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Europe midday: Markets linger in the red
Mon, 01 Dec, 2008
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Europe midday: Markets linger in the red
Wed, 15 Oct 2008, 12:53:00
European markets continue to linger the red as fears about a recession take hold, offsetting the good will generated by the various bank bailout schemes announced by governments in the last few days. <br /><br />Banking stocks, which have been surging the last few days on the back of the schemes, are down heavily today. Societe Generale, Deutsche Bank and UBS are posting big losses.<br /><br />Across the markets, the German DAX is 102 points lower at 5096 with the French CAC falling 87 points to 3541.<br /><br />Belgian bank and insurance group KBC said it expects to report third-quarter losses of up to €930m after credit ratings group Moody's cut the credit ratings on some structured investment products the group has invested in. <br /><br />Semiconductor equipment maker ASML said third-quarter profit fell 56% on lower machine sales. Broker Commerzbank was more positive on the stock and upgraded its rating to hold.<br /><br />Commerzebank also lowered its EPS target on Deutsche Börse, reducing its recommendation to "add" from "buy", while chemical firm Clariant saw Citigroup cut its recommendation to "sell" from "hold".<br /><br />German drugs and chemical maker Bayer AG plans to delist its shares from the Tokyo Stock Exchange because the levels of volumes traded in the exchange did not justify the costs, it said.
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