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Market Update

Europe Movers: Air France, EasyJet, IAG, HMV

Author: Nigel Thomas
Last Update: 10:57 AM ET April 05 2013

3:00 PM Frankfurt European airlines Air France, IAG, EasyJet declined after fears rising bird flu outbreak in China. Hilco agreed to acquire HMV in 50 million. Punch reported profit before tax of 26 million.

In London trading, FTSE 100 index declined 2% or 128 to 6,216 and in Frankfurt the DAX index dropped 2.2% to 169.9 to 7,648.

In Paris, CAC 40 index slumped 2.3% or 85.9 to 3,640.

Air France KLM SA plunged 7.5% to 6.76 on speculation that the rising death toll in China from bird flu may affect travel demand.

International Consolidated Airlines Group declined 7% to 234.70 pence said premium traffic for March declined 2% on holiday calendar and Iberia strikes at Iberia flights.

EasyJet plc dropped 6.5% to 1,026 pence after the UK based airline carrier lowered pre-tax loss for the six months ended in March and expects between 60 million and 65 million.

The adverse weather resulted higher than anticipated level of cancellations and capacity growth marginally lower than guidance at 3.3%.

HMV, the UK based independent music chain emerged from bankruptcy after Hilco agreed to acquire for 50 million. Hilco acquired 141 stores of HMV. The retailer had debts worth 176.1 million.

HMV, founded in 1921 and at the time of collapse in January, under mounting debt and stiff competition from supermarkets and Internet, employed 4,123 people and had 223 stores.

Punch Taverns plc surged 5.4% to 11.20 pence after the UK based pub operator reported profit before tax of 26 million and in line with the management expectations and operating earnings for the 28-week period ended on March 2 were 117 million.

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