Credit Suisse, Glencore, Volkswagen: European Equity Preview
The following companies’ shares may have unusual moves in European (SXXP) trading. Stock symbols are in parentheses.
The Stoxx Europe 600 Index (SXXP) fell 0.6 percent to 265.56. The Stoxx 50 Index (SX5P) lost 0.4 percent to 2,493.48. The Euro Stoxx 50 Index (SX5E), a benchmark measure for nations using the euro, fell 0.6 percent to 2,529.86.
Credit Suisse Group AG (CSGN) : Switzerland’s second- biggest bank offered to repurchase 4 billion Swiss francs ($4.4 billion) in outstanding tier 1 and tier 2 securities as it prepares to replace them with capital instruments that satisfy new Swiss and Basel III rules. The shares fell 1.3 percent to 24.6 francs.
Glencore International Plc (GLEN) (GLEN LN): The world’s largest publicly traded commodities supplier, which is acquiring Xstrata Plc (XTA), is seeking to refinance about $12 billion of credit lines, according to three people with knowledge of the matter. The shares declined 4 percent to 403.35 pence.
Volkswagen AG (VOW) : The world’s second-largest carmarker will dedicate more than two-thirds of the 62.4 billion euros ($82.5 billion) in investments it plans through 2016 for cleaner autos and plants, Chief Executive Officer Martin Winterkorn said at the Geneva Motor Show. The shares declined 0.1 percent to 130.35 euros.
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