** EUROPE: MIDDAY WRAP **
| ** EUROPEAN EQUITIES ** | ||||||
| Stoxx 600 -0.11%; FTSE -0.13%; DAX -0.22%; CAC 0.01%; AEX 0.03% | ||||||
| | Energy 0.74%| Technology 0.25%| Healthcare 0.25%| ConsStaples 0.05%| Financials 0.03%| Utilities -0.08%| ConsDisc -0.27%| Materials -0.51%| Industrial -0.62%| Telecom -1.75% | ||||||
** HEADLINES **
- European bourses are flat. Energy is the best performing sector in sympathy with the positive action in the U.S. yesterday following strong figures from Exxon Mobil. Telecoms are the worst category today after Cable & Wireless fell more than 15% saying that profit won’t rise in its home market.
- On a stock specific note, shares of Abn Amro are trading slightly higher following better than expected headline Q4 earnings. Ericsson is flat after posting above consenus Q4 earnings & sales but tampering optimism due to falling margins and a vague outlook. Paper maker UPM Keymenne is trading higher after reporting that Q4 pre-tax profit doubled. Shares of Arcelor are under pressure after the company said it will extend its offer for Dofasco. Ciba Specialty Chemicals is trading down after the company said it sees a tough year after its 2005 net loss. Shares of dutch food retailer Laurus jumped 15% after the plagued company said it plans to sell two underpeforming chains.
- Oil reversed from early morning strength after OPEC signaled it will keep a policy of pumping almost at capacity in order to boost stockpiles and meet rising demand.