Thursday 29 December, 10:15 AM GMT (Thomson Financial): European markets
are trading higher -albeit in quiet trade- benefiting from overnight gains on
Wall Street and a positive session in Asia. Meanwhile, European equities are
also receiving a boost from some positive domestic news, with Munich Re upping
its full-year dividend despite the impact from the hurricane season.
Meanwhile, Hilton Group is higher on reports that it is set to announce a deal
with Hilton Hotels Corp.
London's FTSE-100 Index has added 21.90 points or 0.39% to 5644.70, while
Paris's CAC-40 Index has risen by 14.95 points or 0.31% to 4771.88.
Frankfurt's DAX Index is higher by 14.91 points or 0.27% to 5462.06 and
Milan's S&P MIB Index is up by 121 points or 0.34% to 35,987. The pan-European
blue chip Dow Jones Stoxx 50 Index has climbed by 18.67 points or 0.56% to
3369.08.
* Munich Re said it still expects its full-year result to be on target,
despite heavy losses linked to the hurricane season. The company said it
expects the claims burden from the hurricane season to reach almost 2.3
billion euros after retrocession, which will have a 1.5 billion euros
impact on its consolidated after tax result. However, despite the
hurricane losses, Munich Re still forecasts that it will hit its full-
year target, thanks mainly to substantial capital gains, which will also
allow the group to lift its full-year dividend by 55% to 3.10 euros.
* In papers published ahead of a planned extraordinary general meeting,
insurer Allianz said it was forecasting a net profit of 4.92 euros in
2006, 5.37 billion euros in 2007 and a 5.91 billion euros net profit in
2008. The meeting has been called for 8 February as part of its plan to
acquire the shares in Riunione Adriatica di Sicurta (RAS) it does not
already own.
* Shares in Hilton Group are trading higher on press reports indicating
that the group is close to inking a US$5.5 billion agreement with Hilton
Hotels Corp., which would bring the U.S. and international Hilton brands
together.
Olivier.Masson@Thomson.com; Thomson Financial
This is Thomson Financial Corporate Services Europe Market Commentary. The
information herein is believed to be true and accurate. If you have any
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SOURCE Thomson Financial Corporate Group
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