European Factors to Watch-Shares seen higher after Yellen comments

martes 7 de junio de 2016 02:36 GYT

(ADVISORY- Reuters plans to replace intra-day European and UK stock market reports with a Live Markets blog on Eikon - see cpurl://apps.cp./cms/?pageId=livemarkets for site in development. See the bottom of the report)

LONDON, June 7 (Reuters) - European shares headed for a broadly higher open on Tuesday, mirroring gains on Wall Street and in Asia after Federal Reserve Chair Janet Yellen dropped a reference to the timing of any increase in U.S. interest rates in her latest speech.

Yellen's remarks, which were likely her last public comments before a policy meeting next week, followed Friday's dismal monthly jobs report, which raised concerns over the ability of the economy to absorb a rate hike as early as June. Yellen called the jobs report "disappointing," but said "one should not attach too much significance to a single report."

Futures for the Euro STOXX 50, Germany's DAX and France's CAC were 0.4 to 0.5 percent higher. However, futures for Britain's commodity-heavy FTSE index were up only 0.1 percent following a retreat in metals prices after a jump in the previous session.

European stocks edged up on Monday, helped by gains in major mining and oil company shares following weakness in the dollar prompted by Friday's weak U.S. jobs data. The pan-European STOXX 600 and the FTSEurofirst 300 equity indexes rose 0.3 and 0.4 percent respectively.

In the United States, the S&P 500 index closed at a 7-month high on Monday, while MSCI's broadest index of Asia-Pacific shares outside Japan rose more than 1 percent on Tuesday as investors judged the Fed's cautious stance as well-suited to equities.

On the macroeconomic front, German industrial output rose slightly more than expected in April, suggesting that the motor of Europe's largest economy was humming along at the start of the second quarter.

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