** EUROPE: MIDDAY WRAP **
| ** EUROPEAN EQUITIES ** | ||||||
| Stoxx 600 | ||||||
| RIGHT: #d4d0c8; BORDER-TOP: #d4d0c8; BORDER-LEFT: #d4d0c8; WIDTH: 336pt; BORDER-BOTTOM: #d4d0c8; HEIGHT: 45pt; BACKGROUND-COLOR: transparent” rowspan=”3” colspan=”7” height=”60” width=”448” class=”xl25”>| Telecom 0.93%| Healthcare | ||||||
- 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.
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