
by its underperforming motor insurance business. Talabat, the Middle East
business of German food delivery company delivery Hero, will list on the Dubai
Stock Exchange in mid-December, floating 15% of its issued shares. That will
be one of the UAE's biggest IPO's this year. And finally, Bitcoin reached a
fresh all time high over $81,000 and futures premiums soared in a clear sign
that investors believe the record run in the world's largest cryptocurrency is
poised for even more gains. That's happening on the back of US elections that
saw a swell of pro-Crypto candidates win office. And that's it from Europe
Today