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European shares opened lower ahead of the BoE rate decision

2019-02-07 09:31 am | Resource: NEWS | No Views : 192

Markets in Europe opened lower on Thursday as traders awaited another set of corporate results and the Bank of England's latest decision on interest rates.

Among the companies reporting earnings on Thursday are Total, Volvo, Sanofi, Unicredit and Societe Generale. Meanwhile, the Bank of England will announce its rate decision later in the day, along with the inflation report.

Renault: Ghosn was awarded 50 thousand euros in a sponsorship deal

Renault SA announced on Thursday that its former chief executive and chief executive Carlos Ghosn had received € 50,000 under a sponsorship agreement with Chateau de Versailles. The contribution was given to the "personal benefit" of the branch and was discovered in the compliance audits initiated within the group on November 23, 2018, the company added.

"The elements collected so far require further testing, and the Renault Group has decided to present these facts to the judicial authorities," the statement said.

Ghosn, who spent 23 years at Renault, stepped down as chairman and chief executive after his arrest in Japan in November, where he was accused of reporting his income.

Total announces profits of $ 0.40, up 8% YoY

On the data front, Total Oil and Gas Company Total SA posted its fourth-quarter profit for the fiscal year 2018 at $ 52.49 billion, down 4.1% quarter-on-quarter. Fully diluted earnings per share were $ 0.40 in the fourth quarter of last year, down from $ 1.40 in the previous quarter but up 8% YoY.

The company's annual sales increased by 22.1% compared to 2017, while net consolidated income for the same period increased by 39.2% to $ 11.55 billion. Total's board of directors announced a $ 1.5 billion buyback program.

"The group benefited from high oil prices to $ 71 a barrel on average in 2018 compared to $ 54 a barrel in 2017, while it remained volatile, with adjusted net income of $ 13.6 billion, an increase of 28%, and revenues The company's chairman and CEO, Patrick Boyan, said the average capital was operating at close to 12 per cent, the highest level among major currencies, and that the pre-dividend level was $ 30 per barrel.

European Stocks Open
  • DAX fell 0.54% shortly after the opening bell, with TyssenKrupp leading the losses down 1.89%.
  • The CAC 40 index was down 0.10% on the back of Valeo's loss of 1.63%.
  • While the FTSE 100 was down 0.11% as the TUI index tumbled 16.05%.

EUR and GBP trading
  • The euro fell 0.16% against the US dollar, and bought 1.1349.
  • While the pound fell 0.26% against the dollar, going to 1.2903 at 9:15 am CET.

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