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European close: Markets reverse despite carmaker strength
Thu, 09 Feb, 2012
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European close: Markets reverse despite carmaker strength
Thu, 11 Mar 2010, 17:36:00
European markets retreated across the board as Chinese inflation data raised fears that the government of the world's third largest economy will further ease back on economic stimulus measures to prevent the Chinese economy overheating. French consumer magazine publisher
Lagardere
was one of the worst performers in Europe today after publishing disappointing full-year figures. The country's largest publisher with titles including Elle, reported a 9.5% fall in full-year profits, worse than analysts had been anticipating. Aeronautical group
EADS
, in which Lagardere has a 7.5% stake, fell back on fears that the magazine publisher will reduce its holding. Global banking giant
HSBC
has admitted that data on about 24,000 customers with accounts in Switzerland has been stolen by a former information-technology employee. The British bank previously claimed that 'less than 10 clients' had been affected. The former HSBC computer specialist, widely reported to be Herve Falciani, passed the data on to French tax authorities. France later agreed to return the information to Switzerland. Elsewhere in the banking sector
Societe Generale
and
BNP Paribas
were on offer but German banks
Deutsche
and
Commerzbank
edged higher. Across the markets, the Dax in Frankfurt was down 8 points at 5,928 and the Cac in Paris was 14 points lower at 3,928. The Swiss market dropped 21 points to 6,851.
Volkswagen
was defying the trend in Frankfurt. Europe's biggest carmaker said it expects to grow deliveries, sales and operating profit this year after two-month sales rose 27%. 'Although a slight recovery in the global market is expected in 2010, the volume reached in 2007 is unlikely to be repeated before 2012,' said the group. Fellow carmakers
Daimler, Renault
and
Peugeot
were up in sympathy, while tyre maker
Pirelli
saw its share price pumped up by an upgrade from Mediobanca, which now rates the stock at 'outperform'. French tyre maker
Michelin
also bounced higher. Sticking with German car makers
BMW
said net income in 2009 declined 36% to €210m. The company held its dividend at 30 cents a share, surprising analysts who had expected the company to cut the pay-out to 25 cents.
CAC 40 - Risers
PPR (PP) € 93.16 +3.51% Carrefour (CA) € 36.97 +1.47% Accor (AC) € 39.35 +1.12% GDF Suez (GSZ) € 28.32 +0.82% Veolia Environnement (VIE) € 23.89 +0.70% Michelin (ML) € 56.93 +0.69% Vinci (DG) € 42.24 +0.56% Pernod Ricard (RI) € 60.28 +0.55% Peugeot (UG) € 21.58 +0.49% Renault (RNO) € 33.27 +0.45%
CAC 40 - Fallers
Lagardere SCA (MMB) € 26.39 -7.34% EADS (EAD) € 14.85 -2.78% Alstom (ALO) € 49.10 -2.73% Societe Generale (GLE) € 44.00 -1.79% ArcelorMittal SA (MT) € 30.72 -1.65% Cap Gemini (CAP) € 35.91 -1.39% Unibail-Rodamco (UL) € 151.85 -1.24% Dexia (DEXB) € 4.32 -1.14% Sanofi-Aventis (SAN) € 55.51 -1.10% BNP Paribas (BNP) € 56.90 -0.99%
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