European Factors to Watch-Futures rise, Glencore seeks to reassure over debt
(Adds futures prices, company news items) LONDON, Sept 30 (Reuters) - European equity futures rose on Wednesday, tracking a recovery on Asian and U.S. equity markets and marking a modest rebound for European stock markets which had fallen in the previous two sessions. Futures on the euro zone's blue-chip Euro STOXX 50 index and for Germany's DAX both rose 1.6 percent. Futures on France's CAC were up 1.7 percent while Britain's FTSE futures rose 1.2 percent. Mining and commodity trading giant Glencore, whose shares have slumped on the back of sliding commodity prices said it had taken pro-active steps to position the company to withstand the current commodity market conditions. It added that its business remained robust, with positive cash flow, good liquidity and no solvency issues. London copper prices edged up on Wednesday as traders took heart from an output cut in Chile and a revival in Glencore shares on Tuesday, although crude oil futures fell in Asia on Wednesday. The pan-European FTSEurofirst 300 index closed down 0.6 percent on Tuesday, leaving the index lingering near its lowest levels so far in 2015. ------------------------------------------------------------------------------ MARKET SNAPSHOT AT 0624 GMT LAST PCT CHG NET CHG S&P 500 1,884.09 0.12 % 2.32 NIKKEI 17,388.15 2.7 % 457.31 EUR/USD 1.1226 -0.17 % -0.0019 USD/JPY 119.90 0.16 % 0.1900 10-YR US TSY 2.077 -- 0.02 YLD 10-YR BUND YLD 0.590 -- 0.00 SPOT GOLD $1,124.40 -0.24 % -$2.66 US CRUDE $44.97 -0.57 % -0.26 > GLOBAL MARKETS-Asian shares rally, but still on track for quarterly losses > US STOCKS-S&P 500 bounces back after nearing August low > Nikkei rebounds from 8-1/2 month low; Japan Tobacco plunges on merger news > TREASURIES-U.S. bond prices rise on equities, commodities weakness > Yen off highs as some calm returns to global markets > PRECIOUS-Platinum poised for worst quarter in 7 years on VW scandal > METALS-London copper firms on output cut; trade dwindles ahead of holiday > Oil falls after U.S. inventories show buildup COMPANY NEWS: ABI /SAB MILLER : Anheuser-Busch InBev is asking banks to underwrite up to $70 billion in debt financing to back its potential takeover of SABMiller, banking sources said. AUTOS: China has decided to halve sales tax on small cars from Thursday, boosting local auto shares, as the government tries to revive growth in the world's largest car market. BANG & OLUFSEN : Bang & Olufsen reported a narrowing in its first quarter EBIT loss. BHP BILLITON : BHP Billiton , the world's largest miner, said on Tuesday it sees its earnings doubling over the next 15 years, even in a world where carbon emissions are cut to limit global warming to 2 degrees Celsius. BRITISH AMERICAN TOBACCO /IMPERIAL TOBACCO : Japan Tobacco Inc has agreed to pay 600 billion yen ($5 billion) in cash for Reynolds American Inc's Natural American Spirit tobacco business outside the United States, the two companies said in separate statements on Tuesday. DIALOG SEMICONDUCTOR : Dialog said it had changed its merger agreement with Atmel so that it requires only a simple majority vote by shareholders to issue new American Depositary Shares. FIAT : Two months after receiving a record $105 million fine for lapses in U.S. auto safety recalls, Fiat Chrysler Automobiles NV FCHA.MI faces new problems over lax safety reports that could lead to additional financial penalties for the Italian-U.S. automaker. FNAC /DARTY : FNAC said it had made a proposal to take over Darty. GLENCORE : Mining and commodity trading giant Glencore said it had taken pro-active steps to position the company to withstand the current commodity market conditions. It added that its business remained robust, with positive cash flow, good liquidity and no solvency issues. METRO : The retailer is eyeing takeovers and partnerships around the world, Handelsblatt daily quoted Chief Executive Olaf Koch as saying. He added the copmany had sufficient financial means for acquisitions following the sale of Kaufhof. Separately, thousands of employees of Metro's Real hypermarkets are due to protest on Wednesday against the company's decision to exit collective wage bargaining agreements. RIO TINTO : Global miner Rio Tinto on Wednesday said it had agreed to sell its 40 percent stake in the Bengalla coal mine in Australia to New Hope Corp for $606 million, the latest shuffle of Australian coal assets amid a sector-wide downturn. SAINSBURY : British supermarket Sainsbury's said on Wednesday its full year profit was set to exceed analysts' average forecasts despite the firm posting a seventh straight quarter of falling underlying sales. SGS : SGS said on Wednesday it had bought a 70 percent stake in Chile-based SIGA Ingenería y Consultoria S.A., boosting the Swiss testing and inspection firm's presence in Latin America. SIEMENS : Siemens rival General Electric said it expects its software revenue to roughly triple to $15 billion by 2020 as it reaps significant gains from its digital operations. UBS : A unit of UBS AG on Tuesday agreed to pay almost $34 million to settle charges from two U.S. regulators that it failed to supervise the sale of Puerto Rican closed-end mutual funds it sponsored to clients in the U.S. territory. VIVENDI : Vivendi said it would take a 30 percent stake in Mars Films. VOLKSWAGEN : Volkswagen said on Tuesday it will repair up to 11 million vehicles and overhaul its namesake brand following the scandal over its rigging of emissions tests. The executive committee of VW's supervisory board is due to meet on Wednesday to discuss the appointment of U.S. law firm Jones Day to lead an external investigation, according to a source close to the board. And U.S. lawmakers have asked Volkswagen to turn over documents related to the emissions scandal, including records concerning the development of a software program intended to defeat regulatory emissions tests. (Reporting by Sudip Kar-Gupta)
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