** MIDDAY WRAP **
| ** EUROPEAN EQUITIES ** | ||||||
| Stoxx 600 -0.26%; FTSE -0.08%; DAX -0.1%; CAC -0.29%; AEX -0.02% | ||||||
| | Technology 0.46%| Telecom 0.25%| Industrial 0.04%| Materials -0.02%| Financials -0.15%| ConsStaples -0.26%| Utilities -0.28%| ConsDisc -0.56%| Healthcare -0.58%| Energy -1.02% | ||||||
** MOVERS & SHAKERS **
- European markets eased of early highs as investors digested German GDP and ZEW numbers (both a bit weaker than expected) and remained cautious ahead of Bernanke’s testimony. Techs & Telecoms lead the tables after France telecom posted better than expected results. Nokia helped the sector as it traded 1.5% higher after announcing it plans to form a mobile joint venture with Sanyo. Energy shares were weakest after crude oil edged lower and Consumer Discretionary stocks were hurt by profit taking in the automobile sector after the recent run.
- On a stock specific note shares of UBS traded 1.2% lower after reporting better than expected FY05 results, yet investors taking profits after recent strength in the share suggesting most of the good news is in the price. Norske Hydro traded around 1% down after the company posted better than expected headline revenues, but numbers looked flattered by the tax line. Shares of Elextrolux rallied 3.8% after Q4 earnings beat expectations. Michelin traded 4% down after reporting 2005 numbers which slightly beat expectations, but disappointed saying that operating margins will remain flat in 2006.