Hitt og þetta 16. febrúar 2006


US SUMMARY: Bernanke Sways Stocks, Becalms Treasurys

DJIA 11058.97 gain 30.58 up 0.3%
NASDAQ 2276.43 gain 14.26 up 0.6%
S&P 500 1280.00 gain 4.47 up 0.4%
Dow Future 11075.00 gain 4.00 0.0%
NASDAQ Future 1682.50 gain 3.00 up 0.2%
S&P Future 1283.00 gain 0.75 up 0.1%
10-Yr US Treasury: 4.60% down 0.01
(Futures values as of 0550 GMT)

Stocks rose modestly Wednesday after investors bobbed and weaved with every word of new Federal Reserve Chairman Ben Bernanke's testimony before Congress. Treasurys though traded calmly.

STOCKS: The market seesawed through Bernanke's first monetary policy testimony before the House Financial Services Committee. Stocks fell as he warned of more rate hikes, rose as he reassured investors about the spread between long- and short-term bond yields. Shares then turned mixed as he expressed concern about Federal budget deficits. The major indexes crept upward after his debut ended.

Bernanke said inflation is contained, but warned it could tick higher. He left the door open to future interest rate increases. He was upbeat about the U.S. economy, saying the latest employment and consumer spending data "suggests that the economic expansion remains on track."

The market has recently been hypersensitive to any hints about future Fed rate hikes, said Brian Gendreau, investment strategist for ING Investment Management. Bernanke's testimony suggests that "if the Fed is going to err, it will be on the side of more rate hikes," Gendreau said.

Stocks may continue to sway until it becomes clear when the Fed will stop raising interest rates, said Richard Madigan, global investment strategist at JP Morgan Private Bank. "There's a jumpiness in the markets that we're going to, unfortunately live with a little while longer," he said.

The market had opened lower as strong data from the manufacturing sector resurrected investors' fears that the Fed could hike rates past 5 percent, which would exceed Wall Street's expectations.

Federal Reserve industrial production data showed manufacturing rising in January; manufacturing data for both December and November was revised upward. The latest Empire State Manufacturing index, a measurement of New York's manufacturing sector and a barometer for the rest of the nation, also came in above economists' expectations.

Crude oil futures fell for the fourth straight day, dipping below $59 a barrel after U.S. government inventory data showed increasing supplies of gasoline and oil. Light crude fell by $1.92 to settle at $57.65 a barrel on the New York Mercantile Exchange. It was the lowest settlement price for the front-month futures contract since Dec. 19.

Brokerage Merrill Lynch & Co. Inc. rose 14 cents to $75.30 after it agreed to combine its investment-management business with money manager BlackRock Inc. in exchange for a nearly 50 percent stake in BlackRock, the two sides said. The transaction, expected to close in the third quarter, would transform BlackRock into one of the world's top money managers, with an asset base of around $1 trillion.

BONDS: A familiar message on inflation and the economy from Bernanke left Treasury prices little changed Wednesday and investors bracing for more interest rate hikes ahead.

As expected, Bernanke used his maiden monetary-policy report to Congress to sound a rather hawkish tone on inflation, noting that robust demand may lead to upward price pressures.

That largely coincided with the prevailing bond market view that the Fed will lift interest rates from 4.50% to 4.75% at its March 27-28 meeting and may move to 5% in May and kept pressure on the front end of the curve.

"His approach was balanced and his message for the most part was consistent with what the Federal Open Market Committee in general has been talking about," said John Miller, portfolio manager at Nuveen Investments in Chicago. "We haven't seen much in the way of volatility or change in prices as a result."

Bernanke "should get an A-plus" for providing clear testimony on the Fed's economic outlook and not roiling bond or equity markets, said Michael Cheah, portfolio manager at AIG SunAmerica Asset Management. "He did a great job. It's not the Fed chairman's job to create excitement in the market," Cheah said.

ASIAN SUMMARY: Tokyo Shares Rise On Hope For Good GDP

USD-Yen 117.76 loss 0.11 dn 0.08%
AUD-USD 0.7388 loss 0.0001 dn 0.01%
Nikkei 225 15952.87 gain 20.04 up 0.1%
Hang Seng 15447.13 gain 23.87 up 0.2%
Taiwan Index 6683.93 gain 85.44 up 1.3%
S.Korea Kospi 1316.14 gain 12.30 up 0.9%
JGB Yield 1.5450% down 0.0200
(All values as of 0550 GMT)
STOCKS: Japanese stocks rose as investors awaited Friday's GDP figures for further signs that a much-anticipated economic recovery is on track. Analysts polled by Dow Jones Newswires project quarterly growth to rise 4.8 percent at an annual pace.

