Europe midday: Eurogroup to discuss direct bank recapitalisation
Richemont weighs on the Stoxx
Luxury goods maker Richemont announced that sales in the last quarter of 2012 were flat in the Asia Pacific region, even if that follows on several years of exceptional growth in that area of the world, especially in China. To be had in account are the demanding comparative figures for the same quarter last year. As well, wholesale sales growth was lower than in the first six months and in the comparative period due to the cautious approach taken by the Groups retail partners in Hong Kong and mainland China. Over the weekend German power producer E.On asked unions to return to talks. In the latest edition of Der Spiegel EADS Chief Executive Tom Enders told the German government that it would not accept interference in the companys decisions on when and where to develop aircraft in the future. Nokia might be looking to sell £625m in debt to benefit from the recent fall in market rates, according to a source cited by Bloomberg. From a sector stand-point the worst performers were Personal and household goods (-0.75%), Media (-0.71%) and Real Estate (-0.19%).
Better than expected economic data
The Dutch consumer confidence index for the month of January improved to -36 points from -39 in the month before (Consensus: -39). Spains trade deficit narrowed to 29.5bn euros in the 11 month until the end of November, but exports declined by 6% versus a year ago. German producer prices fell by 0.3% month-on-month in December (Consensus: 0.0%). In its monthly report for January the Bundesbank said that the weak business cycle should not last long.Euro steady despite election results
The euro/dollar was standing 0.02% lower at 1.3318. Front month Brent crude futures were down by 0.206 at $111.67.AB