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Europe midday: Markets recover

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Date: Thursday 28 Aug 2008

LONDON (ShareCast) - Financials have reversed earlier losses and are now pushing the European markets forward, though the German benchmark index is still in the red

France's third largest bank Credit Agricole saw second second-quarter profit slump 94% to €76m from €1.29bn previously on writedowns linked with US bond insurers. But shares rose as its Tier 1 capital ratio held steady at 8.9%.

Natixis was lower though after it reported a second-quarter loss that was above expectations. It reported a net loss of €1.02bn.

Insurance sector was also doing well despite shares of Swiss Life slumping after it said first-half earnings missed estimates and warned on profits.

Across the markets, the German DAX is down 8 points to 6313 though the French CAC surges ahead 56 points.

Supermarket owner Royal Ahold fell on sliding second-quarter profit, while eyeglass lens maker Essilor International saw net income rise 9% to €198.3m.

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