On Tuesday, European stock markets ended on a positive note, although Frankfurt’s gains were subdued by preliminary reports of Germany’s economic downturn.
BBVA’s shares notably soared, energized by the bank’s new asset repurchase plan fueled by profit growth.
This surge significantly contributed to Madrid’s IBEX-35 index surpassing the 10,000-point threshold.
Renault’s decision to halt the separate listing of its electric vehicle and software units also impacted the market positively.
In Frankfurt, the DAX index modestly rose by 0.18% to 16,972.34 points, trailing behind London’s FTSE-100 and Paris’ CAC-40, which grew by 0.44% and 0.48%, respectively.
The Eurozone’s economy showed a standstill in the last quarter of 2023, following a 0.1% decline in the previous quarter.
Spain and Italy outperformed expectations, while France’s economy remained stagnant and Germany’s shrank by 0.3%.
Madrid’s IBEX-35 index marked a significant gain of 1.51%, closing at 10,039.30 points, largely driven by BBVA’s 6.16% rise.
The bank’s decision for an $846 million share buyback followed its reported net profit increase to 2.06 billion euros in the fourth quarter, exceeding expectations. BBVA’s annual profit also hit a high of 8.02 billion euros.
In Paris, Renault’s shares went up by 1.31% following the company’s announcement to cancel its Ampere unit’s IPO, attributing it to favorable market conditions and enhanced cash flow.
Milan’s FTSE Mib ended higher, gaining 1.29% at 30,623.27 points. Similarly, Lisbon’s PSI-20 benchmark increased by 0.63% to 6,292.61 points.
Interconnected European economies: Corporate decisions and economic trends in Germany and France strongly impact regional stock markets.
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