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Market Update

Stable But Below Target Inflation in Euro Zone Ahead of Policy Meeting

Author: Lucy Stoeva
Last Update: 11:06 AM ET December 02 2015

4:00 PM Frankfurt – Inflation remained low in November and the data fueled expectations for central bank action. Greene King net jumped 9% and revenues soared 49%. Sage Group net increased 3%. Vodafone and Swisscom agreed to extend their strategic partnership agreement up to fiscal 2019.

European stock markets changed direction several times in anticipation of the policy meeting of the European Central Bank on Thursday. While recent economic data suggests more stimulus measures from ECB, there are concerns that expectations may be overstated.

Annual inflation in the euro area remained stable at 0.1% in November, according to preliminary readings of Eurostat. The inflation number is below forecasts of 0.2% to 0.3% and further boosts expectations that ECB will take action to raise inflation.

Core inflation fell to 0.9% from 1.1% in October, also below forecasts.

Industrial producer price index in October fell 0.3% in the euro zone and 0.2% in the wider region of EU28.

In London trading, FTSE 100 index increased 36.90 or 0.58% to 6,432.55 and in Frankfurt the DAX index fell 18.42 or 0.16% to 11,242.82.

In Paris, CAC 40 index gained 19.43 or 0.4% to 4,933.96.

Antofagasta Plc fell 0.4% to 510 pence after the mining company completed the acquisition of 50% in Compania Minera Zaldivar in Northern Chile from Barrick Gold Corporation for $1 billion.

The mine Zaldívar produced £222 million pounds of copper in 2014 and had copper reserves worth £5.6 billion pounds at the end of the year.

Brewin Dolphin Holdings Plc jumped 2.9% to 265 pence after the U.K.-based investment manager reported annual growth in adjusted net profit of 7% to £62.2 million, excluding one-time and exceptional items.

Total assets under management slightly declined from £32.5 billion to £32 billion, while discretionary assets rose 3% from £24 billion to £24.8 billion.

The company lifted its full-year dividend 21% to 12 pence per share.

“Expansion is now firmly on our agenda and we are in a strong position to take advantage of opportunities,” said CEO David Nicol.

Greene King Plc surged 13.3% to 964.54 pence after the U.K.-based pub and brewing company said revenues in the first-half ending on October soared 49.2% from a year ago to £917.7 million.

Net profit in the period jumped 8.9% from a year ago to £70 million and diluted earnings per share increased to 24.8 pence from 29.3 pence.

Sage Group Plc slipped 1.6% to 567 pence despite a strong earnings report as investors were taking profits after the recent stock rally.

The U.K.-based enterprise software maker reported revenues in the year ending in September jumped 6% from a year ago to £1.40 billion.

Net profit in the period increased 2.9% from a year ago to £194.3 million compared to £188.9 million and diluted earnings per share rose to 18 pence from 17.24 pence.

Vodafone Group Plc gained 0.3% to 222.70 pence after the U.K.-based communication services provider and Swisscom agreed to extend their strategic partnership agreement to fiscal 2019.

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