European markets were mixed in morning trading after a barrage of earnings reports and ahead of the Federal Reserve and Bank of Japan meetings later this week.
In London, the FTSE 100 was recently at 6,715.59, gaining 0.08%. In Frankfurt, the Dax was down 0.44% at 10,153.37 and the Cac 40 recently lost 0.71% to sit at 4,356.08.
BP (BP) has suffered loses this morning after reporting second-quarter earnings had fallen by 45% due to lower crude prices. Profits adjusted for one-time items and inventory changes was down to $720 million in the second quarter from $1.3 billion at the same time last year.
This missed the $819 million average estimated by analysts surveyed by Bloomberg. Shares were recently down 1.9% in London.
Shares in telecom giant BT (BT) were up 3.60% in early morning trading after it announced it would increase the independence of Openreach, its infrastructure division, by establishing a board and by giving it greater autonomy over budgets and decision making powers.
Openreach controls the majority of pipes and telephone cables needed to operate broadband and telephones in the U.K.
The U.K.'s communications regulator Ofcom today released a report calling for BT to set up a separate entity for the unit and that BT needs to give rivals better access to Openreach.
Eyewear group Luxottica (LUX) fell 3.54% in early morning trading. The Italian company yesterday cut its full-year outlook due to uncertain markets.
The maker of Ray Ban sunglasses saw its half-year operating profit fall by 2.5% due to weakness in North America. CFO Stefano Grassi said it was too early to tell whether forecasts for the next two years would remain the same due to global security threats impacting tourism and consumer spending.
Adjusted Ebit for the first half was EUR 857 million, compared with average analyst forecast of €845 million ($929.8 million) according to Reuters estimates. Sales of Ray Ban were suffering in part due to a decision to only allow retailers to advertise discounts if they were previously agreed with the company.
SABMiller's (SBMRY) shares were up more than 1% in morning trading after it was announced that AB InBev (BUD) had upped its takeover offer to £45 ($59). The gains have since been pared, with shares now trading 0.62% as SABMiller said it would hold further consultations with shareholders over the revised offer.
SAB said the board would meet in due course to discuss the offer.
Orange (ORAN) lost 2.75% in Paris today after it posted second-quarter earnings. The French telecom had adjusted Ebita of €3.34 billion, an increase of 0.1%. The company also reiterated its full-year target, which is expected to be higher than Ebitda in 2015.