The Nikkei fell at the opening but later moved into positive territory as investors snapped up blue-chip exporters such as autos, some technology stocks and pharmaceutical issues. Banking issues also rose.

BONDS: Prices of Japanese government bond prices were higher after a Bank of Japan policy-maker, Kiyohiko Nishimura, said Thursday that when the central bank ends its quantitative easing policy depends mainly on the core consumer price index, indicating that the conditions for ending the ultra-easy policy may be met in the near future.

OIL: Nymex crude futures were up 45 cents at $58.10 on a technical bounce after recent declines. Lin Hui, senior analyst at China International Futures said, "Recent falls have breached so many technical barriers, it is hard to see where the new support is; but we see very limited further downside for crude."

OTHER NEWS: Google, Yahoo and other Web firms testified before a US congressional panel, defending their willingness to help the Chinese government control Internet activity even as lawmakers scolded them for being "surrogate government censors."

EUROPEAN OUTLOOK: Earnings Flood To Test Markets

Euro-USD 1.1880 loss 0.0007 dn 0.08%
Stlg-USD 1.7388 0.0000 0.00%
USD-Franc 1.3108 gain 0.0002 up 0.02%
(All values as of 0550 GMT)
European stocks are likely to start higher, while government debt and the euro open little changed.

STOCKS: A heavy slate of major company results will sway European markets Thursday, which should open higher on Wall Street's modest gains.

U.K. spreadbettor City Index is calling the FTSE up 10 points to 5801, the DAX up 20 to 5784, and the CAC up 15 to 4949.

The session's highlight, however, may be Arcelor's results and any statement on rival Mittal Steel, which has launched a hostile takeover bid. Arcelor CEO Guy Dolle promised the results will be "very good" and they should underpin the faith his shareholders have in the company's potential. He said a merger with Mittal would destroy shareholder value.

Most European stock markets edged lower Wednesday as concerns about rising costs from banks Credit Suisse and BNP Paribas weighed on sentiment.

"Banks have laid off so many people, and now they're getting hit with pretty heavy volumes. At end of the day, there's a labor bottleneck," said Anais Faraj, a strategist for Nomura Securities in London.

BONDS: Government debt markets have more supply to digest Thursday with France auctioning between EUR4.8 billion and EUR5.3 billion in two and five-year BTANs and EUR1.3 billion to EUR1.8 billion in inflation-linked bonds.

Spain is due to offer 30-year bonds while the U.K. is set to carry out a tap auction of gilts maturing in 2055.

David Keeble, head of rates strategy at Calyon, said there was good demand for the BTANs but there was a question mark about the 30-year bonds.

U.K. house prices rose for the third straight months in January, to a balance of +9% from December's +8%, the Royal Institution of Chartered Surveyors said. The data are just below a DJN forecast of +10%. RICS said it expected activity in the housing market to remain healthy as spring progresses, but that the boom conditions of 1997 to 2002 are still a long way off.

European government bonds were mixed Wednesday, with bunds getting support from two well-received debt auctions while gilts suffered profit-taking as the market looked to the new Federal Reserve chairman's testimony before Congress for further direction.

FOREX: The euro is holding steady after markets overnight digested Bernanke's stance.

Jens Nordvig, Global Markets Economist at Goldman Sachs in New York, said the Bernanke testimony was "cautious and broadly neutral" and its tone was "very close to the tone of the January" Fed statement.

On Wednesday, the dollar advanced on the market's belief that the Fed will likely stay on course for higher rates.

Meanwhile, the Bank of England's quarterly inflation report quelled talk that it might cut interest rates soon.

(MORE TO FOLLOW) Dow Jones Newswires

February 16, 2006 01:00 ET (06:00 GMT)

Copyright (c) 2006 Dow Jones & Company, Inc.

