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LONDON, Feb 3 (Reuters) - European stocks were seen opening lower on Wednesday, pushed down by weak oil prices which also impacted other equity markets in Asia and the United States.
Financial spreadbetters expected Britain’s FTSE 100 to open down by 45-55 points, or 0.8-0.9 percent lower. Germany’s DAX was seen down by 84-108 points, or 0.9-1.1 percent lower, while France’s CAC was expected to fall by 34-46 points, or 0.8-1.1 percent lower.
Asian shares tumbled on Wednesday as oil prices dropped for a third day, prompting investors to seek shelter in safe-haven assets and lifting bonds and gold to multi-month highs.
Oil futures extended losses into a third session on Wednesday as U.S. crude stocks last week surged to more than half a billion barrels and as Iran plans to boost exports from March.
The pan-European FTSEurofirst index fell 2 percent on Tuesday, having closed 0.2 percent weaker on Monday. The index is down 8.5 percent so far this year, with global stock markets hit by concerns about a slowdown in China, the world’s second-biggest economy and a major consumer of oil and metals.
Syngenta will also be in focus after China’s state-owned ChemChina said it would make an agreed takeover offer for the Swiss seeds and pesticides group for $465 (473.3 Swiss francs) per share in cash.
Power equipment maker ABB said fourth-quarter net profit fell more than two-thirds as the company booked restructuring charges meant to cut costs amid slumping demand for transformers and motors.
German lighting group Osram said on Wednesday it swung to a net profit in its fiscal first quarter, helped by proceeds from the sale of its stake in China’s Foshan Electrical & Lighting Co and lower restructuring costs.
China’s state-owned ChemChina will make an agreed takeover offer for Swiss seeds and pesticides group Syngenta for $465 (473.3 Swiss francs) per share in cash, the companies said on Wednesday.
The California Air Resources Board and Environmental Protection Agency said late on Tuesday that Volkswagen AG submitted a plan to fix 80,000 recalled 3.0 liter diesel SUVs and cars that emit up to nine times legally allowable pollution.
------------------------------------------------------------------------------ > Asian shares fall, safe assets shine as oil retreats > US STOCKS-Wall St slides with Exxon, oil; Chipotle dips after close > Japanese shares tumble as crude oil extends slide > TREASURIES-Yields drop to nine-month lows as oil prices resume slide > Yen rises as oil drop brings focus back to global woes > Gold sticks near 3-month high as risk aversion in play > Copper falls from 4-wk peak as short-covering rally fades > Oil futures drop for 3rd session on rising crude stocks, oversupply (Reporting by Sudip Kar-Gupta)