European open: Earnings in focus

29th Jul 2010 09:00

Europe's main markets are cautiously higher in early dealings on Thursday as investors consider a bunch of corporate figures.Across the markets, the Dax in Frankfurt is up 14 points at 6,193, with the Cac in Paris 15 points higher at 3,686. The Swiss market has added 12 points at 6,289.France Telecom gained after reporting a rise in first-half net income to €3.7bn compared with €2.6bn last year and reaffirmed its organic cash flow target.Spanish lender Santander is lower after the banking giant second-quarter net profit fell 8% to €2.23bn. AstraZeneca's potential blockbuster heart drug Brilinta has received the backing of a US advisory panel just as the Anglo-Swedish drug giant increased 2010 earnings targets for a second time this year following a strong performance from emerging markets and key drugs in the second quarter. Elsewhere in the sector, German pharmaceutical firm Merck reported a better-than-expected 69% rise in second-quarter net profit to €183.4m and lifted its outlook.Siemens also beat market estimates in its third quarter with a record operating profit of €2.3bn. The order intake improved by 22% to €20.87bn.Anglo-Dutch oil giant Royal Dutch Shell has trumped forecasts with a 15% jump in second quarter profit, in stark contrast to loss-making rival BP, thanks to higher oil prices and an increase in production.Another Anglo-Dutch firm, magazine publisher Reed Elsevier, also reported. The publishing group said advertising and promotion markets are stabilising as underlying revenues increased 1% in the first half. CAC 40 - RisersCap Gemini (CAP) € 36.26 +7.06%France Telecom (FTE) € 15.89 +4.75%Alcatel-Lucent (ALU) € 2.12 +1.10%Total (FP) € 38.96 +1.05%Societe Generale (GLE) € 45.49 +1.03%GDF Suez (GSZ) € 25.86 +0.90%ST Microelectronics (STM) € 6.38 +0.76%LVMH (MC) € 93.23 +0.63%Schneider Electric (SU) € 87.87 +0.62%Veolia Environnement (VIE) € 20.43 +0.57%CAC 40 - FallersVallourec (VK) € 76.19 -4.16%Peugeot (UG) € 23.26 -2.49%ArcelorMittal SA (MT) € 23.84 -1.49%Renault (RNO) € 34.33 -1.00%Technip (TEC) € 51.77 -0.88%Credit Agricole (ACA) € 10.66 -0.84%Dexia (DEXB) € 3.80 -0.76%Accor (AC) € 25.16 -0.73%Michelin (ML) € 59.63 -0.60%Alstom (ALO) € 39.31 -0.44%