European shares down with Carrefour dropping on the CAC 40

Spread betting provider City Index takes a look at the financial activity shaping the markets on 13th October 2011.

[ClickPress, Thu Oct 13 2011] Spread betting provider City Index (http://www.cityindex.co.uk/) takes a look at the financial activity shaping the markets on 13th October 2011.

Shares on the German DAX and French CAC 40 were down today (October 13th) following disappointing Chinese trade figures with the European Union.

As of 10:24 BST, the CAC 40 fell 0.78 per cent with trading at 3,204.69 and a notable drop for European hypermarket giant Carrefour.

The fall came after Carrefour announced a revision of its profits for the year, with chairman Lars Olofsson releasing a statement via the company's website.

"Faced with an increasingly uncertain environment, we are, as a matter of prudence, broadening the range of our 2011 Current Operating Income guidance to a decline of 15 per cent to 20 per cent," Mr Olofsson said.

The move has seen Carrefour's share price drop by 5.08 per cent despite the company posting sales of €22.8billion in the third quarter.

Meanwhile, the German DAX was down 0.52 per cent with trading at 5,963 today.

It came as inflation in the country rose to 2.9 per cent, while household energy exports went up 9.8 per cent from 2010 figures, according to Bloomberg.

The data saw a 2.28 per cent drop for Commerzbank shares, while energy company E.On fell 2.70 per cent
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