European Shares Firm As FOMC Meets

By Staff,

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European shares edged out gains ahead of the Federal Open Market Committee meeting, which starts Tuesday.

The FOMC is widely expected to delay its tapering due to the recent government shutdown. Economists believe the shutdown trimmed Q4 GDP. It also disrupted the flow of government data.

Around the region, French consumer confidence was unchanged in October from September at 85, well below the long-term average reading of 100.

Spain's retail sales rose 2.2% year-on-year on a calendar-adjusted basis in September, according to official data. The data from the National Statistics Institute showed the first year-on-year rise for retail sales in more than three years.

In ADR news, Deutsche Bank's ( DB ) Q3 net profit slumped 94% to 41 million euros ($24.7 million) from EUR747 million a year earlier, and was below analysts' consensus forecast of EUR376 million, according to a Dow Jones poll. Pretax profit totaled EUR18 million, just a fraction of the year-earlier level of EUR1.13 billion and below the forecast of EUR521 million.

UBS ( UBS ) said Q3 net profit was 577 million francs. Analysts had been expecting a profit of 569 million francs. It also said it received inquiries from authorities probing the possible manipulation of foreign-exchange markets and is conducting a related internal probe, adding yet another potential legal concern for the Swiss banking giant.

Llyods ( LYG ) said Q3 underlying income fell 1% to GBP4.55 billion compared with the same quarter a year earlier. It said its loss for the quarter rose to GBP1.3 billion from GBP374 million in the same quarter a year earlier.

BP's ( BP ) net profit was $3.5 billion, or $1.01 per American depositary share, for the quarter ended Sept. 30. Discounting the value of inventories and one-off gains or losses, profit was $3.69 billion, or $1.17 per ADS, down 26.4% from a year earlier. It also declared a dividend of 9.5 cents, up from 9 cents previously, and announced a plan to sell $10 billion in assets by the end of 2015.

Nokia ( NOK ) said operating profit came in at 118 million euros ($162 million) for Q3, compared to a loss of 564 million euros over the same period last year.

The FTSE-100 was last up 0.64% at 6768.96, the DAX up 0.33% at 9,008.70 and the CAC-40 up 0.59% at 4,276.77.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: BP , DB , LYG , NOK , UBS

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