Mid-day Report From Europe

by: Dealing Floor

From DealingFloor:


Stoxx 600 0.76%; FTSE 0.31%; DAX 1.64%; CAC 1.31%; AEX 1.13%
¦ Industrial 1.34%¦ Financials 1.29%¦ ConsDisc 1.04%¦ Telecom 0.83%¦ ConsStaples 0.55%¦ Technology 0.56%¦ Utilities 0.41%¦ Materials 0.34%¦ Healthcare 0.15%¦ Energy -0.12%


* European markets are strong on gains in Industrials (following good order book Siemens), Financials (on the back of AXA earnings beating estimates) and Consumer Discretionary stocks ( follow through positive comments on Daimler Chrysler restructuring and positive sales comments from Continental).

Energy stocks are weak (in response to Repsol saying it will revise reserves down by 25%, stock still suspended).

Technology & Telecoms are showing mixed price behaviour (Semicons still strong following record profits from Taiwan Semiconductor Manufacturing, however Nokia is under pressure after reporting in-line earnings, yet suggesting in its outlook that margins might be under pressure).