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Market Update

Europe Earnings: Barclays, Deutsche Bank, Weir Group, TeleCity, UBS


Author: Nigel Thomas
ticker.com
Last Update: 10:49 AM ET July 30 2013

3:20 PM Frankfurt Barclays net in first-half swung to 1.08 billion profit. Deutsche Bank net plunged 50% but revenue rose. Weir Group profit for the period declined 17% and revenue dropped 10%. TeleCity profit for quarter jumped 8.1%. UBS profit for the quarter surged 32%.

In London trading, FTSE 100 index gained 0.2% or 14.80 to 6,575 and in Frankfurt the DAX index up 0.2% or 15.67 to 8,275.

In Paris, CAC 40 index increased 0.4% or 15.99 to 3,985.

Barclays Plc plunged 6.5% to 289.08 pence after the UK based financial services provider said total revenue in the first-half ending in June soared 23.2% to 15.42 billion from 12.47 billion. Net in the first-half swung to a profit 1.08 billion compared to loss of 377 million a year ago. Diluted earnings per share swung to 5.2 pence from loss of 6.3 pence.

Adjusted income for the period fell 3% to 15.07 billion and loan loss rate slipped 63 basis points from a year earlier.

The bank plans to raise 5.8 billion pounds through a rights issue for 185 pence per new share.

Deutsche Bank AG dropped 3.5% to 34.64 59.55 after the German based investment bank said net revenue in the second quarter increased 2% to 8.2 billion compared to 8 billion. Net income in the quarter plunged 50% to 335 million compared to 666 million

Next Plc jumped 2% to 5,000.65 pence after the UK based apparel retailer lifted its pre-tax-profit outlook for the year between 635 million and 675 million and sales for the year in the range of 1.5% to 3.5%.

Total sales in the first-half ending in June were jumped 2.3%.

The Weir Group Plc climbed 3.7% to 2,155 pence after the UK based engineering equipment maker said revenue in the quarter ending on June 28 dropped 10% to 1.20 billion from 1.33 billion. Profit for quarter declined 17.3% to 120.9 million compared to 146.3 million and diluted earnings per share slipped to 56.3 pence from loss of 69.2 pence a year ago.

TeleCity Group Plc declined 6.2% to 925.50 pence after the UK based network service provider reported revenue in the second quarter ending in June soared 16% to 159.3 million from 137.3 million. Profit for quarter jumped 8.1% to 120.9 million compared to 146.3 million a year ago period. Diluted earnings per share in the quarter increased to 16.2 pence from 15.1 pence a year earlier.

UBS AG gained 2.3% to 18.24 francs after the Switzerland based financial services provider said revenue in the second quarter dropped 19% to 3.54 billion francs from 4.40 billion francs. Net profit for the quarter surged 32% to 690 million francs compared to 524 million francs. Diluted earnings per share rose 0.18 francs from 0.14 francs a year earlier.

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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