Date: Thursday 24 Jan 2013
- German economic confidence rises to May 2010 highs
- German financials hit by report on possible regulatory moves
- Spanish bond yields drop
FTSE Mibtel 30: 0.35%
Ibex 35: -0.38%
Stoxx 600: -0.17%
The main European equity benchmarks are now trading mixed on what has turned out to be a rather volatile day. Perhaps worth taking note of, a handful of strategists seem to have cooled slightly about the market.
Also worth pointing out, the Bundesbank this morning saw the need to deny rumours regarding the impending exit of its President, Jens Weidmann.
In turn, those reports came on the back of a rather lacklustre reaction to the Bank of Japan’s latest decision, overnight. Some traders nevertheless described the selling which ensued as simply some ‘profit taking,’ following the last few months' advances in equity markets.
Also weighing on stocks early on, particularly in Germany, was a report on BorsenZeitung that the country’s financial market regulator, BaFin, has asked lenders to run simulations on what the cost of a hypothetical break-up of their different business segments would be.
Compensating for the above was the release of a much better than expected reading on German economic confidence, courtesy of the ZEW Institute.
Siemens fiscal first quarter results were leaked to the press, the firm obtained profits to the tune of €1.3bn ($1.7bn), which was better than expected.
French power and transport engineering company Alstom said orders rose 3% in the third quarter.
EADS, the European aerospace and defence group achieved a "very significant improvement" in revenue and operating profit in 2012, Chief Executive Tom Enders said.
From a sector stand-point the worst performance was to be seen in the following industrial groups: Construction (-0.76%), Media (-0.70%) and Telecommunications (-0.59%).
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