TNT Express issues profits warning, as Mario Draghi vows to avoid deflation – business live

Rolling business and financial news, as Dutch parcel delivery firm warns that conditions have deteriorated in Europe in recent months

TNT ditches profit forecasts on weak European economy

Shares down 9.9%

Draghi: ECB will do whatever it takes

Coming up: German IFO survey of business confidence

Just in: Trinity Mirror, the UK newspaper and publishing group, has issued a statement to the City on historic legal issues.

It says that its subsidiary MGN Ltd has admitted liability to four individuals who had sued MGN for alleged interception of their voicemails many years ago. It has apologised, and agreed to pay compensation.

In the City, shares in Royal Bank of Scotland have dipped after it was forced to cut the price for the flotation of its Citizens business.

Investors demanded, and got, a lower price from RBS after expressing doubts about the US banks prospects for profitability.

Mario Draghi, the head of the European Central Bank, has taken to the airwaves this morning, in an attempt to calm fears over the eurozone economy.

Monetary policy will remain accommodating for a long time and I can tell you that the Governing Council is unanimous in committing itself to using the tools at its disposal to bring inflation back to just under 2%.

Interest rates will remain low because they cant get much lower,

Shares in TNT Express are sliding in early trading, down almost 10% as traders in Amsterdam punish the company for its profits warning.

TNTs chief executive Tex Gunning has said todays profit warning was disappointing, but insisted the company remained on the right track.

Gunning also warned that it could take until 2019 to fix TNTs fortunes, Reuters reports:

The companys turnaround programme was solid, he said, but would realistically take three to five years for the full benefits to come through.

Good morning, and welcome to our rolling coverage of the financial markets, the world economy, business and finance.

Since the interim results of July 28, 2014, overall trading conditions in Europe have deteriorated further and competitive pressures have increased.

Ahead of the European open, were calling the major bourses weaker, with investors still concerned about growth and the effectiveness of policy measures. On the calendar we have the German Ifo business climate reading and Italys consumer confidence data.

I like this take on Ifo from Citi (out today at 9) -"the over-hyped, over-analyzed and over-stressed in importance German ifo survey"

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