(ADVISORY- Reuters plans to replace intra-day European and UK stock market reports with a Live Markets blog on Eikon - see cpurl://apps.cp./cms/?pageId=livemarkets for site in development. See the bottom of the report)
LONDON, May 10 (Reuters) - European shares were set to open higher on Tuesday, building on the previous session’s gains, with a recovery in metals prices a day after heavy losses seen supporting miners, while some companies were seen up after their results.
Futures for the Euro STOXX 50, Germany’s DAX, France’s CAC and Britain’s FTSE were 0.6 to 0.9 percent higher.
The pan-European FTSEurofirst 300 index rose 0.5 percent to 1,309.10 points in the previous session, although it remains down 9 percent so far in 2016.
Earnings reports were mixed, with salt and fertiliser supplier K+S reporting a smaller-than-expected drop in quarterly operating profit and reiterating its guidance, while Adecco said that modest revenue growth continued in the first quarter.
However, Credit Suisse saw tough market conditions continuing at least through the second quarter and Thyssenkrupp cut its full-year forecasts on a drop in prices for materials.
According to Thomson Reuters StarMine, 68 percent of European companies have announced results so far, of which 60 percent have met or beaten analysts’ forecasts.
Credit Suisse sees tough market conditions continuing at least through the second quarter, the Swiss bank said on Tuesday after kicking off 2016 with its first loss since 2008.
German industrial group Thyssenkrupp cut its full-year forecasts on a drop in prices for materials including steel that it said were sharper and longer-lasting than it had expected.
The Finnish company’s net sales fell more than expected in the first quarter as it warned that earnings in its mainstay business would decline this year due to slowing demand in China. In its first unified earnings report since taking control of rival Alcatel-Lucent in January, Nokia also nudged up its cost-cutting target for the merger.
Danish jewellery maker Pandora reported a bigger than expected rise in first-quarter operating profit on strong sales growth and raised its full-year forecast.
British low-cost carrier easyJet swung to a half-year loss due to a fall in travel demand on security concerns linked to attacks on European capitals, flight cancellations in Egypt and air traffic control strikes in France.
Salt and fertiliser supplier K+S reported a smaller-than-expected drop in quarterly operating profit and reiterated its guidance for the rest of the year.
The Netherlands’ largest financial services company reported lower-than-expected first-quarter earnings on Tuesday, blaming higher “regulatory costs.”
German reinsurer Munich Re said it expected net profit this year to come in at 2.3 billion euros ($2.62 billion), the bottom of its previous guidance, following a weak first quarter.
The oil major has restarted production at a reduced rate at its Albian oil sands mining operation in Alberta, it said on Monday, even as many energy companies remain offline after a major wildfire ravaged the area.
The world’s biggest staffing group said modest revenue growth continued in the first quarter, even as bank holidays took a chunk out of earnings.
Europe’s biggest copper smelter Aurubis confirmed quarterly earnings were down on the year but above analyst expectations and repeated its positive earnings outlook for the full financial year.
U.S. cancer drug maker Medivation Inc has decided to explore a sale following a $9.3 billion acquisition offer from France’s Sanofi and interest from other companies, people familiar with the matter said.
The bank said it was looking at ways to boost efficiency as it reported a 30 percent fall in first-quarter net income.
Germany’s Nordex posted better-than-expected first-quarter sales, helped by its production and installation business amid demand for wind turbines in Europe and the United States.
The French oil and gas major plans to sell specialty chemicals and equipment division Atotech, its chief executive told French daily Le Figaro.
Frankfurt prosecutors have started investigating the lender over an equity trading strategy known as “dividend stripping”, Sueddeutsche Zeitung and the WDR and NDR broadcasting networks reported on Monday. Commerzbank declined comment.
Germany’s biggest lender may have informed the public too late about the departure of its chief executive last year, a spokesman for German financial watchdog Bafin said on Monday.
The U.S. Federal Communications Commission and Federal Trade Commission have asked mobile phone carriers and manufacturers to explain how they release security updates amid mounting concerns over security vulnerabilities, the U.S. agencies said on Monday.
The construction company said first-quarter revenue fell 1.7 percent, confirming its guidance for a slight decline in sales for the full year.
Spanish construction firm Ferrovial is weighing canceling its plans to bid jointly with cash-strapped local builder ICA for a contract to build a $3.5 billion terminal building for Mexico City’s new airport, people familiar with the matter told Reuters.
Spanish technology and defence company Indra announced on Monday it booked a profit of 11.8 million euros in the first quarter from a loss of 19.6 million euros a year ago.
Spanish power company Endesa reported on Monday a net profit of 342 million euros in the first quarter versus 435 million euros last year.
Philips’ decision to float its lighting business will offer investors a radical alternative to its closest independent competitor in the lucrative illumination market, Osram Licht OSRn.DE, itself spun off by SiemensSIEGn.DE three years ago.
ADVISORY- Reuters plans to replace intra-day European and UK stock market reports with a Live Markets blog on Eikon (see cpurl://apps.cp./cms/?pageId=livemarkets for site in development). In a real-time, multimedia format from 0600 London time through the 1630 closing bell, it will include the best of our market reporting, Stocks Buzz service, Eikon graphics, Reuters pictures, eye-catching research and market zeitgeist. Breaking news and dramatic market moves will continue to be alerted to all clients and we will continue to provide a short opening story and comprehensive closing reports.
If you have any thoughts, suggestions or feedback on this, please email email@example.com.
Mike Dolan, Markets Editor EMEA. (Reporting by Atul Prakash; Editing by Sudip Kar-Gupta)