European Factors to Watch-Shares to extend fall from 7-week low

jueves 10 de diciembre de 2015 03:28 GYT

LONDON Dec 10 (Reuters) - European stocks were seen falling for a third straight session on Thursday, set to drop further from a 7-week low and tracking U.S. and Asian shares down as commodity prices remained weak.

Futures on the Euro STOXX 50, Germany's DAX, France CAC and Britain's FTSE fell 0.9-0.6 percent ahead of the cash market open.

The pan-European FTSEurofirst 300 was down 0.5 percent at its close, its lowest since late October. The index is down 2.2 percent over the last two sessions and is has fallen 5.8 percent so far in December.

"European indices are set to open significantly lower as tumbling commodities continue to put pressure on global markets," Farbod Mimeh trader at London Capital Group, said in a note.

Oil steadied but remained near seven-year lows, with weakness in the commodity prompting falls on Wall Street's blue-chip S&P 500, with Japan's Nikkei falling to a five-week low.

Mining stocks have also been in focus, under pressure this week even as copper prices have gained a foothold. Mining and trading company Glencore will be in focus after it increased its net debt reduction target and deepened its capital spending cuts as it fights for survival in the face of low commodity prices.

Other sectors that are sensitive to demand from China, such as auto companies, might also attract attention, after the head of China's auto manufacturers association told reporters in Beijing that vehicle sales in China are expected to grow 5-7 percent year-on-year in 2016.