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European midday: Stocks unchanged
Mon, 01 Dec, 2008
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European midday: Stocks unchanged
Tue, 30 Sep 2008, 11:40:00
European shares were little changed by midday after another Belgian bank got a government and shareholder bailout.<br /><br /><b>Dexia</b> will get a €6.4bn cash injection from Belgium, France, Luxembourg and key shareholders. Meanwhile, the Franco-Belgian lender announced that chief executive Axel Miller and chairman Pierre Richard have resigned.<br /><br />Yesterday, the governments of Belgium, Luxembourg and the Netherlands have stepped in to inject €11.2bn into Fortis after the banking and insurance group's share price plunged in recent days. <br /><br />Many banks are lower after the US Congress threw out the planned $700bn mortgage bail-out plan yesterday. The bail-out package was defeated by 228 votes against to 205 in favour by the House of Representatives. <br /><br />Germany's <b>Deutsche Bank</b> and <b>Commerzbank</b>, France's <b>BNP Paribas</b> as well as Italy's <b>UniCredit</b> are all lower.<br /><br />Across the markets, the German DAX is down 61 points to 5,745, having dropped to its lowest since August 2006 this morning. The French CAC is 2 points higher at 3,955, while the Swiss market rose 73 points to 6,573.<br /><br /><b>Hennes & Mauritz</b> was almost 10% lower after the Swedish clothing retailer's third-quarter profit missed expectations. <br /><br />Net profit rose to 3.33bn Swedish kronor in the three month ended 31 August compared with 3.17bn kronor last time on revenue up 12% to 20.87bn kronor.<br /><br />In economic news, German unemployment fell by 29,000 to 3.18m in September following a 40,000 drop in August, according to the Federal Labor Agency.<br /><br />
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