European Factors to Watch-Shares seen higher after Friday's slump
(Updates futures prices, adds company news) LONDON, Sept 7 (Reuters) - European shares headed for a higher open on Monday, with a sharp sell-off in the previous session seen prompting some investors to look for bargains and cover their short-positions. At 0643 GMT, futures for the Euro STOXX 50, Germany's DAX, France's CAC 40 and Britain's FTSE were 0.7 to 0.9 percent higher. The pan-European FTSEurofirst 300 index closed 2.5 percent lower at 1,392.63 points on Friday as uncertainty about the timing of a likely U.S. rate hike remained after a mixed August jobs report. "European equities are set to start with a pop higher this morning, making small inroads into recovering Friday's super-sized losses," Jonathan Sudaria, dealer at London Capital Group, said in a note. "However, there's little in the way of news out over the weekend that could've turned sentiment. Asian markets don't seem to be showing the same optimism and so the likely cause for the higher open is merely a bit of short covering ahead of an expected light session in the U.S. due to Labour Day." China's stock market reopened after closing over Thursday and Friday as Beijing celebrated 70 years since the end of World War Two. Shanghai shares initially rose as much as 1.8 percent following remarks over the weekend by regulators aimed at calming the market, but the index was last down 1.6 percent. China's policymakers and regulators tried to soothe jittery markets, promising deeper financial market reforms and stressing the economy was showing signs of stabilising. COMPANY NEWS GLENCORE Mining and commodities trading firm Glencore on Monday said it will suspend dividends, sell assets and raise $2.5 billion in a new share issue as it aims cut it net debt to $20 billion by the end of next year. TESCO Britain's Tesco has agreed to sell its South Korean unit to a group led by private equity firm MBK Partners for 4 billion pounds ($6.08 billion), it said on Monday, in its first major disposal since it hit financial difficulties. ASSOCIATED BRITISH FOODS The company maintained its full-year earnings forecast on Monday, with progress at Primark and at its grocery, ingredients and agriculture businesses expected to be offset by a large reduction in profit in its sugar business. NOVARTIS The drugmaker plans the first human tests next year of a "smart" contact lens it is developing with Google designed to help restore the eye's natural autofocus. CREDIT SUISSE A district court judge has asked Credit Suisse Group AG to pay $287.5 million in damages to an affiliate of Highland Capital Management, as part of a long drawn breach of contract case. LUFTHANSA German pilots' union Vereinigung Cockpit (VC) called for an all-day strike on Lufthansa's long-haul flights, starting Tuesday, increasing pressure on management in a long-running dispute over pay, retirement benefits and cost cuts. VIVENDI The chief executive of the French media group did not rule out raising its stake in Spain's Telefonica in the future, but said there was no plan to increase its holding in Telecom Italia. ALSTOM General Electric Co is expected to win regulatory approval this week for its purchase of the power equipment business of France's Alstom, allowing the U.S. industrial conglomerate to finally carry out a major cost-cutting program 16 months after first announcing the deal. MAN GROUP The China head of hedge fund manager Man Group said on Monday that she had not been taken into custody by Chinese authorities, denying media reports that said she had been assisting a police investigation into market volatility. CONTINENTAL The German auto components maker and union representatives have postponed further talks on cost reductions and job cuts at a factory in Gifhorn, after failing to reach an agreement on Friday. BASF An asset swap announced between BASF and Gazprom could signal an easing of tensions between Germany and Russia, the head of BASF unit Wintershall, Mario Mehren, told Handelsblatt newspaper on Monday. Deal: DAIMLER Financial markets have overreacted to recent economic ructions in China, Daimler CEO Dieter Zetsche said in a newspaper interview. FRESENIUS The dividend for 2015 is set to rise by clearly more than 20 percent, following an expected currency adjusted rise of 18-21 percent in earnings, CEO Ulf Schneider repeated in comments to Euro am Sonntag newspaper. K+S Potash Corp of Saskatchewan has hired a third investment bank as adviser in its effort to take over K+S, newspaper Frankfurter Allgemeine Zeitung reported on Sunday. THYSSENKRUPP ThyssenKrupp has cut costs by more than 1 billion euros this year, beating its target, and plans to press ahead with renewed savings efforts, its chief financial officer told a German newspaper. VOLKSWAGEN Ousted Volkswagen chairman Ferdinand Piech prevented Chief Executive Martin Winterkorn from fulfilling his ambition to become chairman, showing the patriarch's continuing influence behind the scenes, two respected German publications reported. Separately, VW's Porsche unit is expected to have around 25,000 employees at the end of this year or 11 percent more than in 2014, Porsche HR head Thomas Edig told Automobilwoche. More jobs would be added in the coming years, but not at a double-digit percentage rate, he said. FIAT CHRYSLER AUTOMOBILES Fiat Chrysler Automobiles boss Sergio Marchionne said on Sunday that seeking a tie-up with General Motors was a "high priority" and such a deal would also be the best strategic option for its U.S. rival. AXEL SPRINGER Axel Springer is withdrawing from its Russian business, Russian news agency RBC reported at the weekend, citing two media sources and a government source. MAUREL ET PROM The French energy exploration and production company said a force majeure situation had led to the interruption of the flow of crude oil in a section of the 12-inch pipeline in Gabon, leading Maurel & Prom Gabon to completely shut down its production. IMTECH The German unit of bankrupt Dutch engineering services company Imtech is expected to be sold in November, according to Imtech Germany's insolvency administrator. MEYER BURGER The Swiss solar industry supplier believes the sector's protracted slump is on the wane and the company could return to profit as early as next year, its CEO was quoted as saying in SonntagsZeitung newspaper. ------------------------------------------------------------------------------ MARKET SNAPSHOT AT 0530 GMT: LAST PCT CHG NET CHG S&P 500 1,921.22 -1.53 % -29.91 NIKKEI 17733.68 -0.33 % -58.48 MSCI ASIA EX-JP 385.83 -0.69 % -2.68 EUR/USD 1.1149 0.03 % 0.0003 USD/JPY 119.27 0.24 % 0.2800 10-YR US TSY YLD 2.131 -- 0.00 10-YR BUND YLD 0.665 -- 0.00 SPOT GOLD $1,122.36 -0.02 % -$0.24 US CRUDE $45.71 -0.74 % -0.34 > Asia sags as China stocks wobble after trading resumes > Wall Street caps off tough week with a steep loss > Nikkei up in choppy trade after US jobs data, automakers, Toshiba gain > TREASURIES-Longer-dated prices rise after U.S. employment data > Dollar takes back some ground vs yen after drop on US jobs data > Gold struggles near 2-1/2-week low on U.S. jobs data > London copper firms in thin trade; China data deluge eyed > Oil prices fall on global oil glut fears, weaker U.S. jobs data (Reporting by Atul Prakash)
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