Porsche Stocks Drop
Porsche’s stocks decreased by about 5% after the company lowered its outlook for 2024.
European Stock Market Update
The main European stock indices ended the session without a clear direction as investors assess another round of corporate earnings reports, as reported by CNBC.
The pan-European benchmark Stoxx 600 rose by 0.07% to 515.15 points.
It was supported by the strong performance of companies in the mining sector, whose stocks rose on average by 1.71%. The automotive sector also performed well.
The European Stock Market
The stock market in Europe had a mixed performance today, with technology companies leading the way with a 1.4% increase in prices.
Stock Index Performance
The British FTSE index fell by 0.38% to 8167.37 points, while the French CAC index decreased by 0.31% to 7598.63 points. On the other hand, the German DAX index rose by 0.77% to 18,547.97 points.
Porsche’s Stock Prices
The stock prices of luxury car manufacturer Porsche dropped by around 5% after the company lowered its outlook for 2024 due to a shortage of aluminum parts and cooling demand in China.
European Commission Investigation
Meanwhile, it was revealed that the European Commission (EC) is launching an investigation into anti-competitive practices.
Competition Practices in the Online Food Delivery Industry
Delivery Hero, a German online food delivery company, and the Spanish company Glovo are currently under suspicion of engaging in secret agreements regarding pricing, which may be detrimental to the competitive market environment. Following this news, the shares of Delivery Hero dropped by 1.82%.
European Stock Market Update
At the end of the regular trading session on July 23rd, major European stock indices showed mixed results. The share price of the German software developer SAP increased by over 7%, despite the company’s announcement of expanding its workforce reduction plan. Instead of previously planned layoffs, the company seems to be experiencing positive market reception.
Impact of Job Cuts in Software Giant
Between 9000 and 10,000 jobs will be affected by the recent layoffs at a software giant based in Waldorf. The company, which had 105,315 employees at the end of the second quarter, now has around 3000 fewer employees than before.
US Presidential Race Continues to Dominate Markets
The focus in the markets continues to be on the US presidential race, as President Joe Biden withdrew from his presidential campaign on Sunday, making way for Kamala Harris. She secured the support of the majority of delegates at the National Congress of the Democratic Party on Monday, according to many sources.
The Future Candidate for President
Rumors are circulating that a prominent figure will likely become a candidate for president of the party next month. The anticipation is high as supporters eagerly await the official announcement.