4:00 PM Frankfurt – Arcelor Mittal beats earnings estimates but steelmaker said shipments plummeted. BT Group surged after improved forecast. Credit Suisse reported lower-than-expected results. Swiss Re returned to profitability despite a series of heavy natural catastrophes and man-made disasters.
In London trading, FTSE 100 index decreased 21.23 or 0.3% to 7,108.90 and in Frankfurt the DAX index aged up 8.67 to 11,455.81.
In Paris, CAC 40 index slipped 23.94 or 0.5% to 5,069.49.
Arcelor Mittal SA
fell 0.9% to €21.84 after Luxembourg-based steel manufacturer reported revenues in the nine-month period ending in September surged 13.2% from a year ago to $57.7 billion.
Net income in the period jumped 12.2% to $3.9 billion from $3.5 billion in the same period a year ago and diluted earnings per share dropped to $3.87 from $3.45.
The steel maker said profit in the third-quarter declined 25.1% to $899 million from $1.2 billion in the same period a year ago.
The steel producer said total steel shipments in the quarter plummeted 5.4% to 20.5 million tons and shipments of iron ore slumped 5.6% to 14.2 million tons.
Impairment charges in the nine-month period were $595 million primarily related to the remedy asset sale for the Ilva acquisition.
Separately today, ArcelorMittal announced the completion of the acquisition of Italy-based Ilva S.p.A.
BT Group Plc
surged 8.6% to 261.20 pence after the U.K.-based fixed-line, broadband and mobile services provider said revenues in the first-half ending in September fell 2% from a year ago to £11.6 billion.
Net income in the period soared 29.8% to £1.1 billion from £809 million in the same period a year ago and diluted earnings per share increased to 10.5 pence from 8.2 pence.
The telecom services provider reaffirmed fiscal 2018 operating profit forecast in the range of £7.3 billion to £7.4 billion.
Credit Suisse Group AG
slumped 2.2% to 12.94 Swiss francs after Switzerland-based investment bank and financial services provider reported net revenues in the nine-month period ending in September increased 3% from a year ago to 16.1 billion francs.
Net profit in the period surged 54% to 1.8 billion francs from 1.1 billion francs in the same period a year ago.
ING Group NV
soared 6.9% to €11.21 after the Netherlands-based banking and financial services provider stated revenues in the nine-month period ending in September advanced 1.9% from a year ago to €10.6 billion.
Net income in the period plunged 11.8% to €3.4 billion from €3.9 billion in the same period a year ago and diluted earnings per share dropped to €0.88 from €1.
On September 4, the lender reached a settlement agreement with the Dutch Public Prosecution Service related to anti-money laundering investigation.
Swiss Re AG
slipped 0.8% to 90.22 Swiss francs after Switzerland-based insurance services provider reported gross premiums written in the nine-month period ending in September jumped 6.4% from a year ago to $28.4 billion.
Net in the period swung to profit $1.1 billion from a loss of $468 million in the same period a year ago.
The insurer said net swung to profit despite estimated claims of $1.6 billion from natural catastrophes and large man-made damages in the quarter.