Markets

European markets mixed; Meggitt up 14%

The pan-European Stoxx 600 was hovering around the flatline, 0.07 percent higher, mainly supported by retail stocks.

The British defense and energy engineer Meggitt was at the top of the European benchmark, jumping 14 percent, after announcing an increase in revenue for 2016. The Spanish company Ferrovial also rose 4 percent after presenting its full year results.

On the other end, the price comparison platform Moneysupermarket Group fell more than 6 percent given that its revenue for 2017 is running behind last year, Reuters reported. In early deals it fell more than 12 percent. St James’s Place has also recovered after dropping nearly 6 percent in early trade following news that its CEO David Bellamy will step down.

The Food and biopharma product testing Eurofins saw its worst day in eight months, after lower-than-expected earnings. Its shares were down by more than 5 percent.

Meanwhile, the French Thales was slightly higher after posting an increase in its earnings.

The British home builder Taylor Wimpey announced a 22 percent increase in its 2016 pretax profit. Its shares moved slightly higher.

Apart from earnings, investors are also watching developments in the U.S. President Donald Trump is set to address both houses of Congress and outline his agenda, including his plans for tax reform and infrastructure spending. He is set to ask for a new $600 billion budget for the U.S. military.

In terms of data, the latest French inflation figures showed a small decrease to 1.2 percent on the year in February after reaching 1.3 percent in the previous month.

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