16 Feb 2006 06:00 GMT =DJ EUROPEAN MORNING BRIEFING: Bernanke's Views Reassure -2-

CALENDAR: Thursday, Feb 16: UK Retail; More Bernanke

GMT Expected Previous
0030 UK Jan RICS House Prices +10 +8
0800 GER ECB Governing Council meeting, no rate
decision, Frankfurt
0930 UK Jan Retail Sales -0.2%MM +0.5%MM
+2.9%YY +4.0%YY
1330 US Jan Housing Starts +5.3% -8.9%
1330 US Feb 11 Jobless Claims +8K +4K
1330 US Jan Import Prices +1.2% -0.2%
1400 GER German state fin mins meet in
1500 US Fed Chmn Bernanke gives semi-annual
testimony before the Senate Banking
1500 US Feb 4 DJ-BTMU Business Barometer +0.2%
1530 US Feb 10 US Energy Dept Natural Gas Stocks (in -38
billion cubic feet)
1700 US Feb Philadelphia Fed Business Index 10.0 3.3
1800 US St. Louis Fed Pres Poole attends
luncheon in Little Rock, Ark.
2130 US Feb 11 Money Supply
2330 US Tsy Secy Snow speaks at the Council of
Foreign Relations in Chicago
-By Dennis Baker; Dow Jones Newswires; dennis.baker@dowjones.com

(MORE TO FOLLOW) Dow Jones Newswires

February 16, 2006 01:00 ET (06:00 GMT)

Copyright (c) 2006 Dow Jones & Company, Inc.

16 Feb 2006 06:00 GMT =DJ EUROPEAN MORNING BRIEFING: Corporate Events

ABB (ABB): 4Q Earnings
Average net profit (DJ, 5 analysts): $130M ($13M)
Average revenue: $6.3B ($5.9B)
Average FY net profit: $690M ($35M loss)
Note: Analysts say earnings are bolstered by a rise in demand in the US and Asia, as well as ABB's ability to cut losses at its discontinued operations. Revamping costs of around $100M for its transformer business, however, will keep its 4Q figures in check, analysts say. Analysts will focus on ABB's US asbestos litigation, an ongoing bribery probe in the US and its outlook for '06.

Air France-KLM (3112.FR): 3Q Earnings
Average EBIT (DJ, 5 analysts): EUR205M (EUR29M)
Note: Management is guiding for "a clearly positive operating result" in the seasonally slow second half, so investors will be looking for company to firm up guidance on 4Q and possibly make statement on outlook to year ending March '07, analyst says. Adds upgrades are possible if it looks like the company is making money in the usually weak January to March period. Company reports pre-market.

Arcelor (5786.FR): FY Earnings
Average net profit (DJ, 5 analysts): EUR3.1B (EUR2.3B)
Average dividend: EUR0.72 (EUR0.65)
Note: CEO Dolle is likely to focus exclusively on company results. Analysts expect him to be tight-lipped on Arcelor's defense strategy, which may only become clear once Arcelor has gauged whether regulators will allow Mittal's bid on legal grounds.

"They could be planning some acquisitions to fend off the Mittal bid, but it will be difficult to find anyone willing to be taken over by Arcelor now that Mittal wants to buy the company," said Dexia bank analyst Mickael Van den Hauwe. Van den Hauwe gives Arcelor a sell rating.

Company watchers will also examine Arcelor's dividend policy after a string of thwarted takeover attempts left its cash coffers full. Some observers say Arcelor might even consider a special dividend to rid itself of extra cash and woo shareholders.

Arcelor's outlook on raw material prices and predictions for 2007 will also be critical. A conference call with analysts is scheduled for 1330 GMT.

Analysts say that revenue from Arcelor's flat steel division, it's main sales source, improved in the last quarter of 2005. EBITDA margins are expected to stabilize thanks to effective production cuts and the contribution from Arcelor's Brazilian operations.

The company's long-products division is expected to perform less well than in 2004. The results of Arcelor's recent sale of its Spanish long-products business will also interest analysts. The results will be released at 0600 GMT.

Bradford & Bingley (BB.LN): FY Earnings
Average pretax profit before items (Co consensus): GBP305.5M (GBP288.7 M)
Note: Bradford & Bingley, the smallest of the U.K. banks, will have to convince investors that it has a clear and potentially successful plan for the future, now that it has finished a restructuring program to focus on core business lines such as mortgages.

DaimlerChrysler (DCX): FY Earnings
Average net profit (DJ, 9 analysts): EUR2.6B (EUR2.466B)
Average operating profit: EUR5.164B (EUR5.754B)
Average sales: EUR147.384B (EUR142.059B)
Average EPS: EUR2.56 (EUR2.43)
Average dividend: EUR1.50
Note: Due to restructuring costs, closely watched operating profit is expected to fall 10.3% on the year. The Smart minicar brand alone accounted for restructuring costs of around EUR1.111B.

