(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 8 (Reuters) - European stocks were seen opening lower on Wednesday, with markets impacted by weak Chinese export data, while the World Bank also cut its economic growth forecast.
Financial spreadbetters at IG expected Britain’s FTSE 100 to open down by 14 points, or 0.2 percent lower. Germany’s DAX and France’s CAC were both seen opening 0.3 percent lower, with the DAX seen down by 34 points, while the CAC was seen down by 13 points.
Chinese dollar-denominated exports declined 4.1 percent in May from a year earlier, compared with the expected drop of 3.6 percent, and this weighed on Asian markets on Wednesday.
The World Bank also slashed its 2016 global growth forecast to 2.4 percent from the 2.9 percent estimated in January due to stubbornly low commodity prices, sluggish demand in advanced economies, weak trade and diminishing capital flows.
Indonesian cigarette maker PT Bentoel Internasional Investama Tbk is set to raise nearly 14 trillion rupiah ($1.1 billion) after pricing its planned rights issue at 480 rupiah per share.
German stock exchange operator Deutsche Boerse said it will change the rules for assigning companies to indexes below the country’s blue-chip index DAX to boost transparency.
French insurance industry association AFA said on Tuesday that the cost of floods that devastated several parts of the country during the past week following torrential rains could range between 900 million euros and 1.4 billion euros ($1.02 billion-1.59 billion).
Strikes at five French refineries will continue until Friday and the start of the Euro 2016 football tournament hosted by France, to maintain pressure on the government over a contested labour reform, a CGT union official said.
Power utility RWE and Gazprom Export, a unit of Russia’s top natural gas producer Gazprom, have reached agreement on the terms for a long-term gas supply contract, both sides said on Tuesday.
Hearing aid maker William Demant is looking for more retail acquisitions to increase control over the sale of its products and fight competition from discount chains such as Costco.
------------------------------------------------------------------------------ > GLOBAL MARKETS-Asian shares flat as China trade data weighs > US STOCKS-S&P edges closer to record high; energy shares lead > Nikkei edges down as strong yen dampens mood > TREASURIES-Prices gain on Fed rate view, three-year auction soft > FOREX-Dollar bloc currencies buoyant; greenback treads water vs yen, euro > METALS-London copper revives from two-week lows as dollar softens > Oil hovers near 8-month highs on U.S. inventory draw
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). In a real-time, multimedia format from 0600 London time through the 1630 closing bell, it will include the best of our market reporting, Stocks Buzz service, Eikon graphics, Reuters pictures, eye-catching research and market zeitgeist. Breaking news and dramatic market moves will continue to be alerted to all clients and we will continue to provide a short opening story and comprehensive closing reports.
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Mike Dolan, Markets Editor EMEA. (Reporting by Sudip Kar-Gupta)