LONDON, Feb 11 (Reuters) - European stocks were set to drop back on Thursday after strong gains in the previous session, with investors looking to take money out of riskier assets in search of safety as concerns over the strength of global growth resurfaced.
Futures on the Euro STOXX 50, Germany’s DAX, France’s CAC and Britain’s FTSE 100 were 0.7-1.3 percent lower at 0753 GMT.
The pan-European FTSEurofirst 300 closed 1.8 percent higher on Wednesday, snapping a seven-session losing run for the index, but remains down 7.9 percent so far in February.
Investors are concerned over the strength of global growth and fret that central banks have run out of ammunition to support the economy, while there are also worries over the region’s banking sector.
Fresh cracks appeared in global markets on Thursday as investors sought the safety of Japanese yen, gold and top-rated bonds while dumping U.S. dollars. Most Asian shares fell as the U.S. yield curve flattened in a way that has presaged economic recession in the past.
Global miner Rio Tinto slumped to a net loss for 2015, hit by a rout in commodities, and scrapped its promise to pay a steady or higher dividend annually due to the tough outlook. ]
The Finnish company reported better-than-expected profits for its mainstay telecom network equipment business but warned that rollouts for new mobile networks would start to slow this year in its key market in China.
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The French oil and gas company reported better-than-expected fourth-quarter results and announced further cost reductions and asset sales in 2016 to enable it to weather low oil prices.
The bank posted a lower-than-expected rise in fourth-quarter net income after the French bank set aside an additional 400 million euros to cover litigation costs.
Indicated 1.9 percent higher
The sportswear company expects sales and operating profit to rise faster than it previously forecast in 2016 after it beat its sales and earnings targets for 2015 as a big hike in marketing paid off.
The ad group predicted “modest organic growth” for 2016 but avoided setting precise full-year targets as it digests a $3.7 billion acquisition and pledges to reorganise its businesses internally.
The world’s second-biggest spirits group posted a 3 percent rise in first-half profit from recurring operations on Thursday, helped mostly by robust demand in its main U.S. market and by cost control.
The French investment bank reported a better-than-expected jump in fourth-quarter net income, helped by stronger revenue from asset management and insurance and lower provisions.
Glencore reported a 5.7 percent fall in fourth-quarter copper output to 374,700 tonnes on Thursday after it shut down mines to help boost sliding prices.
British tobacco company Imperial Brands posted a rise in first-quarter revenue despite volume declines, particularly in Iraq and Syria, helped by price increases in several markets.
Tourism group Thomas Cook stuck to its guidance for the year, after reporting a narrower loss in its first quarter, as demand for holidays grew in the typically less busy winter period when fewer Europeans take holidays.
Boeing Co said it would cut jobs at its commercial airplane unit, addressing intense pressure to reduce costs and compete with Airbus even as the industry booms.
Chief Executive Tidjane Thiam said that the turmoil in global markets this year is helping him to speed up the implementation of his new strategy for the Swiss bank.
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Indicated 0.2 percent higher
The struggling industrial services firm said on Thursday its fourth-quarter core profit dropped by a third as its divisions active in the oil and gas business failed to meet original earnings expectations.
Indicated 3.5 percent lower
The company raised its dividend for 2015 to 0.85 euros from 0.75 euros as it reported a rise in full-year earnings.
------------------------------------------------------------------------------ > Yen, bonds, gold all gain at dollar’s expense, stocks sag > S&P 500 ends flat; Fed sees risks but unlikely to reverse course > TREASURIES-Yields end lower after solid 10-year auction > FOREX-Dollar slips in wake of Yellen testimony, yen climbs > PRECIOUS-Flight to safety sends gold surging over $1,200 after Yellen > METALS-Copper rebounds after Fed statement undercuts dollar > Oil prices fall on U.S. storage glut, ongoing economic woes
Reporting by Alistair Smout; Editing by Sudip Kar-Gupta