Market Updates
Europe Down On Inflation Worries
Ivaylo
07 Sep, 2006
Frankfurt
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European markets fell on Thursday as interest rate concerns were back in line, due to comments from US Fed and ECB officials, while the Bank of England is seen keeping UK rates on hold. By midday, London FTSE 100 slipped 1%, while Frankfurt Xetra Dax shed 0.5% and the CAC 40 in Paris lost 0.8%.
[R]7:15AM Europe slips on inflation fears and Tomkins issue.[/R]
European markets were lower by mid-day on Thursday. London’s FTSE 100 slipped 1% to 5,871.3, while Frankfurt’s Xetra Dax shed 0.5% to 5,781.56 and the CAC 40 in Paris lost 0.8% to 5,074.76. Tomkins, British engineering company, issued a profit warning about the state of the U.S. residential and automotive equipment markets only a month after its first-half results. The company plunged 13%.
Construction products supplier Wolseley lost 2.5% and Lafarge dropped 1.7%. Michelin declined 1.3%, while DaimlerChrysler fell 0.8%. A few companies advanced on strong earnings reports. Ahold rose 4% after the supermarket operator surpassed expectations with a 70% profit in its second quarter profit. Carrefour gained 1.2% after the retailer and the operator of supermarkets in France, Italy and Spain reported an 11% profit climb. InBev rose 2.5% after the brewer of Brahma and Stella Artois reported a 12% rise in its second-quarter profit.
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