(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, April 5 (Reuters) - European stocks were set to fall on Tuesday, tracking Asian shares lower, with German stocks set to underperform after German industrial orders unexpectedly dropped.
Futures on the Euro STOXX 50, France’s CAC and Britain’s FTSE were 0.7-1.2 percent lower.
Futures on Germany’s DAX were 1.6 percent lower, underperforming other indexes, after German industrial orders dropped unexpectedly in February due to weaker foreign demand.
In Asia, shares and other riskier assets were pressured by slumping crude oil prices and mixed messages from Federal Reserve policymakers on the outlook for U.S. interest rate rises.
Energy shares could be in focus after oil prices extended losses from the previous two sessions on weakening demand for gasoline and on concerns the global crude glut could persist for some time.
“Oil is likely to remain volatile though as the prospect of a coordinated production freeze becomes increasingly less likely,” Craig Erlam, senior market analyst at OANDA, said in a note.
Banks may also be in the limelight. HSBC and Credit Suisse , two of the world’s largest wealth managers, dismissed on Tuesday suggestions they were actively using offshore structures to help clients cheat on their taxes. France’s Societe Generale also sought to distance itself from a massive data leak exposing possible tax evasion.
Europe’s largest hotel group said it bought British high-end serviced home rental company onefinestay as it fights the rising challenge of online home-sharing company Airbnb and booking websites like Expedia.
The French luxury group said it chose Belgian designer Anthony Vaccarello, 36, as the new creative director of fashion brand Yves Saint Laurent, confirming a Reuters report.
The French bank said it abided by all the rules of the countries in which it operates and was proactive in fighting tax fraud, as it sought to distance itself from a massive data leak exposing possible tax evasion.
HSBC and Credit Suisse, two of the world’s largest wealth managers, dismissed on Tuesday suggestions they were actively using offshore structures to help clients cheat on their taxes.
The French telecom company plans to continue to look for opportunities to consolidate and enter new markets in Europe, as well as to grow in Africa and the Middle East after talks to buy Bouygues Telecom collapsed, its head told Bloomberg.
The French carmaker outlined plans to return to consistent sales growth as it seeks to build on its recovery from near-bankruptcy to healthy profit.
On Jan. 19, Chief Executive Tidjane Thiam contacted the head of the Swiss bank’s markets business asking for more details about the fourth-quarter results at the trading division, according to materials seen by Reuters. Two-and-a-half months and nearly $1 billion in write-downs later, investors, analysts and former board members are questioning why Thiam and his finance chief, David Mathers, were caught out by the scale of the division’s illiquid trades.
Thiam said on Tuesday the Swiss bank has been “underweight” in China and would look to build its wealth management capabilities in the world’s second-biggest economy despite slowing growth.
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The bank proposed Robert Scully and Dieter Wemmer for election as new members of its board of directors for a one-year term. Scully is a former co-president of Morgan Stanley and held management positions at Lehman Brothers, Scully Brothers Foss & Wight and Salomon Brothers. Wemmer is Allianz SE’s chief financial officer and previously spent more than 25 years at Zurich Insurance Group.
A UBS unit must pay more than $4.7 million to a customer’s former spouse who alleged that the firm improperly released accounts worth $12 million to her ex-husband despite a court order freezing those assets, a U.S. federal judge ruled.
U.S. exchange operator ICE has reached agreement with three banks to provide part of the debt required to finance an offer for LSE, Sky News reported, citing insiders. Deutsche Boerse aims to merge with LSE.
Siemens has approached Emerson Electric Co to explore acquiring the network power business that the U.S. factory automation equipment maker is looking to shed for as much as $4 billion, people familiar with the matter said.
------------------------------------------------------------------------------ > GLOBAL MARKETS-Asia shares slide, frazzled by Fed, falling oil > US STOCKS-Wall St pulls back after recent rally > Nikkei tumbles to 6-week low as strong yen casts worries earnings > U.S. Treasury yields dip after weak data backs Yellen concerns > Dollar slips vs yen, Aussie edges up after RBA stands pat on rates > PRECIOUS-Gold snaps 2-day losing streak as Asian shares slide > Copper firms after 7-day decline, China’s growth woes cap gains > Looming gasoline glut pulls down global crude oil prices
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 Alistair Smout