Europe Factors to Watch-Shares set to halt pull-back ahead of PMIs

miércoles 4 de marzo de 2015 03:48 GYT
 

PARIS, March 4 (Reuters) - European stocks were set to inch up on Wednesday,
halting the previous session's pull-back as investors awaited a batch of macro
data on the euro zone, including French and German services PMIs for February.
    Data released earlier showed activity in China's services sector grew
modestly in February as new orders rose at their quickest pace in three months,
with The HSBC/Markit Services PMI picking up to 52.0 last month from January's
51.8. 
    At 0746 GMT, futures for Euro STOXX 50, for Germany's DAX 
and for France's CAC were up 0.1-0.3 percent.
    The STOXX 600 ended down 1 percent on Tuesday. The benchmark has
risen 13 percent so far in 2015 -- its strongest start to the year since the
index was created in late 1986 and the best performance among all asset classes
-  prompting a number of analysts and fund managers to warn about the risk of a
correction in the short term. 
    "Tactically, Europe is in overshooting mode," Michael Riesner, head of
equity technical analysis at UBS, wrote in a note.
    "The STOXX 600 is almost record high overbought, and in the last 40 years we
had just two rallies with a similar steep shape, which was 1998 and 2000."
              
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  MARKET SNAPSHOT AT 0746 GMT: 
    
                                         LAST   PCT CHG  NET CHG
 S&P 500                             2,107.78   -0.45 %    -9.61
 NIKKEI                               18703.6   -0.59 %  -111.56
 MSCI ASIA EX-JP                       486.99   -0.39 %    -1.93
 EUR/USD                               1.1172   -0.02 %  -0.0002
 USD/JPY                               119.67   -0.04 %  -0.0500
 10-YR US TSY YLD                       2.135        --     0.01
 10-YR BUND YLD                         0.384        --     0.02
 SPOT GOLD                          $1,205.15    0.15 %    $1.84
 US CRUDE                              $50.59    0.14 %     0.07
 
  > GLOBAL MARKETS-SHARES DRIFT LOWER, INDIA SURPRISES WITH RATE CUT 
  > US STOCKS-WALL ST FALLS FROM RECORDS, LED BY TECHNOLOGY STOCKS 
  > NIKKEI SLIPS AS WALL ST FALL TRIGGERS PROFIT TAKING 
  > TREASURIES-BOND PRICES SLIP ON CORPORATE SUPPLY; U.S. DATA EYED 
  > FOREX-DOLLAR CLINGS NEAR 11-YEAR HIGH AHEAD OF U.S. DATA, ECB 
  > PRECIOUS-GOLD SNAPS 2-DAY LOSING STREAK AS DOLLAR DIPS; DATA IN FOCUS 
  > METALS-NICKEL NEAR MORE THAN ONE-YEAR LOWS AS BULLS CUT LOSSES 
  > BRENT HOLDS ABOVE $60 AFTER SAUDI PRICE INCREASES 
    
    COMPANY NEWS:
    
    FRESNILLO 
    The precious metals miner said its full-year pretax profit dropped 40
percent, hurt by falling gold and silver prices. 
    
    LEGAL & GENERAL 
    The insurer said on Wednesday its operating profit rose 10 percent in 2014
to 1.28 billion pounds ($1.96 billion), with company pension deals boosting
sales of annuities. 
    
    SUBSEA 7 
    The oil services firm surprisingly swung to a fourth-quarter operating loss
hit by impairments on Wednesday, and said it expected this year's earnings to
decline due difficult market conditions. Due the weak market outlook the firm
said it expected 2015 revenues and EBITDA margin to be significantly lower than
last year. It also said it will not recommend a dividend. 
    
    ALLIANZ 
    Pimco's top investment officer said on Tuesday that "late decision makers"
are largely behind a rush of withdrawals from its flagship bond fund some five
months after the departure of longtime manager Bill Gross, but the outflows
should taper off before long. 
    
    AREVA, EDF 
    The French state-controlled nuclear group said its new strategy would focus
on its core nuclear business, boosting its partnership with utility EDF 
and developing its presence in China. 
    
    STALLERGENES 
    The controlling shareholder of Stallergenes proposed to merge the operations
of the French pharmaceuticals group with that of its U.S. partner Greer to
create a specialist in allergy immunotherapy with combined sales of 330 million
euros. 
    
    RENAULT 
    Synergies between French carmaker Renault and Japanese partner Nissan
 reached 3.9 billion euros in 2014, said Christian Mardrus, vice
chairman of the alliance between the two companies. 
    
    PSA PEUGEOT CITROEN 
    The French carmaker may expand sales of its C4 Cactus compact SUV to China,
a senior executive said, in a sign that a repositioning of the Citroen brand is
bearing fruit. 
    
    ENEL 
    The Italian utility has attracted interest from four European energy
companies in its offer of a controlling stake in Slovak power generator
Slovenske Elektrarne, with binding bids expected as early as April, three
sources close to the matter said. 
    
    DEUTSCHE BANK 
Deutsche Bank's integration of its Postbank DPBGn.DE unit is not proceeding as
smoothly as company bosses might suggest, with Postbank managers stopping one
project to transfer investment systems, Die Welt newspaper reports.
    
    ABERTIS 
    British private equity firm CVC Capital Partners is halving its stake in
Spanish infrastructure firm Abertis, by selling 7.5 percent of the company in an
accelerated book build. 
    
    HENKEL 
    German consumer goods group on Wednesday posted a 3.1 percent increase in
its fourth-quarter adjusted operating profit, largely in line with estimates,
thanks to cost savings and emerging markets demand for washing powder, beauty
products and industrial adhesives. 
    
    ROYAL BANK OF SCOTLAND 
    Royal Bank of Scotland is aiming to cut as many as 14,000 jobs in its
investment banking units across the United States and Asia, the Financial Times
reported.
    
    NORWEGIAN AIR 
    Europe's third-biggest budget airline, will cancel all domestic flights in
Norway, Sweden and Denmark on Wednesday and between the countries' capitals due
to the escalation of a pilots' strike. 
    
       

 (Reporting by Blaise Robinson)