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Market Update

M&S Sells HK and Macau Stores, British Air Parent to Buy Austria Based Niki

Author: Sarla Buch
Last Update: 11:00 AM EST January 02 2018

4:00 PM Frankfurt BP estimated $1.5 billion one-time non-cash charge in the fourth-quarter of 2017. IAG to acquire Austrian insolvent discount air Niki. M&S agreed to sell Hong Kong and Macau stores to Al-Futtaim Group. TechnipFMC won contract from Statoil. Vestas secured orders in Europe, Canada and India.

In London trading, FTSE 100 index slumped 38.68 or 0.5% to 7,648.94 and in Frankfurt the DAX index dropped 102.29 or 0.8% to 12,814.66.

In Paris, CAC 40 index declined 38.11 or 0.7% to 5,274.44.

BP Plc dropped 1% to 517.30 after the U.K.-based oil and gas producer estimated one-time $1.5 billion non-cash charge of new corporate tax rules of the U.S. in 2017 fourth quarter earnings result

However, the oil producer estimated after-tax earnings in the U.S. are expected to be positively impacted from the latest revision in tax rates.

BP is scheduled to release its fourth quarter earnings result on February 6.

International Consolidated Airlns Grp SA jumped 3.3% to 7.47 after the U.K. and Spain based airline and ancillary services provider said it will acquire insolvent Austrian holiday airline Niki, previously owned by Air Berlin for 20 million and provide liquidity of up to 16.5 million.

Germany-based rival Lufthansa dropped the plans to buy Niki in mid-December.

Marks and Spencer Group Plc gained 0.4% to 316 pence after the U.K.-based specialty retailer agreed to sell its Hong Kong and Macau-based retail business to its franchise partner Al-Futtaim Group for undisclosed financial terms.

TechnipFMC Plc rose 0.1% to 25.88 after the U.K.-focused onshore/offshore oil well services provider won a contract for the Statoil Snorre field expansion project located at the Tampen area in the North Sea.

The project work includes 6 sub-sea templates and subsea production equipment.

Vestas Wind Systems A/S soared 3.3% to 442.80 Danish kronor after Denmark-based wind turbine maker secured orders for 307 megawatt in Europe and series of new orders in Canada and India for about 396 megawatt.

Vestas also won a contract to deliver 279 megawatt turbines to Sweden-based wind project developer Eolus Vind.

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