(by Geck Finn)

FTSE Eurotop 300 rose 0.1 to 981.99.

Deutsche’s profits fell to 656m, compared with 941m in the previous quarter and 572m in the same period last year, mainly because of a poor showing by its investment banking arm. The consensus estimate for the quarter was around 777m. Deutsche shares fell 2.3 per cent to 57.75 leaving the stock down 0.8 per cent on the week.

Another disappointment came from France’s Michelin, Europe’s biggest tyre manufacturer, which delivered doubled first half profits, beating the consensus estimate, but accompanied those impressive numbers with a surprisingly cautious guidance for the full-year.

The company said growth in demand would slow in the second half and that raw material costs would rise by 6 to 7 per cent during that period.

The sector index was up 4.3 per cent over the five-day period, thanks to an exceptionally good performance from France’s Renault, which, although down 0.2 per cent yesterday, topped the weekly Eurotop individual winners table, up 9.6 per cent at 65.55 after a sparkling set of half-year figures which showed profits up 28 per cent.

Peugeot almost matched that showing, its shares edging up 0.5 per cent yesterday to 47.95 to record a gain of 8.9 per cent over the week, also boosted by well-received half-year numbers.

Metro, the German supermarkets group, just failed to hit theconsensus estimate of second quarter earnings, saying bad weather had affected food sales. But the market gave the stock the benefit of the doubt and Metro shares rallied to post 3.3 per cent gain at 38.13.

Switzerland’s ABB, the electrical and heavy engineering group, helped propel the sector higher, after unveiling its biggest quarterly profits for two years. ABB shares jumped a further 4.1 per cent to SFr6.91, a rise of 9.2 per cent on the week.

The Deutsche news undermined sentiment across the rest of the banks, in spite of a reasonably solid set of figures from Societe Generale, the French bank. SG’s second quarter profits rose 8 per cent, above the consensus forecast. SG shares were 0.4 per cent firmer at 68.20.