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LONDON, Feb 8 (Reuters) - European shares were expected to edge higher on Monday after steep losses in the previous week, with a rise in crude oil prices and some positive company earnings seen underpinning the market.
Energy stocks will be in focus after crude oil prices rose on Monday in thin trade as many Asian markets were on holiday for Lunar New Year, with few trading cues expected until Federal Reserve Chair Janet Yellen gives testimony to lawmakers later in the week.
On the earnings front, Portugal’s Galp Energia posted a higher-than-expected fourth-quarter net profit, while Assa Abloy, the world’s top lock maker, recorded a bigger-than expected rise in organic growth during the quarter.
By 0721 GMT, futures for the euro zone’s blue-chip Euro STOXX 50, Germany’s DAX, France’s CAC and Britain’s FTSE were up 0.3 to 0.6 percent.
The pan-European FTSEurofirst 300 index closed 0.8 percent lower at 1,283.04 points on Friday. It fell 4.8 percent during the week after gaining in the previous two weeks in a row.
The French retailer said it had agreed to sell its majority stake in Thai hypermarket operator Big C Supercenter for 3.1 billion euros excluding debt to Thailand’s TCC Group.
The car maker will offer generous compensation packages for the roughly 600,000 U.S. owners of diesel vehicles that emit an illegal amount of emissions, the head of its claims fund told Frankfurter Allgemeine Sonntagszeitung.
Separately, Volkswagen on Friday postponed the publication of its financial results for 2015 and delayed its annual shareholders’ meeting. According to Bild am Sonntag, results will now be published in late April, while the AGM will not take place before mid-June.
The airline group said passenger traffic rose 3.2 percent in January, while cargo traffic fell 6.4 percent.
Portugal’s Galp Energia posted a higher-than-expected fourth-quarter net profit of 149 million euros ($166 million), 9 percent higher than a year ago, even as pre-tax earnings fell on slumping oil prices and refining margins.
The world’s biggest lock maker posted a bigger-than expected increase in fourth-quarter organic growth. Operating profit rose to 3.04 billion crowns ($359 million) from a year-ago 2.68 billion, against a mean forecast in a Reuters poll of analysts of 3.06 billion.
Aircraft engine maker CFM International, a joint venture of General Electric and Safran, said it sold 2,154 engines last year valued at $27 billion, including 1,418 LEAP engines and 736 CFM56 motors.
The French biotech firm signed a research and development collaboration deal with with GlaxoSmithKline.
The carmaker will pay Iran over 400 million euros in compensation for its earlier decision to quit Iran in response to sanctions, the managing director of the country’s largest carmaker said.
The group is planning a truck and bus sales initiative in Africa and will not leave the continent to its competitors, board member Wolfgang Bernhard told Frankfurter Allgemeine Sonntagszeitung.
The bank will pay $470 million to settle parallel U.S. federal and state civil charges alleging the bank’s mortgage servicing arm engaged in abusive foreclosure and loan origination practices, the New York Attorney General’s office said on Friday.
Britain has hired Barclays Plc to manage a planned sale of shares in Lloyds Banking Group to the general public, two sources with direct knowledge of the matter said on Friday.
The oil exploration company hit by declining investment from customers amid plunging oil prices said Murphy Exploration & Production Co., a subsidiary of Murphy Oil, decided to terminate a contract for its ultra-deepwater drillship Discoverer Deep Seas.
CEO Tidjane Thiam in Le Temps ruled out prospects of another cash call after the Swiss bank raised a fresh 6 billion Swiss francs ($6.06 billion) last year.
Thiam told weekly Sonntagszeitung that he is waiving part of his bonus in response to the lender’s first full-year loss since 2008.
The supplier of graphics technology to Apple, said its chief executive Hossein Yassaie had quit. The British company warned it would not make an operating profit this year.
Norway’s sovereign wealth fund will disclose early March whether it has sold its remaining stake in the utility, the fund’s CEO Yngve Slyngstad told Frankfurter Allgemeine Sonntagszeitung. “RWE is one of the companies, which has listened to us,” he said.
The industrials conglomerate is cutting or transferring more than 1,000 jobs at a unit making gear for oil drillers and mining companies, Handelsblatt reported on Monday.
The troubled industrial services group has agreed to sell its water treatment unit to Chengdu Techcent Environment Group for about 200 million euros ($223 million), it said on Saturday.
Managers and pilots have agreed to pay cuts as the struggling German airline tries to rein in costs with a new restructuring programme, it said on Saturday. (Reporting by Atul Prakash; Editing by Sudip Kar-Gupta)