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Market Update

Europe Earnings: Deutsche Bank, Elekta, Falck, Pearson, Sage Group

Author: Nigel Thomas
Last Update: 10:20 AM ET December 04 2013

3:40 PM Frankfurt – Deutsche Bank fined €725 million. Elekta net plunged 33%. Falck Renewables sold 49% stake in British wind farm projects for £153 million. Pearson agreed to acquire Brazil-based Grupo Multi for £505 million. Sage Group profit tumbled 84%.

In London trading, FTSE 100 index fell 0.5% or 34.39 to 6,498 and in Frankfurt the DAX index dropped 0.9% or 78.91 to 9,144.

In Paris, CAC 40 index decreased 0.9% or 35.43 to 4,137.

Deutsche Bank AG slipped 2% to €33.97 after the Germany-based investment bank said it has set aside enough money to cover most of the €725 million, the largest fine by European Union antitrust regulators for its role in rigging benchmark lending rates.

The regulators fined six financial institutions for a record total of €1.71 billion.

Elekta publ AB declined 4.9% to 91.75 kronor after the Sweden-based surgery equipment maker reported net sales in the second-quarter ending in October jumped 10% to 4.36 billion kronor from 4.18 billion kronor a year ago period.

Net income in the quarter plunged 33% to 183 million kronor compared to 273 million kronor and diluted earnings per share dropped to 48 kronor from 70 kronor a year earlier.

Falck Renewables SpA fell 1.5% to €1.25 after the Italy-based renewable energy group agreed to sell 49% stake in its British wind farm projects to The Copenhagen Infrastructure fund for about £153 million.

Pearson Plc dropped 2.9% to 1,294 pence after the U.K.-based media and education group agreed to acquire Brazil-based Grupo Multi, the adult English training provider with above 800,000 students for £505 million.

Ryanair Holdings Plc slid 0.2% to 5.94 pence after the U.K.-based low-cost airline said it has not participated in Alitalia''s €300 million capital raising plan.

Standard Chartered Plc plunged 6.4% to 1,339 pence after the U.K.-based financial service provider expects income for the year to be “broadly flat” in 2013 and operating profit in consumer-banking segment may decline about 10% from a year earlier.

The Sage Group Plc climbed 9% to 378.60 pence after the U.K.-based business management software provider reported revenue in the year increased 3% to £1.38 billion from £1.34 billion a year ago.

Profit for the year tumbled 84% to £47.5 million compared to £296.7 million and diluted earnings per share dropped to 3.96 pence from 18.60 pence a year earlier.

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