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LONDON, Aug 26 (Reuters) - European equity futures fell on Wednesday, with a wobble in Asian markets and a fall overnight on U.S. stock markets potentially muting the impact of a sharp rally in the previous session fuelled by a Chinese rate cut.
Futures on the euro zone's blue-chip Euro STOXX index were down by 1.6 percent. Germany's DAX futures fell 1.7 percent, Britain's FTSE 100 futures retreated 1.3 percent while France's CAC futures declined 1.2 percent.
The pan-European FTSEurofirst 300 index had risen 4.3 percent on Tuesday after the Chinese rate cut fuelled a recovery from a bruising 48-hour sell-off caused by concerns over China's economy, following Beijing's devaluation of its currency earlier in August and a stock market slump in the country.
However, persistent worries about a slowdown in China impacted oil and metal prices on Wednesday. -------------------------------------------------------------------------- > GLOBAL MARKETS-Asian shares wobble as China rate cut fails to calm nerves > US STOCKS-Wall Street rally goes up in smoke, indexes end lower > Nikkei jumps as bargain-hunting accelerates after China market calms > TREASURIES-U.S. bonds fall as safety bids abate on China's rate cut > FOREX-Dollar subdued after China easing fails to shore up Shanghai shares > PRECIOUS-Gold struggles even as equities drop further after China rate cut > METALS-Copper resumes decline as demand worries linger despite China move > Oil near 6-1/2 year lows as China economy fears linger
BHP Billiton's investment-grade credit ratings might come under pressure in the current financial year, ratings agencies said on Wednesday, after the top global miner posted its weakest profit in a decade but still hiked dividends.
The head of BMW's Rolls-Royce unit, Torsten Mueller-Oetvoes, told magazine Super Illu that the luxury car business would see clearly lower vehicle sales in China this year, to be partly compensated by growth in the United States and the Middle East.
Finland's Kone, the world's second-biggest elevator maker with large exposure to the Chinese market, on Wednesday said it has not seen any immediate impact from the recent stock market turbulence on its business.
Chipmaker Qualcomm Inc has sold its U.K. spectrum rights to Vodafone Group Plc and CK Hutchison Holdings Ltd for about 200 million pounds ($313.8 million), Bloomberg reported, citing people familiar with the matter.
German carmaker Volkswagen's group vehicle sales fell 3.7 percent in July and were down 1 percent over the January to July period, hurt by weak markets in China, Russia and Brazil.
Advertising group WPP posted higher revenues and increased its dividend. (Reporting by Sudip Kar-Gupta)