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Market Update

Europe Earnings: Airbus, Burberry, Marks and Spencer, Rolls-Royce, Solvay

Author: Nigel Thomas
Last Update: 9:23 AM ET October 07 2013

4:00 PM Frankfurt Airbus won its first order from Japan Airlines worth 5.9 billion. Burberry chief executive officer said Chinese luxury-goods sales are likely to grow at the slowest pace. Rolls-Royce secured two orders valued $496 million. Solvay agreed to buy privately-held U.S. based Chemlogics for $1.35 billion in cash.

In London trading, FTSE 100 index dropped 0.8% or 49.49 to 6,404 and in Frankfurt the DAX index declined 0.9% or 74.85 to 8,548.

In Paris, CAC 40 index slumped 0.6% or 26.88 to 4,137.

Airbus SAS, the France-based aviation company secured its first deal with Japan Airlines Co. for 56 planes worth approx 5.9 billion or $9.5 billion at list prices.

Shares of European Aeronautic Defence & Space Co increased 1.9% 50.16 after its subsidiary Airbus won its first order from Japan Airlines Co.

Burberry Group plc slipped 1.3% to 1,606 pence after the Angela Ahrendts Chief Executive Officer UK based luxury apparel and accessory maker said in an interview with a French newspaper that Chinese luxury-goods sales are expected to grow at the slowest pace.

Marks and Spencer Group Plc dropped 2.9% to 479.80 pence after the Credit Suisse estimated second quarter same-store sales of UK based retailers likely to slip 1.5%.

Rolls-Royce Holdings Plc rose 0.2% to 1,117 pence after the aircraft
engine maker awarded two contracts worth combined value of $496 million.

Solvay SA gained 1.4% to 109 after the Belgium-based chemicals manufacturer agreed to buy privately-held U.S. based Chemlogics Group LLC for $1.35 billion in cash to strengthen its position in the fast-growing oil and gas industry.

Solvay has about 30,000 employees and annual sales of 12.4 billion.

Waterman Group Plc surged 11.2% to 54.50 pence after the UK based engineering company said revenue in the year ending in June slipped 2.9% to 66.8 million from 68.8 million a year ago. Adjusted-profit for the year was flat at 1.1 million and adjusted earnings per share swung to 1.4 pence from a loss of 1 penny a year earlier.

The company added EBITDA in the year declined 1.7 million compared to 2.1 million a year ago.

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