Europe midday: Nokia lower following results



LONDON (ShareCast) - - Commerzbank (Xetra: 803200 - news) may lay-off up to 6,000 jobs
- Moody's sees Chinese growth moderating, no hard landing
- Moody's says outlook for Portugal still negative, crisis not over

FTSE-100: 0.36%
Dax (Xetra: ^GDAXI - news) -30: -0.03%
Cac-40: 0.02%
FTSE Mibtel 30: -0.01%
Stoxx 600: -0.12%

The main European equity benchmarks are now on a mixed footing. That following the release of positive economic data out overnight and this morning in China and the Eurozone, but after a very negative reaction to the latest quarterly results out from US tech-heavyweight Apple (NasdaqGS: AAPL - news) , after the close of the market on Wednesday's. The American company's shares dropped by almost 10 per cent in reaction to its latest quarterly figures.

Judging by some market commentary sentiment towards Eurozone periphery debt is still somewhat mixed. Those countries' bonds however are advancing after Portugal sold €2.5bn of 4 year debt via another syndication last night, with no less than 93% of the issue having been sold to foreign investors. Books closed in excess of €12bn.

Nokia (Stockholm: NOKI-SEK.ST - news) off after results

Nokia is lower after cutting its dividend (for the first time in 143 years) and forecasting a drop in operating margins, into negative territory, for the first quarter. Nevertheless, note must be taken of the sharp rise seen in the company's shares throughout the last six months.

Banca Monte dei Paschi di Siena (Milan: BMPS.MI - news) may be forced to restate profit figures after the Bank of Italy said lender hid documents from regulators on certain financial transactions.

There are reports that Commerzbank's works council are weighing job-cuts of up to 6,500 jobs could go.

Logitech, the Dutch maker of computer 'mice' has registered a large share price drop after announcing a third quarter drop.

Italian lender Unicredit (Milan: UCG.MI - news) plans to cut about 1,000 jobs at its German unit by the end of next year in a bid to slash costs at its ailing retail bank, two people familiar with the matter told Reuters on Wednesday.

From a sector stand-point the worst performing industrial groups are: Automobiles (-0.81%), Industrial Goods&Services (-0.65%) and Technology (-0.58%).

Better than expected PMI data
The Eurozone manufacturing sector purchasing managers' index (PMI) for the month of January rose to 47.5 after a reading of 46.1 for the previous month (Consensus: 46.5). Worth pointing out, Germany's figures came in well ahead of expectations.

The Eurozone services PMI increased to 48.3 from 47.8 in the previous month (Consensus: 48).

Dutch consumer spending dropped by 3.0% year-on-year in November (Xetra: A0Z24E - news) , after a fall of 2.2% in the month before.

Spain's unemployment rate ticked up to 26.02% in the fourth quarter, from 25.02% in the third quarter.

Other asset classes trading mixed
The euro/dollar is now higher by 0.16% to the 1.330 dollar mark.

Front month Brent crude futures are now lower by 0.133 dollars to the 112.66 dollar mark on the ICE.