ASOS Marketplace doesn't convince investors

Despite European stock markets pushed higher Tuesday,

helped by positive signs of economic growth in the region, FashionUnited Top 100 downed to 1193.96. However, positive news from US jobs and housing and German employment rates helped override the tensions caused by the political protests in Egypt and elsewhere in North Africa and the Middle East.

Strong economic data from the region helped bolster the market. Activity in the euro zone's manufacturing sector picked up unexpectedly, with the region's manufacturing purchasing managers index rising to a nine-month high of 57.3 in January from 57.1 in December. And in the U.K. the PMI for the manufacturing sector gained to 62.0 in January from an upwardly revised 58.7 in December, the highest level since the survey began in 1992.

Surprisingly, ASOS, flagged by UBS as a bid target this month and starring in every publication after its launching of a Facebook's Marketplace, was among the top losers of the FashionUnited Top 100 Tuesday, with a cut of 0.97%.

In the meantime, Benetton was dropping 0.35% the day after releasing its 4Q figures. Preliminary revenues for 2010 reached €2,053 million, compared with €2,049 million in 2009, (+0.2% at current rates, -1.9% currency neutral). More specifically, the Textile segment increased sales by €3 million compared with the previous year, reaching €105 million (+2.7% at current rates), while Apparel was at €1,948 million, the same as in 2009, corresponding to a currency neutral reduction of 2.1%.

In the fourth quarter of 2010, total sales were €555 million, down by €3 million (-0.6%) compared with the corresponding period of 2009. During the fourth quarter of 2010, and in the total for the year, direct sales on a like-for-like basis continued a trend in line with the preceding nine months, with a slowdown, however, in the last part of the year, after a good start to the Fall/Winter season.

Still in Europe, PPR's stock was 0.47% up by the close market Tuesday, just ten days after the French owner of the Bottega Veneta luxury brand, said it signed a 2.5 billion-euro ($3.4 billion) credit line to refinance debt. According to Bloomberg, PPR agreed to pay initial interest of 80 basis points over the euro interbank offered rate on the five-year revolving credit, according to a statement from the Paris-based company. Money in a revolving credit can be borrowed again once it’s been repaid. A basis point is 0.01 percentage point.

Proceeds of the deal will be used to refinance a 2.75 billion-euro loan signed in 2005 and the outstanding 1.5 billion-euro portion of a loan used to acquire sporting-goods maker Puma AG in 2007, according to the statement. Banks behind this arrangement are Tokyo-Mitsubishi UFJ Ltd., BNP Paribas SA, Credit Agricole CIB, HSBC Holdings Plc, Natixis, Royal Bank of Scotland Group Plc and Societe Generale SA.