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LONDON, Aug 17 (Reuters) - European equity futures rose on Monday, as gains in the U.S. stock market offset lingering worries over the state of the Chinese economy.
The euro zone’s Euro STOXX 50 futures contract rose 0.5 percent, while futures contracts for Britain’s FTSE, Germany’s DAX and France’s CAC also rose by 0.4-0.7 percent.
“European markets have decided to shrug off the soft Asian session overnight and instead take their cue from the U.S.,” said London Capital night dealer Jonathan Sudaria in a note.
The pan-European FTSEurofirst 300 index had fallen 0.1 percent on Friday to record a loss of 3 percent over the week - its worst weekly performance since early July - as concerns over the impact of China’s currency devaluation impacted global stock markets.
Worries over China weighed on copper prices on Monday, while oil prices also slipped back.
German Chancellor Angela Merkel also tried to reassure sceptical lawmakers on Sunday that the International Monetary Fund would take part in a new bailout for Greece, before a parliamentary vote in which many of her conservatives may break ranks and reject the rescue. ------------------------------------------------------------------------------ > GLOBAL MARKETS-Asia dragged down by sagging China stocks, dollar holds gains > US STOCKS-Wall St edges up after upbeat data, Greek bailout agreement > Nikkei rises after GDP contraction not as bad as expected > TREASURIES-Short-term yields edge up as Fed rate hike expectations increase > FOREX-Dollar tries to shake off yuan scare, yen shrugs off Japan’s GDP slump > PRECIOUS-Gold holds up as yuan fears keep safe-haven draw > METALS-London copper slides as worries over China’s economy persist > Oil prices drop on shrinking Japan economy, more US drill rigs
General Electric is expected to secure EU approval for its proposed 12.4-billion-euro ($13.8 billion) bid for French peer Alstom’s power business, its largest ever deal, two people familiar with the matter said on Friday.
BNP Paribas SA has agreed to pay $115 million to settle U.S. investor lawsuits accusing 16 major banks of rigging prices in the $5.3 trillion-a-day foreign exchange market, a person familiar with the matter said on Friday.
Separately, BNP Paribas bought a stake in Sharekhan, India’s leading online retail brokerage, from private equity firm Rohatyn Group for an undisclosed price, according to a source familiar with the deal.
Germany’s exporter-heavy auto industry, home of carmakers such as Volkswagen and Daimler, could be poised for a slowdown next year as demand in foreign markets slows, Siemens Chief Executive Officer Joe Kaeser said in a newspaper interview.
Norwegian IT services firm Evry will cut 500-550 full-time jobs by the end of the year in a bid to boost profits and its ability to compete in the Nordic market, the company said on Monday.
Hennes & Mauritz, the world’s second-biggest fashion retailer, reported on Monday a 16 percent year-on-year rise in July sales in local currencies, above expectations.
German fashion house Hugo Boss will expand its presence in China, key shareholder Gaetano Marzotto said in an interview in newspaper Welt am Sonntag.
Cement maker LafargeHolcim said it would sell two plants in eastern India to Birla Corporation for about 750 million Swiss francs ($767.7 million) as a condition of its recent merger with its French peer.
German car parts maker Mann + Hummel is buying U.S. firm Affinia’s auto filter unit for $1.3-1.4 billion, a person familiar with the transaction said on Sunday.
Nestle said it was suing Suedzucker and two other sugar refiners for 50 million euros ($55.7 million) in damages, joining peers in trying to claw back money from firms that were found to have participated in a price-rigging cartel.
Pharmaceuticals group Roche said a study showed that a type of immunotherapy treatment shrank tumours in people with a specific type of lung cancer.
Automotive and industrial supplier Stabilus raised its 2015 guidance after reporting an 11 percent jump in third-quarter operating profit.
British retailer Tesco Plc has suspended opening its F&F clothing stores in Russia, retail industry sources told Reuters.
TUI has sold off the rest of its stake in Air Berlin, a spokesman said, confirming a report by Wirtschafts Woche magazine. Separately, The Times reported that TUI was considering spinning off non-core assets with a turnover of about 3 billion euros.
Reporting by Sudip Kar-Gupta