LONDON (TheDeal) -- European and Asian markets steadied this morning after China's third devaluation of the renminbi in as many days was accompanied by a declaration that there was no basis for devaluation to continue.
In London, the FTSE 100 was up 0.62% at 6,612.11, while in Frankfurt, the DAX was up 1.48% at 11,086.73. Paris's CAC 40 rose 1.59% to re-emerge a fraction above the 5,000 point threshold at 5,003.63.
Travel operator TUI (TTVLF), which is listed in both London and Frankfurt, was one of two stand-out risers in the FTSE 100, gaining 8.13% to 1,130 pence (and 9.43% to €15.87). It said it was "confident" of delivering underlying growth in earnings before interest, taxes, depreciation and amortization of 12.5% to 15% in the current financial year and at least 10% on average over the next three years. That was despite the massacre in Tunisia at the end of June, which forced it to cancel flights to the country, and the economic turmoil in Greece. TUI said bookings for Greece were recovering, and Tunisia accounted for about 3% of sales of its annual tour operator program.
The stock that really added fizz to the London market was Coca-Cola HBC (CCHGY), a Coca-Cola (KO) bottling company which said underlying growth was 3.8% in the first half, and even managed a marginal improvement in its home market, Greece. Very good performance in Nigeria, Romania and Ukraine more than offset weakness in Russia, it added.
Swiss food giant Nestlé (NSRGY) rustled up a 3.32% rise. Nestle delivered forecast-beating half-year results and got a boost from India where the Mumbai High Court set aside a nationwide ban on its popular Maggi noodles. The noodles were banned after previous tests found high levels of lead in a sample. The court didn't say the noodles can go back on sale immediately, but ordered new tests in three national laboratories to show that the noodles were safe to eat.
German potash and salt miner K+S (KPLUY) rose a more modest 0.13% on strong results, which it credited to higher prices for de-icing salt in the U.S., among other things. But it continuing to reject an unsolicited €7.85 billion ($8.72 billion) offer from Potash (POT) of Saskatchewan.
And not everything in the commodities world is so rosy. One big faller in London was the only gold producer on the blue-chip index Randgold Resources (GOLD). Gold prices had been rising as investors looked for a haven from the turmoil in China. As China said it would stabilize the renminbi, gold lost some of its luster. Randgold was down 2.09% at 4,079 pence.
In Asia, the Nikkei 225 closed up 0.99% at 20,595.55, while in Hong Kong, the Hang Seng ratcheted up 0.43% to 24,018.8 and China's Shanghai Composite recovered 1.76% to close at 3,954.56.