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Market Update

Volatile Energy and Finacnial Stocks in Europe, Luxottica, Subse 7 in Focus

Author: Lucy Stoeva
Last Update: 7:22 AM ET March 02 2016

4:00 PM Frankfurt, Germany - European markets were volatile tracking the oil market volatility and jitters related to banking sector. Subsea 7 plans to cut 4,000 jobs to deal with sliding oil prices. Luxottica plans to buy back shares.

European markets were in and out of positive territory Wednesday as the volatility in oil prices spilled to stock exchanges. Broader market indexes traded higher on the hopes that the policy makers in Europe and in China may offer more stimulus measures.

Brent crude oil futures and WTI crude recovered from earlier losses and recorded modest gains in the afternoon.

The energy complex stocks turned volatile and Royal Dutch Shell, Portuguese Galp Energia, and Norwegian Seadrill plummeted in the morning, but recovered later in the day.

Oilfield services provider Subsea 7, however, tumbled 5.7% after the Norwegian company confirmed that it had cut 4,000 jobs to deal with sliding oil prices.

In China, resource and property stocks gained in anticipation of government reform measures later this week.

European miners also surged, with Antofagasta up 4.2%, Glencore gaining 3.8%, and Anglo American soaring 6.7%.

The European Central Bank is expected to include pro-bank policies after board member Benoit Coeure said the bank was aware that low rates put pressure on bank margins.

Banking stocks jumped in response, with Deutsche Bank and UniCredit up more than 5%.

The upbeat U.S. manufacturing data, released on Tuesday, also improved market sentiment. The private survey released by the ISM showed growth in manufacturing sector was contracting but the reading of 49.5 was ahead of expectations.

In London, FTSE 100 index fell 5.82, or 0.09%, to 6,147.06, while in Frankfurt, the DAX index added 59.46, or 0.61%, to 9,776.62.

In Paris, the CAC 40 index rose 18.05, or 0.41 %, to 4,424.89.

Elekta AB, the Swedish medical technology group, plummeted 14.9% to 61.75 Swedish kronor after earnings were below market expectations.

Bookings decreased 11% to SEK 2,533 million in current exchange rates. Based on constant exchange rates, bookings decreased 15%.

Net sales were flat at SEK 2,547 million, but decreased 6% in constant currency terms.

Net income reached SEK 7 million and earnings per share were SEK 0.01.

ITV Plc tumbled 4.4% to 238.7 pence despite posting higher profits and announcing a special dividend.

The UK broadcasted reported a 6% rise in annual pre-tax profit to 641 million due to strong revenue growth across the company.

Total revenue surged 14% to 3.38 billion, while advertising revenue rose 6% to 1.72 billion from the previous year.

However, viewing across channels fell 3% last year due to pressure from new digital channels and strong competition from traditional ones.

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