Manufacturing in France, Germany Weakness

123jump.com Staff
11 May, 2009
New York City

Market indexes in Europe declined after a weakness in banks, mining and industrial companies. Stocks in Germany fell after Commerzbank planned to sell debt and TUI AG reported weak earnings. Manufacturing in France and in Germany declined.

[R]9:00PM Frankfurt and Paris – Stocks in Germany and Paris declined on week banking, travel and mining and energy stocks. Industrial productions declined in Germany and in France.[/R]

Market indexes in Europe declined after a weakness in banks, mining and industrial companies. Stocks in Germany fell after Commerzbank planned to sell debt and TUI AG reported weak earnings.

Manufacturing index in March declined 22% from a year ago. Industrial production in France declined for the third month in a row this year and the index dropped to 84.6 in March.

In Frankfurt DAX index closed lower 46.99 or 0.96% to close at 4,866.91.

Arcandor AG declined 15% to 2 euros after media reports speculated that the company lenders are looking for ways to trim or recall the debt.

Commerzbank declined 6.7% to 5.85 euros after the German newspaper Handelsblatt reported that the bank may raise as much as 2 billion euros of government supported. The newspaper also reported that BMW and Daimler are retreating from their planned cooperation.

SAP AG added 2.9% to 29.45 after it agreed to buy Clear Standards Inc.

ThyssenKrupp AG declined 4.4% to 17.42 euros and Salzgitter AG fell 4% to 56.89 euros.

DAX Index Movers

Man AG led the decliners in the DAX index of 5.83% followed by losses in Bayerische Motoren Werke AG of 5.44%, in ThyssenKrupp AG of 5.07%, in Commerzbank AG of 4.94%. in Metro AG of 4.45%.

Fresenius SE led gainers in the DAX index with a rise of 2.84% followed by gains in SAP AG of 2.55%, in Adidas AG of 1.41% and Beiersdorf AG of 0.75%.


In Paris CAC 40 Index decreased 63.92 or 1.93% to close at 3,248.67.

EADS declined 6% to 11.35 euros after the company chief indicated weak sales in the current year.

Cie. De Saint-Gobain SA declined 6.7% to 26.31 euros on the worries that the weak global economy may lower the company sales and earnings.

Total SA declined 1% to 40.63 after international oil prices fell and other energy companies in the region declined.

Legrand SA declined 5.2% to 14.88 euros and STMicroelectronics NV declined 4.2% to 4.76 euros.

CAC-40 Index Movers

Compagnie de Saint-Gobain SA led the decliners in the CAC-40 index of 6.69% followed by losses in EADS NV of 6.12%, in Air France - KLM of 5.91%, in Electricite de France SA of 5.62% and in Alcatel Lucent of 5.57%.

BNP Paribas SA led gainers in the CAC-40 index with a rise of 1.75% followed by gains in Danone SA of 0.55%, in L''Oreal SA of 0.15%.

Europe Markets Review

In London FTSE 100 Index closed lower 26.59 or 0.60% to 4,435.50, in Paris CAC 40 Index decreased 63.92 or 1.93% to close at 3,248.67 and in Frankfurt DAX index lower 46.99 or 0.96% to close at 4,866.91. In Zurich trading SMI decreased 32.07 or 0.59% to close at 5,358.94.