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European Stocks to Watch: Fiat

Shares in Fiat bucked the overall weakness in European stock markets on news the Italian carmaker won a contract worth $3.22 billion to supply DaimlerChryslerwith truck engines for the next eight years.

The move is a key step in Fiat's strategy of developing strategic partnerships in all sectors of the group, Fiat Chief Executive Sergio Marchionne said in a statement.

DaimlerChrysler shares fell 0.1% following the announcement, which was in line with the DAX.

Air Berlin (Down 2.8%) Shares in the European discount airline slumped on reports prosecutors searched its offices in Berlin for evidence of insider trading.

Renault (up 1.9%) Merrill Lynch added Renault stock to its European focus list, citing strong prospects for second-quarter earnings, dealers told Thomson Financial.

Hermes (Down 2.1%) Shares in the French luxury-goods maker declined on news it aims to aggressively expand its Chinese presence, with a 33% surge in the number of stores over the next five years, its China chief told Reuters.

Thales Alenia Space (Up 4.4%) A consortium of European companies including Thales won a contract to build 5th-generation satellites for Arabsat, the leading Arab communications satellite operator.

Capita (Up 1.7%) Citigroup recommended buying shares in the British congestion charge operator, citing an improvement of growth rate potential and the prospect of cash to be returned to shareholders.

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