Europe Factors to Watch-Shares set to dip on Greece worries, China data
PARIS, March 10 (Reuters) - European stocks were set to dip on Tuesday, extending the previous session's retreat, as poor data from China and renewed worries over Greece weighed on sentiment. Shares in Credit Suisse will be in focus after the lender said long-standing chief executive Brady Dougan will be replaced by Prudential head Tidjane Thiam. Tech shares will also be in the spotlight after Apple Inc launched its long-awaited watch on Monday, sending its shares slightly higher. At 0726 GMT, futures for Euro STOXX 50, for Germany's DAX and for France's CAC were down 0.1-0.3 percent. Euro zone ministers agreed technical talks between finance experts from Athens and its international creditors would start on Wednesday, but warned Greece it had "no time to lose". On the macro front, data showed the pace of Chinese inflation unexpectedly picked up in February, but producer prices continued to slide, underscoring the intense pressure on profit margins at Chinese companies and adding urgency to policymakers' efforts to find new ways to support growth. ------------------------------------------------------------------------------ MARKET SNAPSHOT AT 0726 GMT: LAST PCT CHG NET CHG S&P 500 2,079.43 0.39 % 8.17 NIKKEI 18665.11 -0.67 % -125.44 MSCI ASIA EX-JP 474.86 -0.74 % -3.53 EUR/USD 1.0805 -0.41 % -0.0045 USD/JPY 121.73 0.48 % 0.5800 10-YR US TSY YLD 2.186 -- -0.01 10-YR BUND YLD 0.299 -- -0.01 SPOT GOLD $1,161.40 -0.44 % -$5.15 US CRUDE $49.91 -0.18 % -0.09 > GLOBAL MARKETS-DOLLAR AT 12-YR PEAK, EMERGING MARKETS SPOOKED > US STOCKS-WALL ST REBOUNDS ON DEAL ACTIVITY; APPLE UP AFTER WATCH NEWS > TOKYO'S NIKKEI SHARE AVERAGE CLOSES DOWN 0.67 PCT > TREASURIES-EURO BOND PURCHASES WEIGH ON U.S. YIELDS > FOREX-DOLLAR HITS MULTI-YEAR HIGHS VS EURO AND YEN > GOLD HOLDS NEAR 3-MONTH LOW ON U.S. RATE EXPECTATIONS > METALS-LONDON COPPER TURNS LOWER AS DOLLAR FIRMS > BRENT STEADIES ABOVE $58.50 AFTER CHINA DATA; STRONG DOLLAR HURTS COMPANY NEWS: CREDIT SUISSE Credit Suisse said it will appoint Tidjane Thiam as chief executive, to replace Brady Dougan, who will step down at the end of June 2015. TECH STOCKS Apple Inc launched its long-awaited watch on Monday, including yellow or rose gold models with sapphire faces costing up to $17,000, but some investors questioned whether Chief Executive Tim Cook's first product would be a breakaway hit. HANNOVER RE German resinsurer raised its dividend to 4.25 euros per share for 2014, including a special dividend, from 3 euros previously, after a better than expected 10 percent gain in net income for the year. SYMRISE The fragrance and flavours maker posted a better-than-expected 24 percent gain in 2014 underlying core earnings on Tuesday, helped by the recent takeover of pet food flavouring company Diana group. RWE Debt-laden utility RWE expects profit to fall for a third consecutive year, blaming a mix of low wholesale power prices and a boom in renewable energy capacity after Germany's shift away from nuclear. RIO TINTO The global miner said it expects about 85 million tonnes of excess iron ore supply to exit the global market in 2015. HSBC Argentina wants HSBC Holdings Plc to repatriate $3.5 billion that it says the bank's Argentine branch moved offshore to help clients evade taxes and move capital abroad, the country's tax chief said on Monday. COMMERZBANK The Financial Times reports that U.S. regulators are insisting several Commerzbank executives resign as part of a $1.45 billion settlement for anti-money laundering breaches and sanctions laws. BANKS The Nikkei business daily said the proposal to boost banks' capital has been shepherded through the Basel Committee on Banking Supervision by the U.K. and Germany, which are concerned about a rise in rates, but Japan and the U.S. have raised strong opposition. ITALIAN BANKS Italy is in technical discussions with the European Commission over its plans to form a vehicle, known as a "bad bank," to help its banks offload soured loans, Economy Minister Pier Carlo Padoan said on Monday. Standard & Poor's expects Italy's weak economy to continue to hurt its banks' asset quality and profitability this year, but ratings assigned by the agency to the country's lenders already incorporate the likely impact. AREVA, EDF The French government has no plans to merge utility EDF with nuclear group Areva but the two state firms could forge an industrial alliance and EDF may consider a capital investment in Areva's reactor business, Economy Minister Emmanuel Macron told Reuters. AIRBUS The aerospace group is confident it can stick to a reduced production target of six aircraft a month for its A330 wide-body jet, its sales chief said. Separately, Bloomberg reported that Airbus is planning the sale of its satellite communications company Vizada and its majority stake in structural components maker PFW Aerospace. CREDIT AGRICOLE The bank's retail banking arm LCL plans to cut over 1,600 jobs at its branches and among back office roles, amounting to about 10 percent of its workforce, les Echos newspaper reported on its web site. AIR FRANCE-KLM Air France-KLM airline group "must reform or decline", the group's chairman and chief executive Alexandre de Juniac said in an interview with Les Echos newspaper as he launched a new push to secure trade union agreements for his latest cost-cutting plan. Separately, aviaton experts said European airlines face further restructuring and consolidation to close a gap in profitability with industry kingpins in North America. TF1 Eight French nationals including celebrity yachtswoman Florence Arthaud, Olympic swimmer Camille Muffat and boxer Alexis Vastine were among 10 killed when two helicopters collided in Argentina on Monday while filming a French reality TV show. Broadcaster TF1, which had backed the show, expressed sadness and solidarity for the victims' families. VINCI, EIFFAGE Users can expect price increases of 0.27 to 1.41 percent if the government goes ahead with a plan to rewrite rules on highway concessions, said a Socialist lawmaker who resigned in protest from a commission on the issue. Those would be on top of a 1.5 percent rise to compensate for higher property taxes, he said in an interview with le Parisien newspaper. Seperately, Economy Minister Emmanuel Macron told the AFP that the government wanted to "completely revisit" the highway concession contracts held by groups including Vinci and Eiffage. (Reporting by Blaise Robinson)
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