Tuesday Morning View From Europe

by: Dealing Floor

From DealingFloor:


- Germany’s ZEW Investor-Optimism Index Probably Rose in March, Survey Shows
- Vontobel Says Earnings More Than Doubled on Derivatives Trading Revenue
- Telekom Austria Profit Jumps on Bulgaria Purchase; Plans Dividend Increase
- Deutsche Post Says Operating Profit to Stagnate on Integration Expenses
- Europe Company Debt Ratings May Fall to Junk at Faster Pace, Moody’s Says
- Germany Wins an Extra Year From European Union to Reduce Budget Shortfall
- Lindt 2005 Profit Rose 16 Percent on Increased U.S. Production, Pralines
- 3V Asset’s Bernhard Signorell Beats Switzerland’s UBS and Private Banks


- Earnings of note: Munchener Ruckverein, Mediaset, Euronext, Antofagasta,
Telekom Austria and Lindt.

- Telekom Austria AG, the country’s largest phone company, said fourth-quarter
profit climbed 66 percent, helped by the purchase of mobile operator Mobiltel
EAD. The company forecast revenue growth will slow this year. Net income rose to
41.6 million euros, or 9 cents a share, from 25 million euros, or 5 cents, a
year earlier. Sales rose to 1.17 billion euros from 1.03 billion euros.

- Euronext NV said 2005 profit rose 61.5 percent and pledged to return 1 billion
euros ($1.2 billion) to investors. Net income increased to 241.8 million euros
from 149.7 million euros a year earlier. Euronext plans to pay a special
dividend of 3 euros a share and buy back 500 million euros of stock.

- Deutsche Post AG, owner of the DHL express-delivery service, said it expects
operating profit to be little changed in 2006 because of costs to integrate
purchases made last year such as Exel Plc. Earnings before interest and taxes
will reach at least 3.7 billion euros this year, after rising 25 percent to
3.76 billion euros last year.

- Lindt & Spruengli AG, the Swiss maker of Ghirardelli chocolates, said profit
increased 16 percent in 2005 as the company expanded production in the U.S.
and introduced new praline confections. Net income rose to 173 million Swiss
francs ($132 million) from 149 million francs in 2004. That was below the median
estimate of 177 million francs from five analysts surveyed by Bloomberg. Sales
climbed 13 percent to 2.25 billion francs, Lindt said Jan. 24.

- German ZEW Survey to published at 11:00 CET