Europe Factors to Watch-Shares set to dip; banks in focus
PARIS Nov 12 (Reuters) - European stocks were set to dip on Wednesday, reversing the previous session's small gains, with the banking sector in focus after global regulators fined five major banks for failings in currency trading.
The regulators imposed penalties totalling $3.4 billion on UBS, Citigroup, HSBC, Royal Bank of Scotland and JP Morgan .
Switzerland's UBS swallowed the biggest penalty, paying $661 million to Britain's Financial Services Authority (FCA) and the U.S. Commodity Futures Trading Commission (CFTC) and ordered by the Swiss regulator FINMA to hand over 134 million Swiss francs.
At 0724 GMT, futures for Euro STOXX 50, for UK's FTSE 100, for Germany's DAX and for France's CAC were down 0.1-0.3 percent.
Shares in JPMorgan, Royal Bank of Scotland and HSBC traded in Frankfurt were down 1.2-1.4 percent in early trading, while Frankfurt-listed shares of UBS and Citigroup were flat.
On the earnings front, Sainsbury will be in focus after the British grocer said it would rein in spending on new stores and find more cost savings to finance price cuts as it seeks to cope with the toughest market conditions for decades.
British luxury brand Burberry pointed to a "more difficult external environment" as it posted a 6 percent rise in half-year adjusted pre-tax profit that was in line with forecasts.