AFX European summary

AFX European summary - midday

	Published : Tue, 16 Jan 2007 14:22 By : Agencies Print this Story

LONDON (AFX) - AFX European summary - midday

LONDON (AFX) - Leading shares were modestly weaker midday, holding off morning lows on hopes for an opening advance on Wall Street but with falls by retail issues a focus amid worries the highest annual UK CPI inflation rate for a decade could bring further Bank of England rate increases, dealers said.

At 12.07 pm, the FTSE 100 index was 2.3 points lower at 6,261.2, below the late morning peak of 6,266.4, but well off an earlier low of 6,229.9.

FRANKFURT (AFX) - German shares were flat in midday trade, after the main index finished at its highest level since Feb 2001, but lacking direction from Wall Street, which was closed yesterday for a public holiday, dealers said.

At 12.01 pm, the DAX 30 index was down 1.39 points or 0.02 pct at 6,730.35, having moved in a range of 6,710.26-6,746.63.

PARIS (AFX) - Share prices were down slightly at midday in very light trade, with the publication of a stronger-than-expected rise in January's ZEW economic expectations index in Germany having little impact as investors wait for direction from Wall Street, dealers said.

At 12.57 pm, the CAC-40 index was down 8.55 points or 0.15 pct at 5,622.53 on volume of 1.7 bln eur.

MILAN (AFX) - Share prices were little changed in midday trade, as gains in BPU, on a broker upgrade, and in STMicro were pared by losses among Fastweb and other blue-chips, dealers said.

At 12.45 pm, the Mibtel index was down 0.02 pct at 32,488 points and the S&P/Mib was up 0.1 pct at 42,312, while volumes stood at 2.2 bln eur.

MADRID (AFX) - Share prices were higher midday, rebounding from early profit-taking, with market newcomer Vueling up more than 8 pct, dealers said.

At 12.25 pm, the IBEX-35 index put on 43.4 points to 14,458.5, after trading in a range of 14,353-14,463, on turnover of 2.0 bln eur.

AMSTERDAM (AFX) - Shares were up in early afternoon trade, with Buhrmann leading gainers after Goldman Sachs added the Dutch office-products group to its 'convictions buy' list, dealers said.

At 1.24 pm, the AEX was up 0.59 points or 0.12 pct at 505.96, after opening at 505.94.

STOCKHOLM (AFX) - Shares reversed minor early losses and edged into positive territory in midday trade before the US open, with Nokia leading the market higher after a broker upgrade, dealers said.

At 12.05 pm, the OMX Stockholm index was up 0.34 pct at 384.27 points, while the OMX Stockholm 30 index was up 0.33 pct at 1,177.69.

ZURICH (AFX) - Share prices were flat in thin afternoon trade, in line with Wall Street futures, dealers said.

At 12.30 pm, the Swiss Market Index was 2.25 points up at 9,103.9, and the Swiss Performance Index was 9.11 points up at 7,197.28.