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Market Update

Europe Earnings: Barclays, Lufthansa, Hennes & Mauritz, Vedanta


Author: Nigel Thomas
ticker.com
Last Update: 8:39 AM ET September 16 2013

4:00 PM Frankfurt Barclays said adjusted income fell by 500 million and the bank plans to sell 3.22 billion new shares to raise 5.8 billion. Deutsche Lufthansa split its order for jets. Hennes & Mauritz said comparable stores sales jumped 4%. Volkswagen plans to increase stake in China-based joint venture.

In London trading, FTSE 100 index gained 0.6% or 41.17 to 6,625 and in Frankfurt the DAX index climbed 1.1% or 93.79 to 8,603.

In Paris, CAC 40 index rose 0.7% or 28.79 to 4,143.

Barclays Plc gained 1.4% to 305.80 pence after the UK based investment bank said adjusted income for July and August dropped by 500 million compared to the same period a year earlier.

Separately, today the bank filed a rights issue prospectus and proposed to sell 3,219,067,868 new shares at 185 pence a share to raise nearly 5.8 billion to plug 13 billion capital shortfall to meet U.K.s new loss-buffer rules.

The lender added its cost-cutting plan was on track and expects operating costs of nearly 18.5 billion in this year.

Deutsche Lufthansa AG rose 0.4% to 13.99 after the Germany-based aviation company plans to split the order for jets between EADS NV's unit Airbus SAS and Boeing Co.

H & M Hennes & Mauritz AB climbed 4.1% to 259.30 kronor after the Sweden-based fashion retailer said sales in the third quarter in comparable stores jumped 4% and sales including value-added-tax climbed to 37.41 billion kronor compared to 33.57 billion kronor a year ago.

Volkswagen AG gained 0.3% to 176.65 after the Germany-based automobile company is likely to increase the stake in its Chinese joint venture from 40% to 50%.

Vedanta Resources Plc increased 1.8% to 1,181 after the UK based but India-focused miner appointed former chief executive officer Tom Albanese of Rio Tinto Plc as chairman of its main operating subsidiary, Vedanta Resources Holdings Ltd.

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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