** EUROPE: MIDDAY WRAP **
| ** EUROPEAN EQUITIES ** | ||||||
| Stoxx 600 -0.4%; FTSE -0.5%; DAX -0.3%; CAC -0.31%; AEX -0.01% | ||||||
| | Telecom 0.93%| Healthcare -0.03%| Financials -0.16%| ConsStaples -0.19%| Materials -0.35%| Industrial -0.39%| Technology -0.47%| ConsDisc -0.61%| Utilities -0.82%| Energy -1.46% | ||||||
- European markets moved lower over the session as the Energy sector got dumped after BP reported disappointing Q4 results and the price of crude oil moved lower. Telecoms are enjoying a spot in the sun after Sonae bid EUR 10.7b for Portugal Telecom and KPN reported strong Q4 results.
- On a stock specific note shares of Akzo Nobel (announcing an IPO of its pharma unit) attracked buyers. Air France traded higher after posting January traffic figures up 9.5% and an increase in load factor of 1%.
- Another weak macro report from Germany shook the markets as Industrial production numbers disappointed. The YoY number reported today was +3.5% (versus +5% expected) and MoM -0.5% was reported (opposed to the +0.7% consensus).
- Out of the U.S. came Coca-Cola reporting headline earnings that beat consensus though sales & profit fell compared to a year ealier. Toll Brothers (builder of luxury houses) gave a profit and sales warning as their orders for new homes plunged 29%, the first drop in almost three years.