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Market Update

European Markets Trade Flat

European markets traded flat Tuesday.

The FTSE edged up 0.1%. The CAC 40 Paris traded flat while the German DAX edged up 0.2%.

Germany and France are reportedly close to agreeing a banking union deal after a meeting of European Union officials in Berlin last week Friday.

Industrial production data is due in France and from the U.K. Also, ECB President Mario Draghi is due to speak at an event later in the day in Rome.

After the European market close yesterday, St. Louis Fed President James Bullard – a voting member on the Fed’s policymaking committee this year – said the central bank could slightly reduce its bond purchases this month after signs of an improved labour market.

Stocks on the Move

TUI Travel PLC was down over a percent despite reporting a better-than-estimated 13% increase in full year profit and saying it had seen encouraging bookings for next summer.

Prudential PLC has set new growth targets of at least 10 billion pounds of cumulative underlying free surplus generation by the end of 2017. The company has requested a trading halt till 1pm.

Volvo was up 1.5% after the world number two truck maker said it agreed to sell its machine rental business in North America – Volvo Rents – to U.S. private equity firm Platinum Equity.

Iliad SA was up 1.8% after a broker upgrade.

Deutsche Bank traded flat in Frankfurt.