| CATEGORY: MARKET REPORT - EUROPE SECTOR: FINANCIALS |
European midday: Banks lead fallers |
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Tue 17 Nov 2009
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LONDON (SHARECAST) - The banking sector is leading Europes main markets lower in midday trading, ending a four-day winning streak.
Switzerlands UBS said it aims to make an annual pre-tax profit of 15bn Swiss francs in three to five years.
The transformation we are undertaking is a fundamental one and it will not happen quickly. I am determined, however, that we build a firm for sustainable profit and not one to focus only on short-term expectations, said chief executive Oswald Gruebel.
Elsewhere in the banking sector, Societe Generale, Credit Agricole and BNP Paribas are on offer.
Investors are also pocketing profits after crude oil prices spiked over 3% on Monday as the dollar weakened against major currencies and investors cheered mostly upbeat economic data.
Oil for December delivery jumped $2.55 to close at $78.90 a barrel on the New York Mercantile Exchange. Eni and Total are all lower.
Across the markets, the Dax is 11 points lower in Frankfurt at 5,794, while the Cac is 14 points down at 3,849. The Swiss market has dropped 19 points to 6,403.
Insurance firm Fortis gained after it reported a net profit for the third quarter of 196m and confirmed its fiscal-year outlook.
The Benelux firm said 143m of the profit came from insurance. Total gross inflow was up 1% at 3.5bn in the July to September period.
CAC 40 - Risers
Accor (AC) 37.56 +4.09%
Cap Gemini (CAP) 32.40 +1.52%
AXA (CS) 16.77 +1.39%
Pernod Ricard (RI) 59.28 +1.33%
Alstom (ALO) 48.71 +1.29%
Carrefour (CA) 32.48 +1.03%
Veolia Environnement (VIE) 23.31 +0.95%
Alcatel-Lucent (ALU) 2.68 +0.90%
EADS (EAD) 13.85 +0.73%
Vivendi (VIV) 19.42 +0.60%
CAC 40 - Fallers
Dexia (DEXB) 5.38 -2.71%
LVMH (MC) 74.38 -2.39%
Societe Generale (GLE) 49.56 -2.34%
PPR (PP) 82.67 -1.45%
Air Liquide (AI) 78.92 -1.29%
Bouygues (EN) 35.45 -1.25%
GDF Suez (GSZ) 29.61 -1.18%
Renault (RNO) 33.26 -1.14%
Schneider Electric (SU) 75.78 -1.14%
Credit Agricole (ACA) 14.99 -1.12%
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