Europe Movers: BNP, Deutsche Bank, Faurecia, Rolls-Royce

Nigel Thomas
07 Jan, 2013
New York City

Banks led the gainers in European trading after Basel Committee capitulated to banking industry lobby in revised capital standards implementation. Rolls Royce fell 1.6% after the UK regulator hold bribery inquiry. Faurecia gained 7% on hopes that controlling shareholder Peugeot may sell its stake.

Banks led the gainers in European trading after Basel Committee made a U-turn in requesting banks to implement tougher capital and liquidity reserves.

Societe Generale increased 68 cents or 2.4% to €30.01 and Credit Agricole gained 21 cents or 3% to €6.56. BNP Paribas SA added 1.8% or 80 cents to€ 45.18.

Deutsche Bank gained 1.03 or 3% to €35.82 and UniCredit SpA added 10 cents or 2.6 to €3.99.

Air France-KLM gained 3% or 23 cents to €7.89 after a report in Italian newspaper Il Messaggero that the French airline KLM may make a bid for Alitalia. Air France said it has no plans to make a bid.

Rolls-Royce fell 1.6% to 903 pence after the largest European commercial aircraft engine maker was accused in a Sunday Times report that it bribed an executive at Air China Ltd and China Eastern Airlines Corp to obtain $2 billion in engine contracts.

Serious Fraud Office of UK is holding an enquiry into company’s activities.

RWE AG dropped 2.5% to €31.19 and led the decliners among all utilities in Europe after HSBC lowered its view on the stock and cited lower energy prices in Germany.

Faurecia, the maker of automotive interiors controlled by Peugeot surged 7% to €13.55 on the hopes that Peugeot may sell its stake in the company.

Wereldhave increased 1.9% to €49.91 after the Dutch real estate company said it agreed to sell its U.S. real estate portfolio to Lone Star Funds for about $720 million. Wereldhave plans to use proceeds to lower its debt.