Date: Wednesday 14 Jul 2010
Europe’s main markets closed mixed on Wednesday, with tech stocks going well while banks and carmakers remained weak.BNP Paribas, Societe Generale and Credit Agricole dropped in Paris.
Elsewhere in the sector, prosecutors have raided 13 branches of the Swiss bank Credit Suisse in Germany in connection with an inquiry into tax fraud. The raids involved around 150 investigators and are reported to have included offices in Berlin, Dusseldorf and Munich.
BMW was one of the main fallers in Frankfurt after raising its 2010 outlook yesterday.
On the positive side, the tech sector was strong after earnings from Intel and ASML. After the US close last night, Intel posted earnings and revenue that beat analysts' expectations. Net income was $2.89bn in the quarter ended June 26 against a loss of $398m last year. It also raised its forecast for the year.
“Strong demand from corporate customers for our most advanced microprocessors helped Intel to achieve the best quarter in the company’s 42-year history," said Paul Otellini, chief executive.
ASML, the Dutch provider of advanced technology systems for the semiconductor industry, is up after it raised its 2010 sales outlook and posted a better-than-expected second-quarter net profit of €239m compared with a loss of €104m last time.
German rival Infineon was one of the leading risers in Germany.
Across the markets, the Dax in Frankfurt closed up 19 points at 6,210, with the Cac in Paris 5 points lower at 3,633. The Swiss market has added 34 points to 6,332.
This year continues to “shape up well” for Rio Tinto, but the mining heavyweight today warned investors to expect further volatility in commodity prices on fears of a double-dip recession and concerns about Chinese demand.
The European Union has approved British Airways’ proposed merger with Spanish airline Iberia, the month after the tie-up was given the all-clear by US regulators. BA says the merger is expected to be completed by the end of 2010.
The two airlines and their US peer American Airlines have also received approval from the European Commission to coordinate slots for transatlantic flights. The US antitrust body, the Department of Transportation (DOT) is likely to give its final decision on the tie-up shortly.
On the economic front, eurozone industrial production rose 0.9% month-on-month and 9.4% year-on-year in May.Eurozone consumer price inflation eased back to 1.4% in June from a 17-month high of 1.6% in May.
CAC 40 - Risers
Dexia (DEXB) € 3.38 +2.89%
ST Microelectronics (STM) € 6.92 +2.34%
Cap Gemini (CAP) € 37.31 +2.05%
AXA (CS) € 13.76 +1.03%
Pernod Ricard (RI) € 66.19 +0.81%
Schneider Electric (SU) € 88.71 +0.81%
Sanofi-Aventis (SAN) € 49.10 +0.69%
Air Liquide (AI) € 86.68 +0.62%
Carrefour (CA) € 35.31 +0.57%
L'Oreal (OR) € 83.19 +0.52%
CAC 40 - Fallers
Societe Generale (GLE) € 38.42 -2.72%
BNP Paribas (BNP) € 50.16 -2.51%
Technip (TEC) € 49.15 -2.39%
Michelin (ML) € 59.69 -1.92%
Vallourec (VK) € 77.29 -1.79%
EADS (EAD) € 17.41 -1.42%
Accor (AC) € 23.95 -1.22%
Alstom (ALO) € 38.85 -0.99%
ArcelorMittal SA (MT) € 23.73 -0.79%
Bouygues (EN) € 32.59 -0.79%
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