easyJet plc operates as a low-cost airline carrier in Europe. The company engages in the development of building projects; financing and insurance business; and tour operator activities, as well as provides holiday packages. It also offers heavy base maintenance and air transport services. easyJet plc was founded in 1995 and is headquartered in Luton, the United Kingdom.
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Raymond James cuts airline estimates on higher fuel, upgrades Allegiant
Raymond James lowered estimates across its airline coverage universe, citing a higher jet fuel price forecast, while upgrading Allegiant Travel to Strong Buy from Outperform. The broker raised its jet fuel price forecast for the second half of 2026, 2027 and 2028 by roughly 18%, 14% and 7%, respectively, with Gulf Coast jet fuel prices up 39% quarter-to-date through August 19. Analyst Savanthi Syth said the higher fuel forecast primarily reflects elevated refining margin assumptions rather than crude prices, and pointed to Allegiant's greater quarter-to-date share pullback despite a constructive backdrop excluding fuel. U.S. TSA throughput has run about 2.6% lower year-over-year quarter-to-date versus a 1.1% decline in scheduled seats, while Raymond James raised its fourth-quarter U.S. domestic capacity growth forecast to 2.3% from 1.5% in early August. In Europe, intra-Europe seat capacity is up about 5% year-over-year over the summer, and Syth expects a favorable supply inflection heading into winter as fuel-hedge rolloffs and earnings pressure prompt capacity discipline at Ryanair, easyJet, AF-KLM, IAG and Lufthansa.
Moody’s warns easyJet debt rating faces junk downgrade on Apollo takeover
Moody’s has placed easyJet’s credit rating under review for a downgrade of two notches or more, which would drop it into junk territory, following the £5.7 billion takeover by Apollo Global Management. Lead analyst Luigi Bucci said the deal introduces substantial uncertainty around the airline’s conservative financial policy and will result in a material deterioration of its credit profile. The ratings agency assumes the acquisition, priced at £7.15 per share in cash, will be financed through equity from Apollo-managed funds and debt from a banking syndicate, with private equity ownership typically leading to higher debt levels. Moody’s also noted the buyout comes at a sensitive point as easyJet’s capital spending is forecast to jump from £1.2 billion last year to more than £3 billion in fiscal 2028 for fleet renewal, while operating profit is expected to dip to £200 million this year amid high fuel prices. Apollo funds are expected to own 49.9% of easyJet, with existing shareholders including founder Stelios Haji-Ioannou retaining between 45.1% and 49.9% and the remainder held via an employee trust.
Apollo agrees to buy UK's easyJet for $7.7 billion
US investment fund Apollo Global Management has agreed to acquire UK budget airline easyJet for approximately £5.7 billion, or $7.7 billion. The purchase price represents a premium of about 81% over the closing price on May 28, the last trading day before a rival bid from Castlelake surfaced. The easyJet board unanimously recommended the all-cash offer, and founder Stelios Haji-Ioannou, together with his family, has expressed support. Castlelake had made five previous bids but withdrew from the takeover battle after Apollo entered the fray in July. Apollo plans to take easyJet private after the acquisition and accelerate the expansion of its holiday business. To retain EU operating rights, the Haji-Ioannou family and others are expected to hold between 45.1% and 49.9% of the ordinary shares in the acquisition vehicle, with Apollo's funds capped at a 49.9% stake.
EasyJet aligns Apollo and Castlelake bid deadlines to August 7
EasyJet has aligned the bidding deadlines for Apollo Global Management and Castlelake LP, giving both firms until 5 p.m. on Friday, August 7 to declare a firm intention to make an offer or announce they will not proceed. The Panel on Takeovers and Mergers consented to an extension of Castlelake's original put up or shut up deadline, which had been set for August 3, while Apollo's deadline of August 7 remains unchanged. Both firms have had access to due diligence materials, and under U.K. takeover rules each must now announce a firm offer or confirm it does not intend to make one by the Friday deadline. EasyJet cautioned that there can be no certainty any firm offer will be made and advised shareholders to take no action. The two firms have been competing to acquire the entire issued share capital of easyJet, with the board having agreed in principle to a £7.15 per share cash offer from Apollo on July 10, a proposal valued at roughly £5.5 billion, and indicating it was no longer minded to recommend Castlelake's earlier offer of £6.90 per share.
