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Market Update

Parent of Gucci Revenues Beats Estimates, Deutsche Bank Revenues Drop 5%

Author: Sarla Buch
Last Update: 11:57 AM EDT October 24 2018

4:00 PM Frankfurt Air Liquide reaffirmed fiscal profit forecast. Deutsche Bank reported disappointing revenues. Parent of Gucci, Kering reported better-than-expected segment revenues. Vinci jumped on strong revenues.

In London trading, FTSE 100 index increased 39.99 or 0.6% to 6,995.19 and in Frankfurt the DAX index rose 15.54 to 11,283.24.

In Paris, CAC 40 index jumped 33.51 or 0.7% to 5,001.18.

Air Liquide SA jumped 2.3% to 107.35 after France-based industrial gases producer reported revenues in the third-quarter ending in September soared 6.7% from a year ago to 5.3 billion.

The gas producer said revenues in the quarter in gas and service segment jumped 5.8% to 5.1 billion after favorable currency impact and higher energy prices.

Air Liquide reaffirmed fiscal 2018 net profit growth forecast.

Deutsche Bank AG declined 3.4% to 8.99 after Germany-based investment bank and financial services provider said revenues in the nine-month period ending in September plunged 5% from a year ago to 19.7 billion.

Net income in the period tumbled 56% to 750 million from 1.7 billion in the same period a year ago and diluted earnings per share slumped to 0.19 from 0.69.

The bank reported lower results in all segments after non-recurring specific items impacted the business. Moreover, client volumes declined after revenues in corporate and investment bank business plunged 13% and revenues in fixed income sales and trading segment plummeted 15%.

As of September 30, assets under management dropped 2.4% from a year ago to 694 billion.

Kering S.A surged 8.7% to 383.90 after France-based luxury goods maker reported revenues in the third-quarter soared 28% from a year ago to 3.4 billion.

Luxury group said sales in Gucci segment surged 35% and revenue in the home related business soared 27.1%.

Vinci SA soared 4.9% to 78.08 after France-based construction services provider said group total revenues in the nine-month period ending in September advanced 7.7% from a year ago to 31.4 billion.

Vinci said domestic revenues jumped 4.8% to 18.1 billion after contracting activities and revenues in the international business soared 11.9% to 13.4 billion from a year ago period.

As of September 30, total order advanced 7% from a year ago to 32.8 billion.

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