European Factors to Watch-Shares set to rebound after drop
LONDON, Sept 14 (Reuters) - European stocks were seen rising on Monday, remaining within recent tight ranges following the previous session's fall, with shares set to be resilient to weak China data published over the weekend following a rise on Wall Street at the end of last week. Futures on the Euro STOXX 50, Germany's DAX, France's CAC and Britain's FTSE 100 were 0.1 to 0.4 percent higher at 0609 GMT. European shares fell for a second straight day on Friday, with the FTSEurofirst 300 index ending 1 percent lower at 1,401.07 points, but the index still recorded its biggest weekly rise since July. The index has traded in a range of just 100 points since August 25. U.S. shares finished Friday higher after the European market close, although Asian shares were mixed on Monday after Chinese markets were hit by soft economic data. Market focus was also on a Federal Reserve meeting later in the week. The Fed holds its two-day meeting on Sept. 16 to Sept. 17 and markets are still guessing whether the central bank will hike rates then, or opt for December or early next year. "European equities are set to start with modest gains this morning off the back of mild gains in the US on Friday," Jonathan Sudaria, trader at London Capital Group, said in a note. "However, they're really just bobbing around in an ever tighter range ahead of this week's decisive (Fed) meeting where we could see lift off on the rate hike cycle in the US." Banks could be in focus after twelve major banks reached a $1.865 billion settlement to resolve investor claims that they conspired to fix prices and limit competition in the market for credit default swaps, while Credit Suisse is set to unveil a new strategy earlier than expected, according to a newspaper report. COMPANY NEWS E.ON Moody's changed its outlook on E.On's Baa1 rating to negative from stable because of risks stemming from E.On's retention of German nuclear assets and related decommissioning costs. DEUTSCHE BANK, CREDIT SUISSE GROUP, UBS Twelve major banks including Deutsche reached a $1.865 billion settlement to resolve investor claims that they conspired to fix prices and limit competition in the market for credit default swaps. DAIMLER After Mercedes managed to sell more cars than Audi at the end of August, CEO Dieter Zetsche expects Mercedes to defend its lead over the German rival. "From today's perspective it is likely that we will be the number two premium car producer at the end of the year," Zetsche told Handelsblatt. BMW holds the leading position so far. MUNICH RE The reinsurer said it expected price pressure "across the board" for reinsurance products though the intensity of that pressure was slackening. Claims from the explosion in Tianjin, China were within its budget for large losses and so would not affect its forecast to earn at least 3 billion euros ($3.40 billion) in 2015, it said. VOLKSWAGEN BMW DAIMLER A group of major automakers including VW, BMW, and Mercedes agreed to make automatic emergency braking standard on new U.S. vehicles. Porsche wants to introduce electric and hybrid versions of all its cars, CEO Matthias Mueller told car magazine Auto Motor und Sport. AIRBUS Airbus Group said on Sunday that its first U.S. factory, due to formally open on Monday, will be the most efficient in the world and capable of producing up to eight jetliners a month by 2018. MEDIASET, ATRESMEDIA, TELEFONICA Spanish telecoms company Telefonia is aiming to capture 20 percent of total television advertising revenue through its newly acquired platform Canal+, Expansion reported on Monday. SABADELL Spain's Sabadell is studying making a bid for 18-billion-euro mortgage asset portfolios from British nationalised bank Northern Rock and Bradford & Bingley, financial newspaper Expansion said on Monday. CREDIT SUISSE GROUP The bank intends to sell its U.S. private bank and slash its prime brokerage business under a strategy being developed by new Chief Executive Tidjane Thiam, Swiss newspaper Schweiz am Sonntag reported on Sunday. Results of a strategic review announced in July will be presented to the bank's board in early October, earlier than first envisaged to give markets time to absorb news of a planned capital increase, the newspaper said, citing anonymous sources. The bank declined comment. ABB ABB will likely decide next year what to do with its new Power Grids division, Chief Executive Ulrich Spiesshofer told Swiss newspaper Finanz und Wirtschaft, reiterating that all options were open for the business. The paper quoted an anonymous source as saying ABB Chairman Peter Voser would meet activist investor Cevian for the first time nexst month. Voser told the SonntagsZeitung paper he opposed the idea of breaking up the engineering group's two main businesses and was not facing pressure from its big shareholders for change. SWISS RE The world's second-biggest reinsurer expects prices to stabilise across many lines of business, it said ahead of the sector's annual meeting in Monte Carlo. [IDS:nZ8N10M00F] SWATCH The watchmaker is not worried by economic and market turbulence in China, Chief Executive Nick Hayek told a Sunday newspaper, noting its sales to Chinese customers will rise when stripping out exchange rate swings. SYNGENTA The company has won U.S. approval for irs Orindis fungicide, which has peak sales potential of more than $150 million. NOVARTIS A new Novartis drug to treat heart failure should cost 17 percent less than its list price of $4,560 per year to keep health costs in line with growth in the overall U.S. economy, according to the nonprofit ICER. SANOFI The drugmaker said a second late-stage Phase III study of its LixiLan diabetes drug had met its main target, readying it for regulatory submissions by the fourth quarter in the United States and the first quarter of next year in the European Union. RENAULT The French carmaker is unconcerned with a slowdown in the Chinese economy hitting sales there, Chief Executive Carlos Ghosn said in an interview with Le Journal du Dimanche. TF1, M6, NEXTRADIOTV French Culture Minister Fleur Pellerin has ruled out allowing prime time advertising on public TV broadcasters, saying an increase in their funding should come from a slight increase in the TV tax. ORANGE, ILIAD, NUMERICABLE, BOUYGUES French Culture Minister Fleur Pellerin said that a tax on internet providers would be raised to 1.2 percent of their revenue from 0.9 percent currently to help fund public broadcasters. BOUYGUES French company Bouygues has sold its 19 percent stake in West African utility group Eranove to French insurer Axa AXAF.PA, a Bouygues spokesman said on Friday, confirming a report in Jeune Afrique. MAJOR MACROECONOMIC DATA/EVENTS (GMT) : 0715 CH Producer/Import Price 0800 IT Consumer Prices/CPI Final 0900 EZ Industrial Production ------------------------------------------------------------------------------ MARKET SNAPSHOT AT 0520 GMT: LAST PCT CHG NET CHG S&P 500 1,961.05 0.45 % 8.76 NIKKEI 18018.32 -1.35 % -245.9 MSCI ASIA EX-JP 399.19 0.07 % 0.28 EUR/USD 1.1342 0.03 % 0.0003 USD/JPY 120.38 -0.14 % -0.1700 10-YR US TSY YLD 2.187 -- 0.00 10-YR BUND YLD 0.659 -- 0.00 SPOT GOLD $1,107.75 0.02 % $0.25 US CRUDE $44.58 -0.11 % -0.05 > GLOBAL MARKETS-Asia markets on edge ahead of Fed meeting > US STOCKS-Wall St climbs, S&P 500 posts best week since July > Nikkei extends morning losses as China skids > TREASURIES-Prices gain before next week's Fed meeting > FOREX-Dollar inches lower as Fed countdown begins > PRECIOUS-Gold hovers near one-month low, traders eye Fed > METALS-LME copper firm near two-month top ahead of Fed > Oil prices dip as demand stalls (Reporting by Alistair Smout)
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