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Market Update

Europe Earnings: Airbus, Dixons Retail, SKF, Telecom Italia

Author: Nigel Thomas
Last Update: 12:51 PM ET September 05 2013

4:00 PM Frankfurt – Airbus secured order for 40 aircrafts from Delta Air Lines. Dixons Retail closed its online store Pixmania and also agreed to sell-off its Turkish operations. SKF agreed to buy U.S-based Kaydon for $1.25 billion in cash.

In London trading, FTSE 100 index gained 0.8% or 48.96 to 6,524 and in Frankfurt the DAX index rose 0.2% or 20.38 to 8,216.

In Paris, CAC 40 index increased 0.4% or 15.54 to 3,996.

Airbus S.A.S., the France-based commercial jet maker secured order for 30 A321neo and 10 A330-300 aircraft from Delta Air Lines that has a list price of $5.6 billion.

Deliveries of Delta’s new A330s are slated to begin in 2015, and its first A321 is scheduled for 2016 delivery.

Dixons Retail Plc climbed 5.4% to 46.64 pence after the UK based electronics retailer closed its current online subsidiary Pixmania.

The retailer added for the year to April, the assets of Electroworld operations in Turkey being disposed of generated retail operating losses of £9 million and losses before tax of £13.8 million on turnover of £170.7 million and gross assets of £42.3 million from 32 stores and agreed to sell-off its Turkish operations.

ICAP Plc surged 6.7% to 400.20 pence after the UK based inter-dealer broker said total trading volume in August rose 4% to $669.5 billion from $643.1 billion a year ago but declined 2% from July 2013.

Spot foreign exchange volume dropped 18% to $78.7 billion compared to $95.5 billion a year earlier and plummeted 12% of July 2013. Morgan Stanley raised its brokerage ratings.

AB SKF gained 1.1% to 180.40 krona after the Sweden-based bearings maker agreed to buy U.S-based Kaydon Corporation for $1.25 billion in cash. The purchase price represents a 22% premium to Kaydon’s closing stock price on September 4.

Telecom Italia SpA 6% to €0.59 after the report Naguib Sawiris the Egyptian billionaire plan to acquire Italy-based telephone company as executive chairman Franco Bernabe is seeking new investors.

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