European Factors to Watch-Stocks set to steady ahead of euro zone summit

martes 7 de julio de 2015 02:17 GYT

(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
    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. 
    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.
    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. 
    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. 
    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. 
    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.    
    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
    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.
    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.
    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. 
    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
    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.
    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. 
    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.
    0545    CH    Unemployment Rate
    0600    DE    Industrial output
    0645    FR    Trade data
    0830    GB    Industrial, Manufacturing Output    
    1230    US    Trade data
    1255    US    Redbook
                                           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)