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Europe close: Late fight back succeeds
Thu, 09 Sep, 2010
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Europe close: Late fight back succeeds
Tue, 9 Mar 2010, 16:54:00
A recovery from early losses on Wall Street dragged bourses out of the red, just, although banks and Airbus parent EADS stood out among the fallers. <b>EADS</b> scrapped the dividend following a net loss of €763m in 2009 versus a €1.57bn profit the year before. Revenue fell to €42.8bn from €43.3bn. Delays on the A400M military transport aircraft, financial charges on its A380 superjumbo and adverse currency fluctuations contributed to the deficit. A warning that 2010 may be "volatile" hammered the shares in Paris. The news came as the firm and US partner Northrop Grumman pulled out of bidding for a $35bn contract to build refuelling tankers for the US air force. The deal would have secured thousands of manufacturing jobs in the UK, France, Germany and Spain. Rival Boeing, the world's second-biggest aerospace company, is now expected to pick up the work. Banks featured among the biggest fallers on the French exchange, with <b>Societe Generale</b>, <b>Credit Agricole</b> and <b>BNP Paribas</b> struggling, although <b>Commerzbank</b> and <b>Deutsche Bank</b> recovered over in Frankfurt. Across the markets, the German Dax rose 9 to 5,885, the Cac 40 added 6 points to end at 3,910, while the Swiss market managed to advance 17 points to 6,868. Elsewhere, German mail company<b> Deutsche Post</b> saw fourth-quarter net losses narrowed largely thanks to its cost savings program. Net losses fell to €283m compared with a loss of €3.18bn in the same period last year on revenue down 11.6% to €12.39bn. For 2010, the group expects underlying earnings before interest and taxes of between €1.6bn and €1.9bn. 'We are optimistic about the future, even though many uncertainties remain about the strength of the economic recovery as well as about political and regulatory issues,' said chief executive Frank Appel. <b>Aer Lingus</b> said operating losses quadrupled in 2009, though the Irish airline made a profit in the second half of the year. Operating losses, before exceptional items, widened to €81m from €20m last year, while revenues declined 11% to €1,205.7m. Elsewhere, health care giant <b>Sanofi-Aventis</b> and US peer Merck have agreed to form a 50-50 animal-health joint venture.
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