EasyJet Profits Drop 70% on Fuel Costs and Geopolitical Tensions
EasyJet reported a 70% drop in pre-tax profit to £85 million for the April-to-June quarter, down from £286 million a year earlier, as higher fuel costs and weaker bookings following the Iran-U.S. conflict weighed on results. Fuel costs rose by £105 million, driven by higher prices on the unhedged portion of consumption, with fuel prices peaking at around $1,800 per metric tonne in April. Despite the profit decline, shares rose over 5% in early trading Thursday, partly recovering from an 11% fall the previous day after reports of a potential EU review of a takeover bid. The company has attracted takeover interest, with its board recommending a £5.7 billion bid from Apollo Global Management over a £5.5 billion offer from Castlelake. Management noted improving booking trends and expects August bookings to exceed last year's levels, though the outlook remains dependent on volatile fuel prices and summer travel demand.
FTSE 100 Closes Down 77.80 Points Under Pressure from Surging Oil and High Bond Yields
The FTSE 100 index on the London Stock Exchange closed at 10,639.17 points, down 77.80 points or 0.73 percent on Thursday, amid pressure from rising government bond yields and crude oil prices surging past 100 US dollars per barrel due to conflict in the Middle East. Precious metals mining stocks fell 5.1 percent after gold prices dropped around 2 percent on a stronger US dollar and inflation concerns from soaring oil prices. Meanwhile, UK energy stocks rose 2.1 percent, boosted by Brent crude oil prices jumping more than 6 percent after US President Donald Trump announced major military retaliation against Iran and the Houthi group. EasyJet shares rose 2.7 percent even though third-quarter profit fell as much as 70 percent, as results came in better than analysts had expected.
European Stocks Close with Steepest Drop in Over Two Weeks on ECB Tightening Signals and Oil Price Surge
European stock markets closed with their biggest decline in more than two weeks on Thursday, with the STOXX 600 index falling 1.18% to close at 639.27 points, pressured by disappointing earnings, hawkish remarks from the European Central Bank, and a surge in crude oil prices. France's CAC-40 dropped 1.64% to close at 8,299.09 points, Germany's DAX fell 1.56% to 24,763.12 points, and London's FTSE 100 declined 0.73% to 10,639.17 points. Although the ECB held interest rates steady, comments from President Christine Lagarde led investors to see a chance of a rate hike in September. Meanwhile, Brent crude futures surged to 100 US dollars per barrel for the first time since May after Houthi forces attacked a Saudi oil tanker in the Red Sea, pushing energy stocks up 1.54%. However, food and beverage stocks tumbled 4.1%, with Nestlé plunging nearly 8%, its biggest drop since 1989, after announcing the sale of some of its water and premium beverage businesses to Platinum Equity. Technology stocks fell 2.9%, led by STMicroelectronics which slumped 17.7% after forecasting third-quarter revenue below expectations, and BE Semiconductor which dropped 7.3% after reporting second-quarter results. In contrast, Soitec surged nearly 22% after revenue beat estimates. TotalEnergies rose 2.5% on its strongest quarterly results in nearly three years, and easyJet gained 2.7% despite a 70% drop in third-quarter profit.
Marathon Asset Management Discloses 2.19% Stake in easyJet
Marathon Asset Management Limited disclosed a 2.19% interest in easyJet Plc, holding 16,612,230 ordinary shares as of 22 July 2026. The disclosure, made under Rule 8.3 of the Takeover Code, includes sales of 39,407 shares at 6.627 per unit and 10,588 shares at 5.852 per unit. Marathon does not have discretion over voting decisions for 1,936,039 of the reported shares, and a change in shares held was also due to an in specie transfer out.
FTSE 100 Closes Down 0.71% as Middle East Tensions Overshadow New Prime Minister Boost
The London stock market closed lower on Monday, with the FTSE 100 index falling 75.61 points, or 0.71%, to end at 10,524.76 points, marking its biggest daily drop in about two weeks. Ongoing tensions between the United States and Iran continued to undermine global investment confidence, leading to a muted market response to Andy Burnham becoming the seventh prime minister of the United Kingdom in 10 years. Housebuilders slid 3.5%, the most among the main FTSE 350 sectors, while long-dated UK government bond yields rose, with the 30-year yield hitting a two-month high. Utilities fell 1.4%, and pharmaceuticals and biotechnology dropped 1.6%, with AstraZeneca down 1.7%. Banks lost 0.7%, and industrial metals miners declined 1.1%. Airline stocks came under selling pressure after Ryanair reported a one-third drop in quarterly profit, with Wizz Air tumbling 2.9%, while IAG and easyJet both fell 1.4%. Computacenter surged 5.6% after Berenberg upgraded its rating from hold to buy.
easyJet Could Be 51% Overvalued Following £5.5b Apollo Bid
Apollo Management X has proposed a £5.5 billion acquisition of easyJet, offering £7.15 per share in cash with an optional stub equity alternative, while the easyJet board has withdrawn support for a competing Castlelake bid. The most followed valuation narrative puts easyJet's fair value at about £4.48, compared with a last close of £6.75, suggesting the stock could be 51% overvalued. The Apollo proposal follows a strong run in easyJet's share price, with a 30-day return of 35.04% and a 90-day return of 70.33%. Bulls view the offer as evidence that easyJet should command a higher price, while bears point to the stock trading below the bid price. EasyJet Holidays continues to show strong potential, targeting a 25% increase in customer numbers next year, but the company still faces supply constraints and higher operating costs that could pressure margins.
Apollo Global Management has made a surprise £5.7 billion all-cash bid for EasyJet, beating an earlier offer from US investor Castlelake that had already put the carrier in play and lifted its share price. The bid signals confidence in Europe’s carriers and Apollo said it would support EasyJet’s existing strategy by upgauging the fleet, enhancing ancillary and loyalty offerings, and scaling the holiday packaging business. Morgan Stanley analyst Axel Stasse noted that, similar to Castlelake’s proposal, meeting EU ownership requirements remains a key hurdle for any non-EU acquisition of an EU airline. EasyJet, founded in 1995, is one of Europe’s largest budget airlines with a dense network at major airports such as Gatwick, Milan Malpensa, and Berlin, though it has faced pandemic losses, high fuel prices, and intense competition from Ryanair and others.
Vodafone, easyJet, Shein among top global corporate stories last week
Global stock indexes mostly fell last week amid tech weakness and an uncertain macroeconomic outlook. The S&P 500 and Nasdaq rose 0.7% and 1.4%, while the Dow fell 1.1%. European equities ended 1.4% lower, with London's FTSE 100 down 1.5%, Germany's DAX down 2.8%, and France's CAC down 2%. In major corporate news, UAE telecoms operator e& Group agreed to sell its entire stake in Vodafone to a company owned by French telecoms tycoon Xavier Niel for $5.95 billion, making him Vodafone's largest shareholder. British low-cost airline easyJet agreed in principle to a £5.7 billion takeover offer from Apollo Global Management's Apollo Management X. Chinese online fashion retailer Shein received approval to proceed with a planned initial public offering in Hong Kong.
Vodafone gains help FTSE 100 close higher amid calmer trading
The FTSE 100 closed higher on Friday, lifted by a 13% surge in Vodafone shares after investment vehicle Vega agreed to acquire Emirates Telecommunications' 16.2% stake for £4.4 billion, making it the telecom firm's largest shareholder. The blue-chip index rose 24.84 points, or 0.2%, to 10,497.29, while the FTSE 250 added 0.6% and the AIM All-Share edged up 0.2%. Vega, owned by the Xavier Niel family, said it has no intention of making a takeover offer but JPMorgan analysts noted Niel is not known as a passive investor. St James's Place slumped 8.6% after a report that a large partner firm plans to exit, while Hays jumped 20% on an upbeat profit forecast and easyJet soared 14% after agreeing to a £5.7 billion takeover proposal from Apollo Management that tops a rival bid.
European Shares Subdued Amid Rising Middle East Tensions
European stocks were subdued on Friday amid AI valuation concerns and tit-for-tat strikes between Iran and the U.S. The pan-European STOXX 600 was marginally lower at 640.66 after rising 0.8 percent on Thursday. The German DAX, France's CAC 40 and the U.K.'s FTSE 100 all traded marginally lower. Careium AB shares soared 11 percent after the Swedish care technology company reported a 24 percent rise in second-quarter net sales. Vodafone jumped 11 percent after UAE telecoms operator E& announced it would sell its entire stake in the British carrier to Vega. No-frills airline EasyJet skyrocketed 14 percent after agreeing in principle to a £5.7 billion takeover proposal from U.S. private equity giant Apolo Global Management. Recruitment specialist Hays surged 12 percent after saying its annual operating profit would land at the top of analyst forecasts.