The Mercedes Car division is expected to post a loss of EUR637M, compared with operating profit of EUR1.666B in 2004. Chrysler's operating profit for 2005 is expected to be stable at EUR1.479B. DaimlerChrysler is set to reach its target for the full year of posting a slightly increased operating profit, excluding the charge for Smart.

Further details about the ongoing restructuring of Mercedes are likely to be in focus, as are perspectives on the U.S. auto market amid growing competition from Asian rivals like Toyota Motor (TM).

Mercedes CEO Zetsche's guidance for the full year and his mid-term plans are expected to be in the limelight. "The guidance will heavily depend on the timing of restructuring charges (between 2005 and 2008) and will also be influenced by other extraordinaries," Merck Finck analyst Robert Heberger said in a note.

The commercial vehicles division is set to benefit from a EUR276M payment by Mitsubishi Motors Corp. (7211.TO) due to quality problems at Mitsubishi Fuso division. The division's operating profit is forecast at EUR2.155B.

Diageo (DGE.LN): 1H Earnings
Average EBIT (DJ, 4 analysts): GBP1.25B (GBP1.19B)
Average pre-items EPS: 31.1p (30p)
Note: Focus will be on the progress of the European cost cutting program, organic sales growth in the US and any news on
share buyback plans.

EFG Eurobank Ergasias (EUROB.AT): FY Earnings
Average net profit (DJ, 4 analysts): EUR504.1M (EUR340M)
Average net interest income: EUR1.35B
4Q net profit: EUR118.8M (EUR92M)
Average NII: EUR365M (EUR302M)
Note: Robust growth in core revenue is expected to drive earnings. Market share seen increasing in retail and small business lending, south east European operations to account for higher contribution of overall company profitability. Results due post-market.

Eircom (EIR.DB): 3Q Earnings
Average diluted adjusted EPS (DJ, 4 analysts): 4c (4c)
Note: Comparative EPS is skewed by Eircom's EUR423M rights issue in September. Analysts say the stock has been underpinned by takeover rumors, but say investors will focus on the contribution from Eircom's new mobile unit Meteor. Goodbody Stockbrokers sees growth in broadband helping to continue to offset the decline in traditional revenues; maintains add rating.

Impala Platinum (IMP.JO): 1H Earnings
Average pre-items EPS (DJ, 4 analysts): ZAR27 (ZAR16)
Note: Company said in January trading statement pre-items EPS would be 55%-75% higher on the year. Sharply higher earnings seen driven by output increase and rise in average price of basket of platinum group metals.

ING Groep (ING): 4Q Earnings
Average net profit (DJ, 6 analysts): EUR1.48B (EUR1.41B)
Note: Analysts say they will focus on the cost side. Banking could profit from strong wholesale, retail operation, says a van Lanschot analyst, while insurance is expected to show solid underlying growth. No concrete outlook expected for '06.

Julius Baer (BAER.VX): FY Earnings
Average net profit (DJ, 8 analysts): CHF142.0M (CHF210.2M)
Note: The bank guided for slightly more than CHF140M in FY net profit earlier this year, because it plans to move the majority of its restructuring costs from recent acquisitions into '05, instead of '06 as originally planned. 2H net profit seen at CHF11.9M from CHF97.5M, with costs of merging former UBS (UBS) private banks and GAM as well as IT-project writedown seen weighing.

Beyond earnings, analysts eye the debut of Alex Widmer, the new head of private banking unit, and specifics on how the bank will pipe GAM products to bank's wealthy private clients. Plans for more aggressive payout policy after financial efforts of restructuring also expected from new management.

Merrill Lynch forecasts total funds under management of CHF289B, with net new money for '05 totalling CHF9.4B. Report due at 0600 GMT.

Merck (MRK.XE): 4Q Earnings
Average net profit (DJ, 6 analysts): EUR140M (EUR85M)
Average sales: EUR1.479B (EUR1.339B)
Average FY net profit: EUR686M (N/A)
Average FY sales: EUR5.82B (N/A)
Note: The net profit rise is mainly attributed to strong earnings from liquid crystals products. Merck had forecast sales to rise in the high one-digit percentage range and operating profit to rise by a two-digit percentage range. For the company's cancer drug Erbitux, Merck forecasts EUR200M sales for the full year. Some analysts see EUR215M sales.

(MORE TO FOLLOW) Dow Jones Newswires

February 16, 2006 01:00 ET (06:00 GMT)

Copyright (c) 2006 Dow Jones & Company, Inc.

