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Market Update

EC Lowers Growth Estimates; Wacker Chemie, Wincor Nixdorf Fall

Author: Nigel Thomas
Last Update: 3:30 AM ET May 05 2014

4:00 PM Frankfurt Wacker Chemie profit surged 64.2 million after sales climbed 8% to 1.2 billion. Wincor Nixdorf profit rose 2% to 45 million but revenue dropped 3% to 1.2 billion.

European markets traded lower and the European Commission lowered its estimate for inflation and growth projections.

The commission estimated inflation in the euro zone in the current calendar year of 0.8% and 1.2% in 2015, both estimates are lower than previous announcement in February.

The EC also lowered its growth estimate to 1.7% from the previous estimate of 1.8%.

Industrial production in Sweden unexpectedly declined 3.8% in March, Statistics Sweden in Stockholm reported today.

Krona fell 0.7% to 9.0865 against one euro and dropped 0.55% to 6.5481 against one dollar.

In London trading, Frankfurt the DAX index slid 0.3% or 33.43 to 9,522.59 and in Paris, CAC 40 index fell 0.1% or 5.71 to 4,463.88.

Wacker Chemie AG dropped 3.7% to 85.25 after the Germany-based chemicals maker reported sales in the first-half ending in March climbed 8% to 1.16 billion from 1.08 billion a year ago.

Profit in the period surged to 64.2 million compared to 5.1 million and diluted earnings per share jumped to 1.35 from 0.08 a year earlier.

Wincor Nixdorf AG declined 6% to 45.76 after the Germany-based information retail checkout counter technology provider said revenue in the first-half ending in March dropped 3% to 1.23 billion from 1.27 billion a year ago.

Profit in the period rose 2% to 45.3 million compared to 43.7 million and diluted earnings per share was flat at 1.47 from a year earlier.

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