LONDON, Feb 10 (Reuters) - European stocks were seen opening higher on Monday, extending their bounce from oversold territory as investors continued bet on a gradual recovery in the global economy.
At 0733 GMT, futures for the Euro STOXX 50, Britain’s FTSE 100 , Germany’s DAX and France’s CAC were up 0.3-0.4 percent.
Deutsche Bank was indicated to be among top gainers on the Dax as sources with knowledge of the matter told Reuters the bank is getting closer to settling a long-running lawsuit with the heirs of late media mogul Leo Kirch, who blame the lender for the downfall of his business.
The pan-European FTSEurofirst 300 index rose 0.8 percent on Friday, helped by upbeat comments from bellwether steelmaker ArcelorMittal on its outlook for Europe. The index has risen nearly 40 percent since June 2012.
Encouraged that Wall Street was able to weather a seemingly disappointing U.S. jobs report on Friday, most Asian markets made gains on Monday, led by Tokyo’s Nikkei.
“Markets will kick off the week much as they left off last week, with a calmer and more constructive tone likely,” strategists at Credit Agricole wrote in a note.
A selloff in emerging market assets, fuelled by signs of a slowdown in China and a range of issues in other countries, had pushed the Dax and FTSE indexes to their most overbought levels in many months last week.
A stabilisation in emerging markets has since revived appetite for shares, which many investors still see as the asset class of choice in an environment where the global economy is on a recovery path and the Federal Reserve scales back its bond-buying programme.
Justin Haque, a broker at Hobart Capital Markets, said investors may have become overly confident about the stock market’s ability to withstand the withdrawal of monetary stimulus and cautioned the recent bounce may be short-lived.
“People are still buying the dips because that’s what they have been doing for the past year and half,” Haque said. “We had a bit of a short base but we’re half way through covering it.”
Europe bourses in 2014:
Asset performance in 2014:> GLOBAL MARKETS-Asia shares mostly higher, plenty of risk ahead > Wall St rallies to snap three-week skid > Nikkei rises to one-week high on softer yen, solid Wall St > TREASURIES-Yields fall as jobs data disappoints > FOREX-Dollar edges up to more than one-week high vs yen > Gold extends gains on weak U.S. jobs data, growth fears > Copper edges up on hopes Fed may trim stimulus more slowly > Brent slips towards $109 after touching 5-week high
CEO Martin Winterkorn has urged his senior managers to keep costs down at Europe’s biggest carmaker as the company prepares for another year of tough market conditions.
A Stuttgart-based court will open hearings on a civil case brought by hedge funds seeking 1.36 billion euros in damages from Porsche SE related to the botched 2008-2009 takeover of VW.
The luxury-car maker is set to sell more vehicles in January compared with last year thanks to rising demand in China, where group deliveries surged more than 20 percent, Frankfurter Allgemeine Sonntagszeitung said, citing CFO Friedrich Eichiner.
China’s Dongfeng Motor Group Co, currently in talks to buy a stake in PSA Peugeot Citroen, asked on Monday for a trading halt pending an announcement concerning “inside information”.
Germany’s biggest bank is getting closer to settling a long-running lawsuit with the heirs of late media mogul Leo Kirch who blame the lender for the downfall of his business, sources with knowledge of the matter said on Saturday.
Swiss bank UBS AG approached U.S. authorities in September with information relating to an industry-wide probe into alleged rigging of currency markets, in the hope of gaining antitrust immunity if charged with wrongdoing, sources familiar with the matter told Reuters.
A Florida judge has agreed to an eight-month delay in the trial of Raoul Weil, a former high-ranking UBS banker charged with tax fraud by U.S. authorities.
Denmark’s public prosecutor for serious economic and international crime is investigating Danske Bank over alleged price manipulation, the bank said on Friday.
The telecom operator has bought the remaining parts of its T-Mobile Czech Republic division for about 800 million euros to take full control of the unit, a source with knowledge of the matter said on Sunday.
The auto parts and tyre maker urged the European Central Bank to act to curb the strength of the euro which may shrink the company’s sales by another 700 million euros this year, Euro am Sonntag reported, citing CEO Elmar Degenhart.
The carrier is urging support from politics for fairer market conditions as it battles with fast-growing Gulf airlines for long-haul customers, Der Spiegel reported on Sunday, citing Chairman Wolfgang Mayrhuber.
Preparation for new solvency rules due in 2016 will cost the world’s biggest reinsurer another 100 million euros, Frankfurter Allgemeine Zeitung reported on Saturday, citing CFO Joerg Schneider.
Job cuts planned at the engineering company may amount to over 1,000 positions instead of the announced 1,250, Wirtschaftswoche reported on Saturday, citing unnamed labor representatives.
Buoyed by ample funds, the lubricant maker is looking at several possible acquisition targets and wants to keep dividends at least stable in coming years, Boersen-Zeitung reported on Saturday, citing CFO Alexander Selent.
Nokia and HTC announced late on Friday that they settled all patent litigation between them with HTC agreeing to payments of an undisclosed sum.
For more on the company, click on
The travel company expects to reach targets of its 2013/14 fiscal year and the so-called oneTUI cost-cutting plan, Hannoversche Allgemeine reported on Saturday, citing CEO Friedrich Joussen.
The world’s second-biggest maker of printing presses aims to pay dividends to shareholders again in 2016, Welt am Sonntag reported, citing CEO Claus Bolza-Schuenemann. Related news
The Swiss pharmaceutical group said it secured an injunction from an Indian court banning generic drug makers Biocon and Mylan from comparing their copycat versions of Roche’s Herceptin breast cancer treatment to the original.
For more click on
Syngenta AG, the world’s largest crop chemicals company, has commitments to sell its entire supply of a genetically modified corn variety that is not approved by China, U.S. Agriculture Secretary Tom Vilsack said on Friday