European Factors to Watch-Shares to edge lower after German data miss
LONDON, Aug 7 (Reuters) - European stock futures edged slightly slower on Friday after a surprising fall in German industrial output, with investors also focussed on closely watched U.S. jobs data due later in the session. Futures for the Euro STOXX 50, Germany's DAX and France's CAC were all down 0.1 percent at 0630 GMT, turning lower after German industrial output declined and exports fell by more than expected, raising questions about the strength of the recovery in Europe's largest economy. Better data was expected from the United States, where the number of U.S. jobs probably rose at a healthy pace in July and wages likely rebounded, providing further signs of an improving economy that could allow the Federal Reserve to raise interest rates in September. "Most people focused their attention on last week's Fed statement where it was stated that it wanted to see "some" further evidence of a healthy labour market, and here there does seem to be grounds for optimism," Michael Hewson, analyst at CMC Markets, said in a note. "Expectations are for 225,000 new jobs to be added in July and the unemployment rate to come in at 5.3 percent, but also keep an eye on the average hourly earnings data after last month's surprise fall from 2.3 percent to 2 percent." The pan-European FTSEurofirst 300 is up 1.1 percent this week, boosted by an improving earnings picture in Europe. On Friday, German insurer Allianz and Italian bank Monte dei Paschi both reported that profits were picking up. Of STOXX Europe 600 to have reported results, 57 percent have beaten or met profit expectations, with 66 percent of companies achieving or exceeding revenue estimates. COMPANY NEWS BANCA MONTE DEI PASCHI DI SIENA The lender on Thursday reported a net profit of 121 million euros ($132.22 million) and an increase in its core capital in the second quarter in a sign its long-running turnaround plan is bearing fruit. ALLIANZ The insurer said on Friday it expects an operating profit of 10.8 billion euros ($11.8 billion) this year - the top of its target range - after low damage claims helped boost earnings at its property and casualty business in the second quarter. Separately, the insurer on Thursday said it was cutting the size of its management board to nine members as part of a broader executive reshuffle at the group. E.ON The German utility on Thursday said it agreed a deal to sell its hydroelectric plants in Italy to ERG Group for around 1 billion euros ($1.09 billion). UBS UBS has joined Bank of America in closing down some options for wealthy clients to access billionaire investor John Paulson's Advantage fund, sources said on Thursday, after the portfolio suffered double-digit losses in 2014. For more click on SANOFI The French drugmaker said it entered a strategic partnership with Evotec to develop diabetes treatments that could reduce or eliminate the need for insulin injections. THALES France will have no difficulty in finding a buyer for its Mistral helicopter carriers after their sale to Russia was cancelled, French President Francois Hollande said. BPOST The Belgian postal operator said it expected its classic mail business to decline by more than previously expected but forecast stronger growth for its parcel business. JCDECAUX The outdoor ad company said it won a bus shelter advertising contract from Transport for London worth 700 million euros over eight years. WILLIAM HILL Britain's largest bookmaker William Hill posted a 12 percent fall in first-half operating profit, weighed down by increased machine games duty and a new tax on bets made online by its UK-based customers. In a separate statement, the group said it had acquired 29.4 percent of NeoGames, an online lottery software and services provider, for $25 million. NEW WORLD RESOURCES The coal mine producer said three people died in accident at one of its OKD coal mines on Thursday. GLAXOSMITHKLINE GlaxoSmithKline received approval for Breo Ellipta for the treatment of adults with asthma. MAJOR MACROECONOMIC DATA/EVENTS (GMT) : 0545 CH Unemployment 0600 DE Industrial output, trade data 0645 FR Industrial output, trade data 0830 GB Trade data 1230 US Non-farm payrolls 1230 CA Employment data 1430 US ECRI Weekly ------------------------------------------------------------------------------ MARKET SNAPSHOT AT 0519 GMT: LAST PCT CHG NET CHG S&P 500 2,083.56 -0.78 % -16.28 NIKKEI 20708.06 0.21 % 43.62 MSCI ASIA EX-JP 443.79 -0.18 % -0.82 EUR/USD 1.0921 -0.02 % -0.0002 USD/JPY 124.78 0.04 % 0.0500 10-YR US TSY YLD 2.234 -- 0.00 10-YR BUND YLD 0.709 -- 0.00 SPOT GOLD $1,088.80 -0.02 % -$0.21 US CRUDE $44.83 0.38 % 0.17 > GLOBAL MARKETS-Asian shares set for third weekly drop > US STOCKS-Media stock selloff leaves Wall Street bruised > Nikkei falls on profit-taking ahead of US data > TREASURIES-Prices gain ahead of U.S. jobs data > FOREX-Dollar steadies after week of gains, U.S. jobs data eyed > PRECIOUS-Gold faces longest weekly losing run since 1999 > METALS-Copper, aluminium near 6-year lows; set for weekly fall > Crude oil futures up as investors await jobs data (Reporting by Alistair Smout)
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