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Market Update

European Markets Extend Weekly Losses to 2%, Airbus to Raise 2.4 B

Author: Sarla Buch
Last Update: 1:27 PM ET June 10 2016

4:00 PM Frankfurt European market indexes extended weekly losses as the euro continued to rebound. Airbus intends to raise 2.38 billion through sale of remaining stake of 23.6% in the France-based Dassault Aviation. BP divested its stake Norwegian oil field for $1.3 billion. Deutsche Lufthansa CFO resigned.

European markets traded sharply lower after the banking stocks extended weekly losses and industrial stocks lacked interest in local trading in the euro zone.

In London trading, FTSE 100 index declined 121.64 or 1.9% to 6,110.25 and in Frankfurt the DAX index plummeted 254.25 or 2.5% to 9,834.62.

In Paris, CAC 40 index slumped 98.06 or 2.2% to 4,307.55.

For the week, FTSE 100 index fell 1.5% and the DAX index plunged 2.7% and the CAC 40 index dropped 2.6%.

Airbus Group SE slipped 1.4% to 52.65 after the Netherlands-based aerospace and defense company said its intends to raised 2.38 billion or $2.69 billion through the sale of remaining stake of 23.6% in the France-based Rafale combat jet maker Dassault Aviation SA.

Last year, Airbus sold 18.75% holding in Dassault Aviation. Airbus sold its 830,000 shares to institutional investors for 784 million and said it would place bonds due in 2021 for about 1.1 billion that are exchangeable into Dassault Aviation shares at a premium of 37.5%.

BP Plc fell 0.9% to 370.75 pence after the U.K.-based oil and gas producer sold its Norway-based more than 40 years old oil fields to the company owned by billionaire Kjell Inge Roekke in a 10.8 billion kroner or $1.3 billion stock deal.

Deutsche Lufthansa AG plunged 5.3% to 11.37 after the Germany-based airline company said its chief financial officer Simone Menne to step down effective end of August at her own request and decision on her successor will be taken shortly.

Tesco Plc declined 4% to 151.55 pence after the U.K.-based supermarket chain agreed to divestment of its 95.5% controlling stake in the Turkey-based grocery business of Kipa to Migros for an estimated cash proceeds of around 30 million.

The retailer also plans to sell-off its loss-making Giraffe restaurant to Boparan Restaurants Holdings Limited for an undisclosed sum, to reduce the total liabilities of 110 million.

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