LONDON, Sept 2 (Reuters) - European shares were set for a positive open on Wednesday, staging a slight recovery from a rough start to the week, with traders pointing to more intervention in China to calm jittery markets even as Asian shares fell for a third day in a row.
Despite pledges by a number of brokerages to increase their stock investments to support the Chinese market, China's major stock indexes extended losses on Wednesday.
EuroSTOXX 50 futures were up 0.7 percent, German DAX futures were up 0.7 percent and French CAC 40 futures were up 0.4 percent at 0621 GMT.
Any respite would come after heavy selling and a surge in volatility. European equities are down 3 percent this week as weak manufacturing reports from China, the U.S. and Europe fuel worries about slowing global growth.
That in turn has clouded market expectations of the next move for the world's central banks. Bets that the U.S. Federal Reserve could raise interest rates as early as this month have been scaled back.
While stock-market volatility has eased slightly from last week's turmoil, which saw some markets drop as much as 8 percent before snapping back in the space of a few days, it remains above trading levels seen for most of 2014 and 2015.
Despite the jitters, deal-making remains very much alive. UK retailer Tesco has picked private-equity firm MBK Partners as preferred bidder to buy its South Korean unit, according to sources. Meanwhile, online gambling company GVC Holdings said it could go hostile in the 1-billion-pound ($1.5 billion) battle for Bwin, the Times newspaper reported.
General Electric is also expected to receive the green light to buy Alstom's energy business in the coming days, the Financial Times reported, citing people close to the deal.
The UK retailer picked private equity firm MBK Partners as preferred bidder to buy its South Korean unit, two people with direct knowledge of the matter said on Wednesday.
General Electric GE.N is expected to receive the green light to buy Alstom's energy business in the coming days, the Financial Times reported, citing people close to the deal.
The founder of British online fashion retailer ASOS is stepping down as chief executive after 15 years that have seen the firm transformed from an internet minnow to a retail powerhouse.
Online gambling company GVC Holdings Plc GVC.L said it could go hostile in the 1-billion-pound ($1.5 billion) battle for Bwin.party Digital Entertainment BPTY.L if Bwin's board recommends a lower offer from 888 Holdings Plc 888.L, the Times newspaper reported.
Carmakers reported U.S. sales for August. Audi's sales were up 9.9 percent, Volkswagen reported 32,332 units delivered versus 35,181 in August 2014. BMW sales rose 2 percent. Mercedes-Benz reported rise of 3.2 percent.
New car sales in Italy, Europe's fourth-largest car market, rose 10.65 percent in August from the same month a year ago to 59,203, Italy's transport ministry said on Tuesday.
The Swiss bank's chief told Swiss paper Finanz und Wirtschaft that he considered the bank's 15 percent return on equity target to be appropriate.
The Basel-based drug maker said on Tuesday that it would join forces with Amgen AMGN.O to develop and commercialise an Alzheimer's treatment. Novartis' Phase I/IIa oral therapy CNP250 will be the lead molecule in the program. Novartis also said that the companies planned to co-develop and co-commercialise Amgen's migraine portfolio.
A Swiss court confirmed that the French building materials group did not have to launch a mandatory public takeover bid for all the shares of Swiss chemical firm Sika.
Banking executives including Deutsche Bank co-CEO Juergen Fitschen and Commerzbank CEO Martin Blessing are due to speak at the Banken im Umbruch conference in Frankfurt.
Separately, Fitschen said in a column for Handelsblatt daily there need to be limits to banking regulation to avoid creating an incentive for banks to move risks to shadow banks that are less regulated.
------------------------------------------------------------------------------ > GLOBAL MARKETS-Asian shares fall for 3rd day on global growth concerns > US STOCKS-Wall St turbulence returns as weak China data magnifies fear > Nikkei up in volatile trade as bargain hunters target battered stocks > TREASURIES-Prices gain on weak U.S., China manufacturing data > China's yuan slips on pre-holiday dollar demand despite intervention > Gold slips on firmer dollar, no benefit from equities fall > London copper finds footing, global factory slowdown weighs > Oil prices extend losses on U.S. oil inventory, manufacturing data
Reporting by Lionel Laurent