European Factors to Watch-Shares set for steady open, BNP seen up
(Adds futures prices, trader comment)
LONDON, July 1 (Reuters) - European stocks were seen steady at the open on Tuesday, with shares in BNP Paribas in focus after the French bank agreed to pay a fine of around $9 billion in a U.S. sanctions case.
The euro zone's blue-chip Euro STOXX 50 futures contract was flat by 0615 GMT. Germany's DAX futures contract was also flat while France's CAC futures contract also rose 0.2 percent.
The pan-European FTSEurofirst 300 index edged down by 0.1 percent to 1,370.60 points on Monday, although the index still recorded a fourth straight quarter of gains and many analysts said the market's longer-term outlook remained positive, due to the prospect of economic stimulus measures from the European Central Bank.
"I think people will still buy the market on the dip," said Darren Courtney-Cook, head of trading at Central Markets Investment Management.
Late on Monday, BNP Paribas pleaded guilty to two criminal charges and agreed to pay almost $9 billion to resolve allegations it violated U.S. sanctions laws and enabled the activities of terrorists and human rights abusers in Sudan and elsewhere.
In an unprecedented move, regulators also banned BNP for a year from conducting certain U.S. dollar transactions, a critical part of the bank's international business.
Analysts at Nomura wrote in a research note that they expected "some recovery in performance" now that BNP Paribas had settled the situation with U.S. authorities, and traders saw BNP Paribas' shares opening up by 2-3 percent. Continuación...