European Factors to Watch-Shares set to rise; PMIs in focus

miércoles 4 de noviembre de 2015 03:47 GYT
 

(Adds company news)

LONDON Nov 4 (Reuters) - European stocks were seen rising on Wednesday, set to track Asian and U.S. indexes higher ahead of a busy day for macroeconomic data.

Japanese and Chinese stocks led Asian markets higher, helped by economy-friendly comments from China's President Xi Jinping, while on Wall Street, a rise in big tech and energy firms helped the Nasdaq 100 to close at a record high.

The rally in the United States started in late European trade, and helped to tilt the FTSEurofirst 300 into positive territory on Tuesday. The index closed up 0.4 percent at 1,494.21 points.

On Wednesday, futures for the Euro STOXX 50, Germany's DAX , France's CAC and Britain's FTSE were 0.4 to 0.6 percent higher ahead of the cash market open.

In a busy day for economic data, there were set to be final PMI readings in the euro zone, Britain and the United States, with a U.S. ADP national employment report also in focus.

"The final October PMI should confirm that the (euro zone) economy is doing reasonably well, in view of the slowdown underway elsewhere," strategists at BNP Paribas said in a note.

"Recent weakness in the UK service-sector PMI looks overdone to us. We expect it to have recovered some lost ground in October."

In company news, the scandal at Volkswagen deepened after it said it had understated the fuel consumption of 800,000 cars sold in Europe. Premarket indicators showed the carmaker was set to open over 7 percent lower.   Continuación...