European stocks post first weekly drop in five weeks, bonds also fall as Middle East concerns intensify
European stocks fell for the first week in five, and government bonds were also sold off. Concerns over the Middle East intensified after US President Trump indicated a willingness to continue talks with Iran while also signaling an end to the ceasefire. The Stoxx 600 index briefly fell as much as 0.3 percent before paring losses. EasyJet surged 14 percent after Apollo made a takeover offer topping Castlelake. The yield on Germany's 10-year bond rose 13 basis points this week to 3.07 percent, its biggest weekly jump since May.
European stock markets edged higher, with the STOXX Europe 600 index closing 0.04% up on the day. Telecom shares led the gains, as Vodafone surged 12.6% following reports that the family of French businessman Xavier Niel acquired a stake held by UAE telecom group e&. In travel and leisure, easyJet rose 14.3% on expectations of progress in a takeover plan by US private equity firm Apollo Global. Meanwhile, the tech index fell 0.81%, and auto giant Volkswagen dropped 1.3%. In eurozone bond markets, regional government bond yields declined, with the German 10-year yield down 1 basis point to 3.04%. In London, the FTSE 100 rebounded slightly, up 0.24%, while the mid-cap FTSE 250 index extended gains, rising 0.56%.
UK's easyJet Reaches Agreement in Principle on Apollo Bid
UK budget airline easyJet has announced it has reached an agreement in principle on a 5.7 billion pound takeover proposal from Apollo Global. This comes just days after it had agreed in principle to a 5.5 billion pound proposal from Castlelake, which it has now rejected. Apollo's offer of around 7.15 pounds per share is about 3.6 percent higher than Castlelake's latest bid. Apollo must announce a firm offer by August 7, while Castlelake's deadline is August 3. In a joint statement, easyJet and Apollo said the all-cash acquisition proposal would deliver a more favourable outcome for shareholders.
Micron partners with Ford on chips, TeraWulf lands AI deal, easyJet gets takeover bid
Micron Technology announced a long-term semiconductor supply agreement with Ford to provide memory and storage solutions for Ford's next-generation connected vehicles. TeraWulf signed a 20-year lease agreement with Anthropic for AI infrastructure, expected to generate about $19 billion in contracted revenue over the life of the deal. EasyJet shares soared after the budget airline agreed in principle to a takeover offer from US private equity firm Castle Lake, a proposed deal valued at more than $7 billion.
Global Markets Mixed as Oil Prices Dip Alongside Mining Stocks
The FTSE 100 fell 0.28% to 10,649 and the Nikkei 225 slipped 0.01% to 69,738. London shares were pressured by miners and softer Brent crude, while Tokyo stocks were held back by mixed chip trading and a weaker yen backdrop. easyJet surged 10% on a $7.3 billion takeover deal from private equity firm Castlelake. South Korea's KOSPI 200 Index fell 0.5% as SK Hynix announced it would seek a U.S. IPO to raise over $28 billion in capital.
The FTSE 100 closed down 0.3% on Monday, pressured by declines in gold miners and AstraZeneca alongside soft UK construction data. The UK construction PMI edged up to 38.4 in June from 38.2 in May, remaining deep in contraction territory. AstraZeneca fell 2.5% and GSK dropped 1.6%, while Fresnillo and Endeavour Mining lost 2.4% and 2.5% respectively as gold prices weakened. On the FTSE 250, easyJet surged 9.3% after reaching an agreement in principle for a takeover by Castlelake at 690 pence per share, valuing the airline at over £5 billion. ITV slipped 0.1% after announcing it will return £950 million to shareholders from the sale of its Media & Entertainment business to Sky for up to £1.6 billion.
