Europe Factors to Watch-Shares set to track Wall St gains after Fed

jueves 18 de septiembre de 2014 02:35 GYT
 

PARIS, Sept 18 (Reuters) - European stocks were set to rise on Thursday,
tracking gains on Wall Street after the Federal Reserve renewed its pledge to
keep ultra-low interest rates for a "considerable time".
    At 0620 GMT, futures for Euro STOXX 50, for UK's FTSE 100,
for Germany's DAX and for France's CAC were up 0.1-0.3 percent.
    On Wednesday, the Fed reaffirmed its commitment to keep interest rates near
zero for a "considerable time," and repeated concerns over slack in the labor
market, standing firm against calls to overhaul its policy statement.
 
    However, the Fed also indicated it could raise borrowing costs faster than
expected when it starts moving. The central bank's new rate projections
suggested officials were positioning themselves for a potentially faster pace of
rate hikes than they had envisioned when the last set of forecasts were released
in June.
    "Despite the jubilant reaction from equities traders, currency, commodity
and bond traders took the whole statement as hawkish and subsequently sold
commodities, sold bonds and bought dollars," Capital Spreads trader Jonathan
Sudaria wrote in a note.
    "Clearly someone is fundamentally wrong in their analysis and I'm sure once
the uncertainty of the Scottish vote is out the way, this anomaly will be ironed
out."
    UK equities will be in focus again after a YouGov poll for the Times and Sun
newspapers showed Scottish support for staying in the United Kingdom at 52
percent with Scottish support for the "Yes" campaign backing independence at 48
percent, excluding undecideds who number 6 percent of voters, just hours before
Scotland's independence referendum. 
    "I think they will vote 'No', but if they vote 'Yes', it will have a
short-term impact on markets: it will bring uncertainty, sterling will weaken,
Spanish bond yields will go up because of the increased risk to see Catalonia
leave Spain, and other areas within Europe could say: 'We too want
independence'," said Ollie Beckett, fund manager at Henderson Global Investors.
    "Longer-term though, it shouldn't have a major impact, the Scottish economy
is not that big."
    Analysts at Societe Generale see bigger consequences if the 'Yes' camp wins,
recommending clients to 'stay away from UK equities'.
    "A Scottish exit would probably trigger a major political crisis with the
shakeup of the UK's political landscape and raising the question as to whether
David Cameron could resign," the analysts wrote in a note.
    "This would most likely cause UK equities to derate. They are currently
trading at a 37 percent price-to-book value premium relative to the rest of
Europe, vs historical average premium of 17 percent."
    UK stocks have started to underperformed, with the FTSE 100 up 0.5
percent so far this year, falling behind a 5.2 percent rise in the FTSEurofirst
300 index of top European shares over the same period.
    
    Europe bourses in 2014: (link.reuters.com/pad95v)
    Asset performance in 2014: (link.reuters.com/rav46v)
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  MARKET SNAPSHOT AT 0625 GMT: 
                                         LAST   PCT CHG  NET CHG
 S&P 500                             2,001.57    0.13 %     2.59
 NIKKEI                              16067.57    1.13 %    178.9
 MSCI ASIA EX-JP                       491.75   -0.65 %     -3.2
 EUR/USD                               1.2871    0.05 %   0.0006
 USD/JPY                               108.66    0.27 %   0.2900
 10-YR US TSY YLD                       2.613        --     0.01
 10-YR BUND YLD                         1.072        --     0.02
 SPOT GOLD                          $1,223.84    0.07 %    $0.85
 US CRUDE                              $93.85    -0.6 %    -0.57
    
