Europe midday: S&P doesn´t cut Spain´s credit rating

RELATED QUOTES

SymbolPriceChange
NOKI-SEK.ST48.31-1.10
NOA3.DE5.33-0.09
BMW.DE92.68-1.34
CB4.F6.7450.000

LONDON (ShareCast) - -Roesler says Merkel does not back ESM bank license either -Bbg -Weidmann warns not to overestimate ECB -Bbg -Nokia (Stockholm: NOKI-SEK.ST - news) shoots higher by 10% on insider buying -S&P expects general Spanish govt. deficit to narrow substantially in 2012-DJ -S&P reiterates Spain´s BBB+ rating, negative outlook FTSE-100: 0.92% Dax (Xetra: ^GDAXI - news) -30: -0.17% Cac (Frankfurt: 924169 - news) -40: 0.71% FTSE-Mibtel 30: -0.46% Ibex 35 (Madrid: IBEX.MC - news) : -1.26% Stoxx 600: -0.29% At midday the main European equity benchmarks continue to put in a mixed performance, ahead of this evening´s post US FOMC press conference, although tomorrow´s meeting of the European Central Bank is still very much front and center in traders´ minds. In that regard the most important news for the markets would seem to be the possibility, reported last night, that Germany´s Finance Minister may back aid for Spain in bond markets in exchange for further economic reforms. In quite a contradictory manner however, Germany´s Economics minister has been cited as saying that his Chancellor, Angela Merkel, is opposed to granting the European Stability Mechanism a banking licence. Against that backdrop, much has been made of the publication today, on the Bundesbank´s website, of a speech given by its President (over a month ago), in which he indicated his opposition to further burden sharing without "tighter political union." From a sector stand-point the worst performers now on the DJ Stoxx 600 are: automobiles (1.87%), construction (-0.81%) and utilities (-0.26%). Nokia Oyj (Xetra: 870737 - news) , the mobile-phone maker is jumping higher by 7%. Chief executive officer Stephen Elop and several Nokia directors last week bought more than $1m in stock. Short interest in the stock was yesterday at almost 16%. BMW (Xetra: 519000 - news) is off after reporting a 19% drop in its second quarter earnings before interest and taxes. Slightly weaker than forecast Eurozone manufacturing PMI The Eurozone´s manufacturing sector purchasing managers´ index for the month of July has come in at 44.0 points, versus the 45,1 seen last month (Consensus: 44.1). Euro nudges slightly higher The euro/dollar is now up slightly, by 0.02%, at 1.2300. Front month Brent crude futures are higher by 0.64 dollars, at 105.60 dollars per barrel on the ICE. AB