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Market Update

Europe Earnings: Ascopiave, GDF Suez, HSBC, Spirent Comm

Author: Nigel Thomas
Last Update: 11:50 AM ET July 03 2013

3:20 PM Frankfurt – European Investment Bank signed €70 million loan deal with Ascopiave. GDF Suez plans to raise as much as €600 million from a stake sell. Spirent Communications expects weak revenue in the second quarter but new orders jumped 10%.

In London trading, FTSE 100 index slipped 1.7% or 106.06 to 6,198 and in Frankfurt the DAX index decreased 1.6% or 129.59 to 7,781.

In Paris, CAC 40 index dropped 1.6% or 58.39 to 3,684.

Ascopiave SpA slumped 2.5% to €1.31 after the European Investment Bank signed €70 million loan deal with Italy based energy utilities to improve and expand gas distribution networks in the Veneto and Lombardy regions.

Barclays Plc slumped 2.3% to 276.43 pence and Switzerland based Credit Suisse Group AG dropped 3.8% to Sfr24.70 and Germany based Deutsche Bank AG declined 3.2% to €30.90. The credit ratings agency Standard & Poor’s lowered long-term ratings of Barclays and Deutsche Bank by one notch to 'A' from 'A+ and Credit Suisse rating by one notch to A-.

GDF Suez SA slid 0.5% to €15 after the France based natural gas and electricity supplier plans to raise as much as €600 million or $784 million by selling stakes in some of its European wind and solar energy businesses.

HSBC Holdings Plc declined 2.5% to 677.60 pence after the UK based bank received approval from U.S. District Judge for settlement of $1.92 billion with federal and state regulators.

Spirent Communications Plc plummeted 6.3% to 125.90 pence after the UK based communications testing equipment maker said revenue were weaker than anticipated in the second quarter and are estimated to fall $26 million to $92.7 million.

New orders for the second quarter jumped 10% to $119.0 million from last year.

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