16 Feb 2006 06:00 GMT =DJ EUROPEAN MORNING BRIEFING: Corporate Events -2-

L'Oreal (12032.FR): FY Earnings
Average net profit (IBES, 25 analysts): EUR1.62B (pro forma excluding non-
recurrent items EUR1.49B)
Forecast range: EUR1.48B (EUR1.76B)
Note: L'Oreal is expected to achieve double-digit growth in EPS as announced earlier by CEO, partially thanks to share buybacks and cancellations. FY sales, already reported, rose 6.5%, ahead of previous guidance of 5% to 6%. Sales were boosted by a 12.2% jump in the fourth quarter due to a stronger dollar.

"Excluding this benefit and for the fact that Sanofi's dividend growth has been strong, the core cosmetic earnings growth continues to slow and now generates single-digit earnings growth," Deutsche Bank analyst Harold Thompson said in a preview note. "This underlying slowing of the core L'Oreal earnings is what drives our ongoing caution on the shares," he added. Deutsche Bank rates L'Oreal hold.

Organic earnings growth will be closely watched amid weak consumer demand throughout Western Europe, which is hitting luxury products.

Nutreco (37540.AE): FY Earnings
Average net profit (DJ, 3 analysts): EUR121.5M (EUR78M)
Average sales: EUR3.1B (EUR3.8B)
Note: Profits leap mostly on high salmon prices, analysts say. Sales are seen down 18% due to several divestments. Analysts will focus on timeline for IPO of Marine Harvest joint venture, scheduled for somewhere in 1H 06. Results due before the market opens.

PKO (PKO2.WA): 4Q Earnings
Average net profit (DJ, 6 analysts): PLN416M (PLN298M)
Average net interest income: PLN916.2M (PLN910M)
Note: The result is expected to have been aided by lower provisioning than last time and cost restructuring. Healthy growth in consumer, mortgage loans also expected.

Randstad Holding (37912.AE): 4Q Earnings
Average net profit (DJ, 4 analysts): EUR81.2M (EUR96.9M)
Note: Analysts see a tax break of EUR10M in the 4Q numbers, while the same quarter last year saw a tax break of EUR44M. The focus is on development in the Dutch market, margins in Germany and restructuring efforts in the US. Also keen on outlook.

Reed Elsevier (RUK, ENL): FY Earnings
Average pretax, pre-items profit (DJ, 7 analysts): GBP1.02B (GBP934M)
Average sales: GBP5.14B (GBP4.81B)
Average group EPS (DJ, 4 analysts): 31.7p (28.7p)
Note: Some analysts see Reed Elsevier missing group organic revenue growth forecast of 5%. Analysts will be looking for guidance on performance of Reed's testing and supplemental education businesses, following market share loss and weakness reported at 3Q 05.

Schneider Electric (12197.FR): FY Earnings
Average net profit (Thomson Financial, 24 analysts): EUR972M (EUR824M)
Average revenue: EUR11.5B (EUR10.3B)
Average operating profit: EUR1.6B (EUR1.3B)
Note: Focus is on targets, since the company is expected to provide '06 operating profit and revenue guidance.

Skanska (SKA-B.SK): 4Q Earnings
Average pretax profit (SME Direkt, 7 analysts): SEK1.29B (SEK253M)
Average 4Q revenue: SEK33.18B (SEK30.62B)
Average ordinary dividend: SEK4.72 (SEK4)
Note: Profit estimate includes a capital gain of SEK210M from property divestments, while 4Q 04 suffered one-time costs of SEK700M. However order intake is also expected to be strong. Focus will be on order intake and a potential extraordinary dividend. The ordinary dividend is expected to rise to SEK4.72 from SEK4.

Societe Generale (13080.FR): 4Q Earnings
Average net profit under IFRS (First Call consensus): EUR821M (EUR809M)
Average revenue: EUR4.74B (N/A)
Note: Investment in organic growth and acquisitions abroad are seen lifting operating charges during the quarter by EUR200M over the year-ago period.

Guillaum Tiberghien, banking analyst with Deutsche Bank, said he expects SocGen to report EUR993M net profit. "We believe that SocGen's corporate investment bank could have benefited from a still-favorable environment, although we see some medium-term risk to revenue generation," he said.

French retail bank revenue will be little changed in the fourth quarter compared with a year earlier, analysts said. Increased competition for home loans and consumer credit in the bank's domestic market has made it harder for it to increase revenue there. Earnings from SocGen's international retail fared better, rising by about 10%, thanks to the division's accelerated expansion in the last year, analysts said.

