Banks tick higher but autos weigh on STOXX
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BANKS TICK HIGHER BUT AUTOS WEIGH ON STOXX
The STOXX 600 .STOXX is rising 0.5%, as banks stage a recovery, 1.4% higher after falling 2.3% on Tuesday, caught up in market volatility around the upcoming French election.
It is British pest-control firm Rentokil .RTO.L though that is the top mover, soaring as much as 16% after a report said Nelson Peltz's Trian Fund Management had amassed a significant stake.
Meanwhile the biggest faller is Porsche Automobil Holding PSHG_p.DE, down 6% and dragging on the autos index .SXAP which is the worst off sector in Europe, off 0.7%.
Some of the world's biggest carmakers are facing 1.5 million lawsuits in Britain for allegedly cheating emissions tests that could cost them at least 6 billion pounds ($7.6 billion), claimants' lawyers told London's High Court on Tuesday.
Elsewhere, the Financial Times reported that the European Commission will notify car makers on Wednesday that it will provisionally apply additional duties of up to 25% on imported Chinese electric vehicles from next month, citing people familiar with the matter.
Belgium's Umicore UMI.BR, which makes catalytic converters and battery materials for carmakers, is also not helping, down 4.4% after lowering its 2024 profit forecast citing steep cuts to demand projections for battery materials in recent weeks.
(Lucy Raitano)
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