European Factors to Watch-Stocks set to steady ahead of euro zone summit
(Adds company news, details) LONDON, July 7 (Reuters) - European stocks were seen steadying on Tuesday after slipping in the previous session, with investors focussed on crunch talks over the Greek debt crisis at a euro zone summit later in the day. The euro zone blue-chip Euro STOXX 50 fell 2.2 percent on Monday, with the pan-European FTSEurofirst 300 down 1.1 percent. The falls came after Greece rejected austerity terms for a financial lifeline in a referendum on Sunday, though traders said the drop was relatively contained. France and Germany told Greece on Monday to come up with serious proposals in order to restart financial aid talks and the European Central Bank decided to keep a tight grip on funding to Greek banks, raising the pressure on Greek Prime Minister Alexis Tsipras before Tuesday's summit. With many banks now seeing a greater chance of Greece leaving the euro than remaining in it, however, some analysts were pessimistic about the chances of progress in the talks. "While European finance ministers have agreed to meet today to consider some new Greek proposals ... they are unlikely to be any more acceptable now than they would have been last week," Michael Hewson, chief market analysts at CMC Markets, said in a note. Futures on the Euro STOXX 50, Germany's DAX, France's CAC and Britain's FTSE 100 were flat to 0.3 percent higher at 0610 GMT. COMPANY NEWS SANTANDER, BNP PARIBAS Spanish bank Santander said on Monday it had chosen PriceWaterHouseCoopers as its external auditor for its annual earnings 2016, 2017 and 2018. Separately, BNP Paribas's head of corporate finance in Germany, Peter Voelker-Albert, has left the French bank to join Santander as head of global banking & markets for Germany, Austria and Switzerland, starting on Oct. 1, according to an internal memo seen by Reuters. DEUTSCHE BANK Outgoing co-CEO Juergen Fitschen to appear in Munich court where he and other curent and former Deutsche Bank executives are on trial for allegedly attempting to manipulate evidence to lower damage payments the bank paid to the Kirch media empire. RWE The utility is planning to increase the size of its board by three members as part of a major restructuring, German paper Handelsblatt reported on Tuesday, adding that no final decisions had yet been taken. CREDIT SUISSE The bank has issued around 27 billion Swiss francs ($28.66 billion) in securities to shore up its defences in the event of an economic downturn. In a submission to the U.S. Federal Reserve about how it would shut down its business in the United States during a crisis, Credit Suisse said it had a mixture of coco bonds -- securities that absorb losses in a potential crisis -- and loss-absorbing bonds known as TLAC. UBS The bank expects to meet anticipated requirements for total loss-absorbing bonds known TLAC early. "UBS currently has over 44 billion Swiss francs ($46.69 billion) in TLAC, supporting a TLAC to risk weighted assets ratio of more than 20 percent," UBS said in its submission to the U.S. Federal Reserve. PROSIEBEN, AXEL SPRINGER The broadcaster and publishing house Axel Springer have reignited talks for a merger, seeking to consolidate their push into digital media, two sources familiar with the matter said on Monday. TECHNIP The French oil industry engineering and construction group said it would cut 6,000 jobs and book a 650 million euro restructuring charge as it steps up cost-cutting. VIVENDI The French media group said it was raising its offer for the listed arm of French pay-TV group Canal+ to 8 euros per share from 7.60 euros previously. RENAULT Multiple model launches are putting the business under pressure but the process is motivating and is one of the main drivers of growth, the French carmaker's Chairman and Chief Executive Carlos Ghosn said in an interview with Le Figaro newspaper after the launch of its Talisman model on Monday. FIAT CHRYSLER, GENERAL MOTORS John Elkann, chairman of the car maker and scion of Italy's Agnelli family, told the Wall Street Journal in an interview he wasn't giving up on forging a partnership with General Motors, despite being rebuffed by his Detroit rival twice in the past four years. Auto production in Brazil tumbled in June to the lowest level since January 2009, putting more jobs at risk in the country's fragile car industry and undermining hopes for an economic recovery. EXOR The holding company said on Monday it had sent a letter to all PartnerRe employees who are shareholders, urging them to vote against a merger the reinsurer previously agreed with Axis. In its letter, Exor told PartnerRe employees the Axis/PartnerRe combination would likely lead to significant job losses. BANCA MONTE DEI PASCHI DI SIENA The Italian bank continues to pursue a merger and will illustrate to the European Central Bank by a July 26 deadline what it has done so far to facilitate it, Monte dei Paschi CEO Fabrizio Viola said in an interview with la Repubblica. He said a merger could not be agreed in 20 days and would become harder to achieve if the Greek crisis continued to rattle markets. Shares in the bank closed down 11.5 percent on Monday with traders saying the outcome of a Greek referendum that increased the risk of a euro exit for the country weighed on Monte dei Paschi's merger prospects. Viola said in the interview Monte dei Paschi was perceived to be more exposed than other banks to Italy's sovereign risk. UNICREDIT, MONTE DEI PASCHI The Chinese central bank has bought a 2 percent stake in lenders UniCredit and Monte dei Paschi di Siena, adding to a string of investments in large Italian companies, a regulatory filing showed on Monday. HAMBURGER HAFEN UND LOGISTIK The port operator confirmed its group profit target for the year, but said earnings at its container segment were likely to be 125 million to EUR 135 million below the previous year's level. It expects stronger earnings at the Intermodal segment. MAJOR MACROECONOMIC DATA/EVENTS (GMT) : 0545 CH Unemployment Rate 0600 DE Industrial output 0645 FR Trade data 0830 GB Industrial, Manufacturing Output 1230 US Trade data 1255 US Redbook ------------------------------------------------------------------------------ MARKET SNAPSHOT AT 0515 GMT: LAST PCT CHG NET CHG S&P 500 2,068.76 -0.39 % -8.02 NIKKEI 20378.49 1.32 % 266.37 MSCI ASIA EX-JP 461.17 -0.53 % -2.47 EUR/USD 1.1033 -0.2 % -0.0022 USD/JPY 122.59 0.03 % 0.0400 10-YR US TSY YLD 2.301 -- 0.02 10-YR BUND YLD 0.764 -- -0.01 SPOT GOLD $1,167.51 -0.18 % -$2.14 US CRUDE $53.00 0.89 % 0.47 > Asia shares win reprieve but Greece, China concerns weigh > US STOCKS SNAPSHOT-Wall St ends lower in volatile session > Nikkei rebounds; Greece, China in focus > TREASURIES-Yields fall on fears of Greek exit from euro zone > FOREX-Euro edges lower ahead of euro zone summit on Greece > PRECIOUS-Gold dips below $1,170 despite Greek debt crisis > METALS-London copper drifts, focus on Greece, China > Oil prices stabilise after massive selloff (Reporting by Alistair Smout)
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