Tesco will slash its China exposure by taking just 20 percent of a venture with a state-run company, a deal that underlines the travails foreign retailers have had in the Chinese market.
European shares closed higher on Thursday as investors reacted to strong U.S. and European data, as well as rate decisions from the European Central Bank (ECB) and the Bank of England (BoE).
European shares closed higher on Wednesday, mirroring gains in the U.S. after Federal Reserve Chairman Ben Bernanke reiterated his commitment to maintaining loose monetary policy. However, both European and U.S. shares pared some gains after Bernanke's more hawkish comments in the Q&A session.
Best Buy's move to exit Europe has many on Wall Street hoping the big box retailer does the same in China.
European shares pared their earlier gains to close narrowly mixed Wednesday as investors watched to see if Russia will extend or increase its loan agreement for struggling Cyprus.
German billionaire Otto Beisheim, one of the founders of German retail group Metro , took his own life after being diagnosed with an incurable illness, his family company said on Monday.
European shares ended mostly flat on Wednesday, bouncing off intraday lows as many investors used the early dip to boost their exposure to equities.
--We believe that Germany- based retailer Metro AG's. profitability will continue to weaken as indicated by the company's 2012 EBIT revision to EUR2 billion from almost EUR2.4 billion. Rating Action On Oct. 11, 2012, Standard& Poor's Ratings Services revised its long-term corporate credit rating on German retailer Metro AG to' BBB-' from' BBB'.
FRANKFURT, Oct 9- Metro AG:.
*Moody's lowers Metro AG to baa3; outlook stable.
FRANKFURT, Oct 9- The DAX top-30 index looked set to open 0.3 percent higher on Tuesday, according to premarket data from brokerage Lang& Schwarz at 0619 GMT. Related news DEUTSCHE BANK, COMMERZBANK Deutsche Bank indicated 0.3 percent higher Commerzbank indicated unchanged.
*Barclays cuts Metro AG to equal weight from overweight; target. price to 23 euros from 32 euros. Reuters Station users, click. 1580.
*Commerzbank cuts Metro AG price target to 21 euros from 23.50. For a summary of rating actions and price target changes on European companies:. Reuters Station users, click. 1580.
*Natixis cuts Metro AG price target to 20 euros from 22.5 euros;. For a summary of rating actions and price target changes on European companies:. Reuters Station users, click. 1580.
*Exane BNP Paribas cuts Metro to underperform from outperform For a summary of rating actions and price target changes on European companies:. Reuters Eikon users, click on. Reuters Station users, click. 1580.
*UBS cuts Metro AG price target to 20.5 euros from 23 euros; rating neutral. For a summary of rating actions and price target changes on European companies:. Reuters Station users, click. 1580.
*Nomura cuts Metro AG price target to 24 euros from 28 euros; rating. For a summary of rating actions and price target changes on European companies:. Reuters Station users, click. 1580.
VOLKSWAGEN Indicated 0.7 percent lower. Separately, Volkswagen could start selling its Golf 7 plug-in hybrid car from 2014, a year earlier than previously planned, German magazine WirtschaftsWoche reported, citing no sources.
FRANKFURT, Oct 7- Billionaire investor Nicolas Berggruen said a merger of his retail chain Karstadt and Metro's. Metro, the world's No.4 retailer, in January suspended the sale of its Kaufhof department stores, valued at 2- 3 billion euros, saying potential buyers were struggling to raise funds.
BERLIN-- German-based retail group Metro AG has issued a profit warning, blaming the impact on consumer confidence of a recent rise in European unemployment and governments' redoubled efforts to cut budget deficits.