European Shares Tick Higher As German Factory Orders Surge
European stocks were flat to slightly higher on Monday as investors braced for central bank commentary and the release of U.S. Federal Reserve minutes later in the week. Germany's factory orders rebounded at a stronger-than-expected pace in May, expanding 1.9 percent on a monthly basis versus a forecast of 1.1 percent, after a revised 3.2 percent decline in April. On a yearly basis, growth in factory orders accelerated to 6.2 percent from 2.1 percent in the previous month. The pan European Stoxx 600 edged up 0.1 percent to 653.45, while the German DAX gained 0.2 percent, France's CAC 40 added half a percent, and the U.K.'s FTSE 100 was up 0.3 percent. Among individual stocks, EasyJet soared 11 percent after agreeing in principle to a takeover offer worth around £5.2 billion from U.S. investment firm Castlelake, while Thales rallied 2 percent on news it will buy the Gorge family's 35.51 percent stake in Exail Technologies.
FTSE 100 edges higher as Ukraine, Iran developments watched
British stocks edged higher on Monday as diplomatic developments over Ukraine, the funeral of Iran's late supreme leader, and a fresh OPEC+ output increase were weighed alongside a busy UK economic calendar. The FTSE 100 was up 0.26%, while Germany's DAX was down 0.02% and France's CAC 40 rose 0.30%. Russian President Vladimir Putin and U.S. President Donald Trump spoke by phone for nearly 90 minutes on Sunday, with Trump reaffirming his readiness to facilitate the earliest possible cessation of hostilities in Ukraine. Iran began a 12-hour funeral procession in Tehran for slain Supreme Leader Ayatollah Ali Khamenei, with his successor Mojtaba Khamenei not appearing in public since the February 28 airstrike. Seven OPEC+ countries agreed to raise combined production by 188,000 barrels per day from August, the fifth straight monthly increase, while Brent crude for September delivery was down 0.42% at $71.82 a barrel. In UK corporate news, EasyJet agreed to a £5.5 billion takeover by U.S. investment firm Castlelake at £6.90 per share, and ITV agreed to sell its media and entertainment division to Sky for £1.6 billion.
European stocks firm, UK, German, French indices in positive territory; easyJet higher
European markets are firm, with the major indices in the UK, Germany, and France all trading in positive territory compared to the previous day. Gains are limited, with sentiment also driven by a desire to gauge the direction of US markets when they reopen after the holiday. Among individual stocks, easyJet is being bought after announcing it has agreed in principle to a new takeover proposal from Castlelake.
European Markets Summary (6th): Stocks Fall Back, EasyJet Surges, Bond Yields Flat
European stock markets fell back on the 6th. The STOXX Europe 600 index hit a record high during the session but closed 0.35% lower, pressured by profit-taking. Germany's DAX index rose 0.15% to a record closing high. Budget airline EasyJet surged 9.3% after announcing it had agreed in principle to a new takeover proposal from US investment firm Castlelake. Eurozone bond yields were flat. With little prospect of a major shift in the ECB's policy outlook, Germany's 10-year bond yield briefly touched 2.94%, its highest since June 23, but movements were limited. In currencies, the euro traded at 1.1425 dollars and the dollar at 162.26 yen.
EasyJet agrees £5.2bn takeover by Castlelake-led consortium at 690p a share
EasyJet has agreed to a £5.2 billion takeover by a consortium led by American financial institution Castlelake, with the board accepting a sweetened offer of 690 pence per share. The deal values the low-cost airline at £5.2 billion and follows weeks of negotiations, with Castlelake’s winning bid being its fifth offer. Under the terms, Castlelake will hold a 49% stake, while Brookfield Asset Management and former easyJet operations chief Peter Bellew, along with Irish airline executive Mark Breen, will own the remaining 51%, a structure designed to comply with EU ownership rules. Founder Sir Stelios Haji-Ioannou, a major shareholder, has yet to publicly back the deal, though one City analyst described the price as good value. The consortium has until August 3 to finalise the paperwork.
US stocks fall as chip sell-off drags Nasdaq; Europe flat, Asia mixed
US stock indexes ended lower this week amid a sell-off in heavyweight chip producers. AI and memory stocks declined, dragging the Nasdaq, after OpenAI reportedly is considering pushing its IPO to 2027. For the week, the S&P 500 fell 2.3%, the Nasdaq dropped 4.7%, and the Dow was flat. European equities ended the week flat, with the FTSE 100 rising 1.4% while Germany's DAX and France's CAC slipped 1.6% and 0.4% respectively. In Asia, Chinese markets lost 1.6% and Japan's Nikkei 225 fell 3.4% as Tokyo's core inflation accelerated for the first time in eight months, reinforcing expectations of further Bank of Japan rate hikes. The People's Bank of China kept its key lending rates at record lows for a 13th straight month. Among major corporate news, EasyJet reportedly rejected three offers from Castlelake, Alibaba sued the US government over a Pentagon blacklist designation, and Honda, Nissan and Mitsubishi are in final talks to standardize electronic control units for next-generation vehicles.