  > GLOBAL MARKETS-DOLLAR/YEN AT 6-YR PEAK AFTER FED, NIKKEI UP 
  > US STOCKS-WALL ST EDGES HIGHER AFTER FED; DOW SETS RECORD 
  > NIKKEI RISES TO NEW 8-MTH HIGH AS WEAK YEN POWERS EXPORTERS; SONY DIVES 
  > BOND YIELDS EDGE HIGHER ON HAWKISH FED VIEWS, SUPPLY EXPECTATIONS 
  > FOREX-DOLLAR/YEN HITS 6-YR HIGH AS MARKETS BUY 'HAWKISH' FED GUIDANCE 
  > PRECIOUS-GOLD SKIDS TO 8-1/2 MONTH LOW ON U.S. RATE HIKE FEARS 
  > METALS-LONDON COPPER SLIPS AS MARKETS EYE STEEPER U.S. RATE HIKES 
  > BRENT FALLS TOWARDS $98 ON STRONG DOLLAR, US CRUDE STOCKS SPIKE 
    
    
    COMPANY NEWS:
    EDF 
    European Union state aid regulators are set to approve Britain's
19-billion-euro plan to build a nuclear plant with the French utility, several
people familiar with the matter said. 
    
    EASYJET 
    Budget airline easyJet said it would lift its payout ratio to 40 percent
next year and had reached agreement with Airbus to add 27 planes to its
fleet, in a sign of its continuing confidence. 
    
    AIR FRANCE-KLM 
    A strike by pilots over cost cuts enters its fourth day, with around 42
percent of flights expected to operate. 
    
    SULZER 
    Swiss machinery maker Sulzer said it is in talks on a potential tie-up with
U.S.-based compressor and turbine maker Dresser-Rand, a move that may
trigger rival offers from other potential suitors.
    
    RICHEMONT, SWATCH 
    Swiss watch exports to Hong Kong, a key market, fell 8.4 percent in August,
the Watch Federation said. Exports to mainland China rose 16 percent.
    
    ACS 
    Spanish energy company and builder ACS has contracted Bank of
America/Merrill Lynch for the possible listing of its energy arm, valued at over
3.2 billion euros, El Confidencial reported, without citing sources.
    
    BAYER 
    Bayer plans to sell its plastics business with an estimated value of about 8
billion euros as part of a shift away from chemicals towards pharmaceuticals and
crop science, the Wall Street Journal Deutschland reported, citing informed
sources. The plan could be announced as early as on Thursday, the paper said.
    
    LAFARGE 
    Lafarge Africa, Finland's Wartsila and the World
Bank's IFC have agreed to build a 220 megawatt (MW) gas-fired power plant in
Nigeria to boost electricity supplies, at a cost of $400 million, the trio said.
 
    
    SUEZ ENVIRONNEMENT 
    The waste and water group said it finalised the purchase of the 24 percent
of Spanish water company Agbar it did not already own from La Caixa group.
    
    UNICREDIT 
    Italy's biggest bank by assets is expected to pick a partner for exclusive
talks to buy a stake of up to 50 percent in its asset management division
Pioneer towards the end of September, two sources familiar with the matter said.
    
    MEDIOBANCA, TELECOM ITALIA, RCS 
    The Italian top investment bank plans to sell the entire stakes it owns in
publisher RCS Mediagroup and telecoms group Telecom Italia by June 2015, a
source close to the board said on Wednesday.
    
    ENEL 
    The board of Spanish electricity firm Endesa on Wednesday approved
the sale of its Latin American assets to Italian parent group Enel for 8.25
billion euros, the firm said in a statement.
    
    DAIMLER 
    Several hundred jobs may be at risk at a Mercedes plant in Duesseldorf, the
Westdeutsche Allgemeine Zeitung reported on Wednesday.
    
    DEUTSCHE TELEKOM 
    Classified advertising firm Scout24, in which Telekom owns a 30 percent
stake, on Wednesday confirmed it was exploring the possibility of an IPO.
    
    ABERTIS 
    Spanish infrastructure group Abertis said it had agreed to sell its 33.33
percent stake in Mexico's Aeropuertos Mexicanos del Pacifico (AMP) for $222
million to Promotora Aeronautica del Pacifico.

 (Reporting by Blaise Robinson; Editing by Sudip Kar-Gupta)