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Market Update

BNP Profit Down on Weak Trading Profit, VW Dims Outlook


Author: Sarla Buch
ticker.com
Last Update: 11:21 AM EDT August 01 2018

4:00 PM Frankfurt ArcelorMittal higher shipments rise. Air France-KLM net swung to a loss. BNP Paribas profit beats forecasts. Intesa Sanpaolo net tumbled 58%. Rio Tinto lifts dividend and the miner expanded stock buy back by $1 billion. Volkswagen revenues rose.

In London trading, FTSE 100 index slumped 80.97 or 1.1% to 7,667.78 and in Frankfurt the DAX index fell 39.19 or 0.3% to 12,769.53.

In Paris, CAC 40 index edged down 2.39 to 5,508.90.

ArcelorMittal SA gained 1.4% to 27.90 after Luxembourg-based steel producer reported revenues in the first-half ending in June soared 17.7% from a year ago to $39.2 billion.

Net income in the period jumped 3% to $3.1 billion from $2.9 billion in the same period a year ago and diluted earnings per share advanced $3.01 from $2.28.

The steel producer said total steel shipments in the first-half increased 1.3% to 43.1 million metric tons

Air France KLM SA jumped 3.9% to 8.12 after France-based airline services provider said revenues in the first-half ending in June rose 0.8% from a year ago to 12.4 billion.

Net in the period swung to a loss of 159 million from profit of 450 million in the same period a year ago and diluted loss per share swung to 0.40 from diluted earnings per share of 1.29.

Air France-KLM forecasted fiscal 2018 hit by higher fuel costs of about 450 million.

BNP Paribas SA dropped 0.5% to 55.38 after France-based banking and financial services provider reported revenues in the first-half ending in June fell 0.9% from a year ago to 22 billion.

Net profit in the period declined 7.7% to 3.9 billion from 4.3 billion in the same period a year ago and diluted earnings per share slid to 3.02 from 3.30.

The lender said debt-trading revenues dropped and fixed income revenue in the quarter declined 17% to 729 million and bad-loan provisions plummeted 14%.

Intesa Sanpaolo SpA declined 3.7% to 2.54 after Italy-based banking and financial services provider reported net interest income in the first-half ending in June increased 2% from a year ago to 3.7 billion.

Net profit in the period tumbled 58.4% to 2.2 billion from 5.2 billion in the same period a year ago and diluted earnings per share slid to 3.02 from 3.30.

Rio Tinto Plc slumped 3.2% to 4,062 pence after the U.K.-based metals and mining products producer reported revenues in the first-half ending in June increased 3.1% from a year ago to $19.9 billion.

Net income in the period rose 1.6% to $4.4 billion from $4.3 billion in the same period a year ago and diluted earnings per share advanced $2.50 from $1.83.

Volkswagen AG plummeted 4.2% to 145.86 after Germany-based automobiles and commercial vehicles maker said revenues in the first-half ending in June jumped 3.5% from a year ago to 119.4 billion.

Net profit in the period increased 1.6% to 6.5 billion from 6.4 billion in the same period a year ago and diluted earnings per share rose to 12.85 from 12.65.

In the first-half, Volkswagen Group delivered 5.5 million vehicles, an increase of 7.1% from a year ago period.

""We need to prepare a volatile second half of the year, particularly due to the WLTP- Worldwide Harmonized Light Vehicle Test Procedure,"" said chief financial officer Frank Witter.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc