Date: Thursday 15 Jul 2010
A soggy start on Wall Street plunged bourses into the red during the afternoon session as investors reacted badly to US economic data.Markets began badly, mulling weaker growth data out of China, but made it into the blue after a Spanish bond auction went down well.
Stocks managed to hold gains until poor New York Fed manufacturing and Philadelphia Fed business index whacked the Dow.
Banks lost out despite forecast-busting results from JP Morgan. A much lower provision for credit losses meant earnings per share soared to $1.09 in the second quarter from just 28 cents a year ago. Analysts were looking for about 68 cents.
European peers, including BNP Paribas, Societe Generale, Credit Agricole and Deutsche Bank, were all weaker by the end of play.
That meant Frankfurt fell 60 to 6,149, ending a seven-day winning streak, Paris gave up 51 points to close at 3,581, while Zurich dropped 49 to 6,282.
On the positive side, Novartis found friends after reporting a sharp rise in second quarter net profit to $2.4bn.
Elsewhere in the sector, drugs firm GlaxoSmithKline said a joint advisory committee to the US Food and Drug Administration (FDA) has voted to allow its lucrative diabetes drug Avandia to remain on the market.
In a separate statement, Glaxo also revealed that it expects to record a legal charge for the second quarter of 2010 of £1.57bn.
German engineering giant Siemens signed deals worth several billion euros to supply wind power and railway technologies.CAC 40 - Risers
L'Oreal (OR) € 83.89 +0.87%
Essilor International (EI) € 50.00 +0.24%
Carrefour (CA) € 35.33 +0.07%
CAC 40 - Fallers
Dexia (DEXB) € 3.24 -5.21%
EADS (EAD) € 16.56 -4.80%
BNP Paribas (BNP) € 48.65 -4.12%
Lafarge (LG) € 41.11 -3.52%
Credit Agricole (ACA) € 9.26 -3.51%
ArcelorMittal SA (MT) € 23.00 -3.32%
AXA (CS) € 13.35 -2.94%
Peugeot (UG) € 23.69 -2.75%
Alcatel-Lucent (ALU) € 2.15 -2.59%
Societe Generale (GLE) € 37.70 -2.43%
No comments:
Post a Comment