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Market Update

Europe Earnings: CommerzBank, Lufthansa, Inditex, Kion, Vallourec

Author: Nigel Thomas
Last Update: 11:27 AM ET June 11 2014

4:00 PM Frankfurt CommerzBank sold non-performing loans portfolio for 5.1 billion. Lufthansa said passenger revenues in May jumped 3.9% and lowered its profit outlook. Inditex net declined 7% to 406 million and scheduled a stock split on July 15. Vallourec lowered its forecast.

In London trading, FTSE 100 index dropped 0.6% or 43.47 to 6,830.08 and in Frankfurt the DAX index declined 0.9% or 87.39 to 9,941.41.

In Paris, CAC 40 index slumped 0.8% or 38.49 to 4,556.51.

CommerzBank Ag slid 0.5% to 12.44 after the Germany-based bank agreed to sell its non-performing loans in Portugal and commercial real-estate financing assets in Spain and Japan totaling 5.1 billion.

Deutsche Lufthansa AG plunged 13.7% to 17.19 after the Germany controlled airline said passenger traffic revenue in May jumped 3.9% to 19.17 billion and capacity increased 3.1% from a year ago month.

The company lowered its operating profit forecast for the year to about 1 billion from range between 1.3 billion and 1.5 billion.

Inditex SA gained 1.8% to 112.20 after the Spain-based apparel, footwear and fashion accessory maker and retailer reported net sales in the first-quarter ending in April jumped 4% to 3.75 billion from 3.59 billion a year ago period.

Net income in the quarter declined 7.3% to 406 million compared to 438 million in the quarter a year earlier.

In the first-quarter, the company opened 53 net new stores in 26 different markets and global store network reached 6,393 stores.

The company board is set to approve a 5-for-1 stock split at its annual general meeting scheduled on July 15.

Kion Group AG declined 4.9% to 31.99 after the media report Goldman Sachs has acquired a stake in the industrial trucks supplier at a price of 32.70 or $44.52 per share through open market transactions.

Generale de Sante SA slid 0.1% to 17.15 after the France-based hospital and healthcare service provider sold its stake of 83.43% to Australia-based Ramsay Health Care Limited for 945 million or $1.29 billion.

Vallourec SA tumbled 11.4% to 34.97 after the France-based seamless and welded steel tube maker expects earnings before interest, tax, depreciation and amortization to decline about 10%.

The company said capital expenditures will be cut to 100 million, down from initial target of 500 million in 2014.

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