Date: Wednesday 07 Jul 2010
American bank State Street’s bullish forecast on second quarter profits gave European peers an excuse to switch direction and lead bourses to big gains.Hopes the European stress test on about 100 banks will not be as big a deal as feared also revived interest in the sector. SocGen, Credit Agricole, BNP Paribas, Banco Santander and BBVA were up between 5% and 7%.
Paris turned a 32-point loss into a 60-point gain, closing at 3,483, Frankfurt added 51 points to 5,992, having been down 51 at lunchtime, while Zurich ended 36 better at 6,099.
A report today showed that May German factory orders unexpectedly dropped for the first time in five months. Factory orders fell 0.5% in May from April. Analysts were looking for a 0.3% rise.
On the corporate front, Air Berlin said the number of passengers it transported in June rose 3.4% to 3.02m from the same period last month.
French catering and services group Sodexo saw third-quarter revenue total €4bn, rising from €3.8bn in the year-ago period. It expects to achieve organic revenuegrowth for 2010 of around 2%
Unit sales hit record figures at Peugeot Citroen, jumping 16.9% in the first half of 2010 to 1.86m units.
Hexagon rose on news that the Swedish technology group will buy US engineering and security software firm Intergraph for $2.13bn in cash.
Satnav device maker TomTom advanced after Merrill Lynch upgraded the company's rating to neutral from underperform.
Elsewhere, the European Commission said Greece is "broadly on track" with budget cuts and economic reforms.CAC 40 - Risers
Dexia (DEXB) € 3.06 +7.86%
Societe Generale (GLE) € 37.58 +7.05%
Credit Agricole (ACA) € 9.20 +6.94%
BNP Paribas (BNP) € 47.69 +5.30%
Renault (RNO) € 32.10 +3.12%
GDF Suez (GSZ) € 24.59 +3.06%
AXA (CS) € 12.92 +2.66%
Peugeot (UG) € 22.13 +2.64%
Accor (AC) € 23.34 +2.48%
EADS (EAD) € 16.75 +2.38%
CAC 40 - Fallers
Lafarge (LG) € 40.63 -2.21%
Bouygues (EN) € 31.20 -1.14%
Sanofi-Aventis (SAN) € 46.60 -0.92%
LVMH (MC) € 87.00 -0.82%
Essilor International (EI) € 48.08 -0.48%
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