4:00 PM Frankfurt Credit Suisse net loss narrowed and plans to eliminate 5,500 jobs this year. EDF net more than doubled. Rolls-Royce net swung to a record loss of £4 billion. TUI net loss narrowed and the tour operator agreed to sell Travelopia for 381 million.
In London trading, FTSE 100 index edged up 0.92 to 7,281.77 and in Frankfurt the DAX index slid 9.86 to 11,763.49.
In Paris, CAC 40 index rose 5.52 to 4,893.71.
Credit Suisse Group AG
jumped 2.9% to 15.20 Swiss francs after Switzerland-based financial services provider reported revenues in the fourth-quarter ending in December soared 24% from a year ago to 5.4 billion francs.
Net loss in the quarter narrowed from a year ago to 2.4 billion francs compared to 5.8 billion francs and diluted loss per share fell to 1.12 francs from 3.28 francs.
The result includes net litigation expenses of 2.2 billion francs after taking a charge to settle the U.S. investigation into the mortgage securities business in the 2008 financial crisis.
The bank suffered net asset outflows in the quarter of about 6.7 billion francs.
Credit Suisse said it plans to eliminate 5,500 jobs this year to help to reduce expenses to less than 18.5 billion francs by the end of 2017.
In December, the lender settled the issue with the U.S. Justice Department in $5.3 billion, including $2.48 billion penalty and consumer relief payments of $2.8 billion over the next five years.
Electricite de France SA
slumped 2% to 9.22 after France-based electricity producer reported revenues in the year ending in December declined 5.1% from a year ago to 71.2 billion.
Net profit in the quarter surged 141.7% from a year ago to 2.9 billion compared to 1.2 billion and diluted earnings per share jumped to 1.15 from 0.32.
The electricity producer forecasted operating profit in 2017 between 13.7 billion and 14.3 billion due to lower market prices in France and in the U.K. compared to 2016.
But in fiscal 2018, the company estimated operating profit of about 15.2 billion after benefit from additional savings from cost-cutting and asset sales.
soared 5.2% to 18.85 after Bloomberg reported France-based passenger cars maker is in advanced talk with General Motors Co to combine its European businesses including the merger of Opel unit.
Rolls-Royce Holdings Plc
plunged 5.2% to 701.50 pence after the U.K.-based aircraft engine maker reported revenues in the year ending in December jumped 9% from a year ago to £15 billion.
Net in the year swung to a loss to £4.03 billion compared to 84 million in the year ago period and diluted loss per share swung to 220.08 pence from 4.48 pence.
The aero engines provider said it agreed to pay £671 million in financial penalties for the bribery cases with the U.K., the U.S. and Brazilian authorities and also write-down £4.4 billion from currency related contracts.
Rolls-Royce said weak demand in its troubled marine unit also booked goodwill impairment charges of about £200 million to reflect a more cautious forecast.
In fiscal 2017, the group estimated modest performance improvement but estimated free cash flow to match 2016 flow.
advanced 3.9% to 14.29 after Germany-based tour operator said revenues in the first-quarter ending in December advanced 2.3% from a year ago to 3.3 billion.
Net loss in the quarter narrowed from a year ago to 117.5 million compared to a loss of 184 million and diluted earnings per share swung to 1.73 from diluted loss per share of 0.56.
We will focus on online social media to help its hotels with from domestic guests in the new markets and looking at the countries with growing middle-class markets, chief executive officer Fritz Joussen said.
On February 13, the group announced that agreement has been reached with private equity firm KKR & Co LP to sell Travelopia for an enterprise value of 381 million or £325 million.