European Markets Wind Down as German Indexes Lead

Lucy Stoeva
31 Dec, 2015
New York City

Germany and France advanced in the year but resource heavy U.K. index closed down in 2015. Interbulk sells 6.6% stake to Den Hartogh. Serco divested its offshore private sector business. Julius Baer raised U.S. tax settlement investigation provision to $547 million.

[R]4:00 PM Frankfurt – Germany and France advanced in the year but resource heavy U.K. index closed down in 2015. Interbulk sells 6.6% stake to Den Hartogh. Serco divested its majority of offshore private sector business and reduce debt by 200 million. Julius Baer raised U.S. tax settlement investigation provision to $547 million.[/R]

European markers in light trading eased on the final day of the year and resource heavy FTSE 100 index closed down but indexes in Germany and France gained.

In London trading, FTSE 100 index slipped 31.73 or 0.5% to 6,242.32 and in Paris, CAC 40 index dropped 40.08 or 0.9% to 4,637.06.

For the month, FTSE 100 index slumped 2.3% and the CAC 40 index declined 5.6%.

For the quarter, FTSE 100 index jumped 2.9% and the CAC 40 index soared 4.8%.

For the year, FTSE 100 index plunged 4.8% while the CAC 40 index surged 8.5%.

Interbulk Group Plc dropped 2.2% to 8.55 pence after the U.K.-based intermodal logistic provider accepted cash offer from Den Hartogh to sell 6.58% stake in the company for 8.9 pence per share.

Sports Direct International plc gained 1.3% to 577 pence after the U.K.-based sports and leisure products retailer said it would start paying its staff above the minimum wage from January 1, 2016.

The wage change will cost about £10 million a year.

Serco Group Plc fell 0.7% to 94.50 pence after the U.K.-based public services provider confirmed that it had today completed the sale of its majority of offshore private sector business process outsourcing operations.

The sale will reduce the net debt by about £200 million and the remaining net cash consideration of £10 million is due to be received upon the completion of the Middle East transactions.

Julius Baer Gruppe AG soared 4% to 48.66 Swiss francs after the Switzerland-based private banking group lifted the provision linked to the U.S. tax inquiry settlement to $547 million from $350 million.

The bank said it expects to reach a final settlement with the tax authorities in the first-quarter of 2016.