Europe open: Merkel loses another state to the CDU
Richemont weighs on the Stoxx
Luxury goods maker Richemont today 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. German power producer E.On has asked unions to return to talks. In the latest edition of Der Spiegel EADS Chief Executive Tom Enders tells the German government that it will not accept interference in the companys decisions on when and where to develop aircraft in the future. From a sector stand-point the worst performers are personal and household goods (-0.95%), Media (-0.72%) and Automobiles and Parts (-0.24%).
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). German producer prices fell by 0.3% month-on-month in December (Consensus: 0.0%).Euro steady despite election results
The euro/dollar is now standing 0.11% lower at 1.3314. Front month Brent crude futures are now down by 0.233 at 111.62 dollars.AB