European equity markets currently around 40bps higher, buoyed by China rising 3% amid positive rhetoric suggesting permitting fresh foreign investment, meanwhile the IMF’s Lagarde says that confidence has returned to the region and the German finance minister says that the region is over the worst of the crisis. Further strength seen in financials and autos better on company specific headlines, Industrials mixed so far.
Company specific, Fiat are 6% firmer on better commercial vehicle sales, Peugeot 5% higher after securing $7.1bn loan financing and Michelin 4% higher after BofA upgrade. Credit Agricole 4% higher after CS upgrade company along with Socgen. On the downside TNT Post fall 40% after UPS abandons deal as EU moves to reject takeover bid, Inbev 1.5% lower after the NY Post reports that Busch may be asked to make concessions on buyout.
US futures are slightly higher, with no notable economic data or earnings due today.
Philip Ball | Sales and Trading