Market Updates

European Markets Lower; Danone, Total Up

Mayank Mehta
11 Feb, 2010
New York City

    European markets turned negative after rising as much as 0.6% after the EU leaders offered no details of the Greek bailout. Air France-KLM reported a narrower loss and indicated signs of recovery. Renault expects 10% drop in European car market in 2010. Danone net increased on asset sale.

[R]7:00 PM Frankfurt, Paris; 1:00 PM New York – European markets turned negative after rising as much as 0.6% after the EU leaders offered no details of the Greek bailout. Air France-KLM reported a narrower loss and indicated signs of recovery. Renault expects 10% drop in European car market in 2010. Danone net increased on asset sale. [/R]

UK stocks pared most of the gains after the EU leaders pledged to support Greece but offered no specifics.

European Union leaders said little during a break at a summit in Brussels that at least for now calmed financial markets and stabilized the euro. But the questions of conditions of the Greek bailout remained in questions.

Greek bonds gained and the euro traded nearly unchanged at $1.372 after the EU President Herman Van Rompuy told reporters that members nations will take a determined and “coordinated action” to maintain financial stability in the “euro area as a whole.”

In London FTSE 100 Index closed higher 29.49 or 0.57% to 5,161.48, in Paris CAC 40 Index decreased 18.86 or 0.52% to close at 3,616.75, in Frankfurt DAX index lower 32.44 or 0.59% to close at 5,503.93. In Zurich trading SMI increased 69.43 or 1.10% to close at 6,403.42.

Gainers & Losers

Air France-KLM fell 8.3% to €10.56 after the airline reported third quarter net loss of €294 million compared to net loss of €506 million a year ago.

Alcatel Lucent SA fell 7.2% to €2.17 after the telecom company said fourth quarter sales fell 20% to €3.97 billion from €4.95 billion a year ago. Net profit for the quarter was €46 million or €0.02 per diluted share compared to net loss of €3.89 billion or €1.72 per share a year ago.

Celesio AG fell 0.3% to €20.67 after the drug wholesaler was upgraded “underweight” in new coverage at Morgan Stanley.

Danone SA rose 1.9% to €41.75 the bottled water and baby nutrition maker said full-year sales rose 1.6% to €14.98 billion from €15.2 billion a year ago. Net profit for the full-year rose 4% to €1.36 billion compared to net profit of €1.31 billion a year ago.

Electricite de Strasbourg SA rose 3.2% to €39.64 after the electricity distributor said full-year sales rose 4% to €66.3 billion from €63.8 billion a year ago. Net profit for the full-year rose 12% to €3.9 billion compared to net profit of €3.48 billion a year ago.

France Telecom S.A rose 0.2% to €16.59 after the company said it will restart investing in fiber optics in France after the group had put investments in the rollout of the ultra high-speed Internet network on hold last summer pending regulatory clarification.

Lagardere SCA fell 0.09% to €27.41 after the company Thursday reported a 3.9% drop in full-year revenue as advertising sales at its press and broadcasting unit fell sharply amid the crisis, but said it still aims to reach the top end of its full-year operating profit guidance, according to Dow Jones report.

Renault SA dropped 4.0% to €31.44 after the manufacturer of automobiles and related services said full-year revenues fell 10.8% to €33.7 billion from €37.8 billion a year ago. Net loss for the full-year was €3.07 billion or €12.13 per diluted share compared to net profit of €599 million or €2.22 per share a year ago.

Sanofi-Aventis SA the drugmaker rose 1.9% to €53.19.

TeliaSonera AB the provider of telecommunications services said fourth quarter sales fell 2.4% to SEK27.4 billion from SEK28.1 billion a year ago. Net profit for the quarter fell 13% to SEK4.9 billion or SEK1.09 per diluted share compared to net profit of SEK5.64 billion or SEK1.26 per share a year ago.

Total S.A rose 2.1% to €41.78 an integrated international oil and gas company said fourth quarter sales fell 6.5% to €36.2 billion from €38.7 billion a year ago. Net profit for the quarter was €2.07 billion or €0.92 per diluted share compared to net loss of €794 million or €0.36 per share a year ago.

DAX Index Movers

Deutsche Lufthansa AG led the decliners in the DAX index of 2.88%, followed by losses in Volkswagen AG of 2.86%, in Diamler AG of 2.72%, in Deutsche Post AG of 2.28%, and in Deutsche Bank AG of 2.27%.

Infineon Technologies AG led gainers in the DAX index with a rise of 1.65%, followed by losses in Linde AG of 1.13%, in Bayer AG of 1.10%, in Fresenius Medical Care AG & Co. KGaA of 1.06%, and in Fresenius SE of 1.06%.

CAC-40 Index Movers

Alcatel Lucent led the decliners in the CAC-40 index of 11.81%, followed by losses in Renault SA of 5.42%, in PSA Peugeot Citroen S.A.of 3.82%, in Credit Agricole SA of 3.79% and in Michelin SCA of 3.70%.

Technip gainers in the CAC-40 index with a rise of 2.94%, followed by gainers in Essilor International SA of 2.26%, in Total SA of 1.53%, in ArcelorMittal of 1.50% and in Carrefour SA of 1.03%.

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