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Markets are called to open higher this morning. This is what's happening today:
EUROPEAN EARNINGS All times CET, estimates where available:
Asian stocks rose, sending the benchmark index to its highest level since June 2008, as US home sales climbed and investors speculated central banks will extend stimulus measures.
The Nikkei 225 Stock Average, the benchmark measure for Japanese equities, is being twisted by a single company more than at any time in the last 12 years. Fast Retailing Co., Asia’s biggest apparel retailer, was responsible for almost a sixth of the gauge’s 49 percent advance in the last two years, according to data compiled by Bloomberg. At 10 percent of the Nikkei 225, the clothier has almost twice the combined influence of Toyota Motor Corp., Mitsubishi UFJ Financial Group Inc, Honda Motor Co., Japan Tobacco Inc. and NTT DoCoMo Inc., Japan’s five biggest companies by market value.
UBS AG, Switzerland’s biggest bank, reported first-quarter earnings that beat analyst estimates on higher revenue at the investment bank and in wealth management. Net income fell to 988 million Swiss francs ($1.05 billion) from 1.04 billion francs a year earlier, the Zurich-based bank said in a statement today. That surpassed the 412.3 million-franc mean estimate of nine analysts surveyed by Bloomberg. Chief Executive Officer Sergio Ermotti announced 10,000 job cuts and the exit of most debt-trading businesses at the investment bank last year to concentrate UBS on money management and boost profitability. UBS is trading at a higher price relative to estimated earnings and book value than Credit Suisse Group AG as investors back the company’s focus on wealth management.
Deutsche Bank AG, continental Europe’s biggest bank, said first-quarter net income, excluding minority interests, rose to 1.66 billion euros. Profit climbed from 1.4 billion euros in the first quarter of 2012, the company said in an e-mailed statement today. Deutsche Bank didn’t immediately provide an overall net income figure for the quarter. First-quarter revenue rose to 9.39 billion euros from 9.19 billion euros a year earlier, the company said. It was expected to have revenue of 9.23 billion euros, according to the average estimate of eight analysts.
Unilever Plc, the world’s second-largest consumer goods company, will spend up to 292.2 billion rupees ($5.4 billion) to boost its stake in its Indian unit to help offset slower European growth. Unilever will pay 600 rupees a share in an open offer to raise its stake in Hindustan Unilever Ltd. to 75 percent from the current 52.48 percent, it said in a statement today. The price is 21 percent higher than the stock’s closing price of 497.35 rupees yesterday.
For further information on UBS, Deutsche Bank and Unilever contact our offices on 25688688.
Good day and happy trading!
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