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Market Update

Europe Earnings: Glaxo, Premier Foods, Rio Tinto, Swedbank, Telecom Italia

Author: Nigel Thomas
Last Update: 10:55 AM ET July 16 2013

3:20 PM Frankfurt – Chinese police lists charges against local unit of Glaxo. Rio Tinto second quarter production climbed and reaffirmed its full-year guidance. Swedbank net income slumped to 1.59 billion kronor. Telecom Italia delayed its plan to spin-off its fixed-line.

In London trading, FTSE 100 index inched lowered 0.06% or 3.98 to 6,582 and in Frankfurt the DAX index fell 0.2% or 17.48 to 8,217.

In Paris, CAC 40 index slipped 0.5% or 17.73 to 3,861.

GlaxoSmithKline Plc dropped 1.1% to 1,725 pence after the UK based consumer products maker faces charges made by Chinese police. Gao Feng, head of the economic crimes said GSK British drug-maker transferred approx 3 billion Yuan or $489 million to more than 700 travel agencies and consultancies over six years.

Premier Foods Plc surged 9.8% to 84.56 pence after UBS AG lowered stock price target to 70 pence to from 60 pence.

Rio Tinto Plc jumped 3.1% to 2,895 pence after the mining company reported iron ore production in the second quarter climbed 7% to 51.82 million tons and expects 265 million tons for the year and reaffirmed its full-year guidance.

Swedbank AB declined 2.9% to 155.65 kronor after the Sweden based bank said second quarter net income slumped to 1.59 billion kronor from 3.15 billion kronor in the last year. Profit for the period from continuing operations decreased to 3.48 billion kronor compared to 3.49 billion kronor of the prior year. Diluted earnings per share from continuing operations were 3.15 kronor from 3.16 kronor a year ago

Net interest income jumped to 5.41 billion kronor from 5.04 billion kronor and profit before impairments climbed 5% to 4.85 billion kronor.

Telecom Italia SpA dropped 2.9% to €0.489 and the Italy based phone company delayed its plan to spin off its fixed-line copper network after the regulator’s proposal to lower the inter-carrier rates charged by the company.

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