Bottom-line growth will also likely be assisted by continuing low risk costs. The corporate investment bank will be the main beneficiary of lower new provisions, analysts said. They said the bank is unlikely to set aside any new loan-loss provisions for the fourth quarter at this division.

Gross operating profit, considered my some analysts to be the best measure of bank profitability, is forecast to grow roughly in line with net profit. Analysts say it should rise 1.3% to EUR1.4B.

Analysts said that in the conference call following the results they will be looking for more information on the bank's foreign growth plans. "We would hope that SocGen will update market participants with regards to its expansion plans in Asian retail banking and far Eastern Europe (Turkey and Russia) because this could affect solvency and capital requirements, as well as the group's cost of equity," Deutsche Bank's Tiberghien said.

Solvay (SOLB.BT): 4Q Earnings
Average net profit (DJ, 4 analysts): EUR126M (EUR112M)
Average sales: EUR2.19B (EUR1.99B)
Note: Analysts see growth driven by consolidation of Fournier Pharma, a strong flu vaccine season and high prices for key chemicals like soda sash, caustic soda and hydrogen peroxide. Focus is on PVC performance and overall margin pressure in the plastics division. Analysts also looking for pipeline update after disappointments at the end of last year.

Straumann (STMN.EB): FY Earnings
Average net profit (DJ, 7 analysts): CHF127.8M (CHF99.9M)
Average sales: CHF505M (CHF420.3M)
Note: Analysts will also focus on sales growth in EU after peer Nobel Biocare (NOBE.VX) posted a lower-than-expected rise in demand, '06 outlook. Eyes are also on its development in the US, were Straumann is pursuing an aggressive expansion program.

Telenor (TELN): 4Q Earnings
Average net profit (SME Direkt, 17 analysts): NOK1.75B (NOK846M net loss)
Average revenues: NOK18.99B (NOK15.62B)
Note: 4Q results are expected to be hit by one-time items, including a NOK2.4B writedown of Sonofon in Denmark. Revenues are seen rising 21.6%, partly explained by the consolidation of DTAC (T05.SG) in Thailand from the 4Q '05.

Umicore (UMI.BT): FY Earnings
Average net profit (DJ, 4 analysts): EUR137M (EUR168M)
Note: Analysts say the drop is mainly due to a spinoff of its copper operations last year and a reduction in zinc output as it switches to higher margin advanced materials. Company has warned of a EUR10M charge resulting from the adoption of IAS. The focus is on the development of a market for rechargeable batteries and an update on hedging activities as well as indications of '06 outlook.

Zurich Financial (ZURN.VX): FY Earnings
Average net profit (DJ, 5 analysts): $2.96B ($2.46B)
Average dividend: CHF5.5 (CHF4)
Note: The rise will be mainly spurred by a strong performance of the insurer's non-life business and its claims handling, analyst say. Premiums are expected to remain stable at about $48.5B. Some analysts also wonder whether the company will provide details about potential M&A activity over the next few months.

(MORE TO FOLLOW) Dow Jones Newswires

February 16, 2006 01:00 ET (06:00 GMT)

Copyright (c) 2006 Dow Jones & Company, Inc.

16 Feb 2006 06:00 GMT =DJ EUROPEAN MORNING BRIEFING: Corporate Events -3-


Active Biotech (ACTI.SK): FY Earnings

Aker (AKER.OS): 4Q Earnings

Aker Seafoods (AKS.OS): 4Q Earnings

Blom (BLO.OS): 4Q Earnings

Bonheur (BON.OS): 4Q Earnings

Charter Pan-European Trust (CPE.LN): EGM

Consorte Group (COGR.OS): FY Earnings

Converium Holding (CHR): January Renewals

DOCdata (34562.AE): FY

Enodis (ENO.LN): AGM

Finnair (FIA1S.HE): FY Earnings

Ganger Rolf (GRO.OS): FY Earnings

Golden Ocean Group (GOGL.OS): 4Q Earnings

IKB Deutsche Industriebank (IKB.XE): 3Q Earnings

Infineon (IFX): AGM

Kingfisher Group (KGF.LN): 4Q Trading Update

Luzerner Kantonal Bank (LUKN.EB): FY Earnings

Modern Times Group (MTG-B.SK): FY Earnings

Smedvig (SMVB): EGM

St Galler Kantonalbank (SGKN.EB): FY Earnings

Tekla Corporation (TLA1V.HE): FY Earnings

Xpertise Group (XPG.LN): FY Earnings