Marathon Asset Management discloses 2.32% stake in easyJet
Marathon Asset Management Limited disclosed a 2.32% interest in easyJet Plc, holding 17,601,764 ordinary shares as of 25 June 2026. The disclosure, made under Rule 8.3 of the Takeover Code, includes a sale of 3,387 shares at 5.7420 per share. Marathon does not have discretion over voting decisions for 2,183,335 of the shares.
European stocks advanced on Thursday, with the FTSE 100 closing up 0.7% at 10,529.89, as the Dow Jones Industrial Average reached a new all-time high. The FTSE 250 added 0.3% to 23,161.41, while the AIM All-Share fell 0.7% to 771.92. In New York, the Dow rose 0.9% to a record, the S&P 500 gained 0.2%, but the Nasdaq Composite slipped 0.4%. Micron Technology soared 11% after its third-quarter results and guidance beat expectations, driven by AI demand for memory bandwidth. Bayer surged 19% after the US Supreme Court overturned a lower court ruling that had exposed the company to thousands of claims over its Roundup weedkiller, a decision JPMorgan analyst Richard Vosser said covers about 80% of filed glyphosate cases. In London, 3i Group jumped 11% on strong sales figures from its key investment Action, while Barratt Redrow climbed 4.6% after major shareholder Phoenix Asset Management Partners called for increased share buybacks. EasyJet rose 6.6% as it agreed to provide limited commercial information to potential suitor Castlelake, which had made a fourth bid proposal worth 650 pence per share. Oil prices remained subdued, with Brent crude trading at 74.42 dollars a barrel, well below recent highs, easing inflation concerns.
European stocks traded higher on Thursday, with the pan-European STOXX 600 up half a percent at 638.52, as technology stocks gained following strong forecasts from U.S. chipmakers Micron and Qualcomm. The German DAX surged 0.6 percent, while France's CAC 40 and the U.K.'s FTSE 100 both rose around 0.4 percent. Infineon climbed 5.2 percent and STMicroelectronics gained 3.7 percent, while easyJet shares jumped nearly 7 percent after rejecting a fourth takeover proposal from Castlelake. German consumer sentiment is set to improve in July, with GfK's index rising to minus 29.2 from minus 29.7, though missing forecasts, and French consumer confidence improved to 84.0 in June from 82 in May.
Castlelake makes £4.74 billion easyJet takeover bid public after board rejects three offers
Castlelake LP made public its £4.74 billion, or $6.3 billion, takeover proposal for easyJet after the British budget airline's board rejected three separate bids. The latest offer of 625 pence per share in cash was rejected on June 21, with the board calling it highly opportunistic and saying it fundamentally undervalues the company. Castlelake disclosed the proposal directly to shareholders ahead of a June 26 regulatory deadline, noting the offer represents a roughly 59% premium to easyJet's closing price before the bid interest was revealed. The proposed deal includes a structure where Castlelake's stake would be capped at 49% to comply with EU ownership rules, with EU nationals holding the remaining 51%, though easyJet described the ownership structure as opaque and raised concerns about elevated leverage. EasyJet's board advised shareholders to take no action and remains focused on its target of more than £1 billion in annual pretax profit.
European stocks mixed as political and geopolitical risks weigh
European stocks ended mixed on Monday, with the pan-European Stoxx 600 edging down 0.1%, as investors weighed Middle East developments against a potential shift in UK political leadership. London's UKX slipped 0.1%, Germany's DAX was nearly flat at plus 0.01%, and France's CAC fell 0.3%. On the geopolitical front, the first round of talks between senior US and Iranian officials in Switzerland concluded amid tensions, while speculation rose that UK Prime Minister Keir Starmer may announce his resignation. In corporate news, EasyJet reportedly rejected three offers from Castlelake, which then took its latest proposal valuing the budget carrier at about £4.74 billion directly to shareholders. Tech stocks including ASML, Infineon, and STMicroelectronics led gains, while automakers Volkswagen and Mercedes-Benz and luxury brand Moncler dragged on performance.