May 11, 2016 / 5:46 AM / 2 years ago

European Factors to Watch-Shares seen steady at open

(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, May 11 (Reuters) - European stocks were seen opening steady on Wednesday, consolidating on solid gains made in the previous session.

Financial spreadbetters at IG expected Britain’s FTSE 100 to open flat. Germany’s DAX was seen up by 20 points, or 0.2 percent higher, while France’s CAC was seen up by 4 points, or 0.1 percent higher.

The pan-European FTSEurofirst 300 index closed up 0.9 percent on Tuesday, while Greece’s benchmark ATG equity index rose 3.1 percent to its highest level for 2016 after euro zone finance ministers offered to grant Greece some debt relief.


ABN Amro, the biggest Dutch bank, reported on Wednesday better than expected earnings for the first quarter, as bad loans fell.


France’s Alstom said on Wednesday it was debt free and had improved its operating margin, adding that it was counting on a record order intake to meet its 2020 targets.


European telecommunications group Altice said first-quarter core operating profit grew 0.9 percent as its activities in Portugal and the United States offset a steep decline in profitability at its main French division, SFR .


Belgian steel wire maker Bekaert on Wednesday posted quarterly sales below expectations because of lower prices for wire rods and a weak performance in Latin America.


BHP Billiton has talked up its future growth options, joining fellow mining giant Rio Tinto in marking a shift in focus after four years of aggressive cost cutting.


Carlsberg’s first-quarter sales fell 3 percent to 13.01 billion Danish crowns ($1.99 billion) as organic growth in Eastern Europe and Asia was not enough to offset a negative currency impact and a decline in Western Europe.


Deutsche Post DHL Group said it was on track for its full year targets after reporting a 21 percent rise in profit in the first quarter, including a rise in earnings for its struggling freight division.


German utility E.ON reported Q1 higher profits.


German construction firm Hochtief said first-quarter orders jumped 31 percent, with growth in all regions including the Americas, where orders reached a record for a first quarter.


Lanxess, the world’s largest synthetic-rubber maker, lifted its guidance for underlying core earnings this year, ruling out a decline, as cost cuts and lower petrochemical raw material prices helped it widen its profit margins.


Swedish oil firm Lundin Petroleum reported first-quarter core earnings above expectations on Wednesday due to strong production growth at a key field and raised output estimates for the first phase of the giant Johan Sverdrup field.


Mediobanca said on Wednesday third-quarter net profit fell 41 percent compared to last year when the Italian investment bank reaped a one-off gain, but beat expectations thanks to higher net interest income and fees.


Norwegian publishing firm Schibsted reported first-quarter core earnings above expectations on Wednesday and maintained its forecast of annual revenue growth of between 15 and 20 percent in online classifieds for the mid- to long-term. ——————————————————————————————————————— > GLOBAL MARKETS-Asian stocks turn lower on wary outlook; bonds firm > US STOCKS-Amazon delivers S&P 500 its best day in two months > Nikkei rises for third day on weak yen; earnings in focus > TREASURIES-Bonds steady after strong three-year note sale > FOREX-Dollar gives back gains after rise to two-week highs, yen firms > METALS-London copper near one-month trough amid China worries > Oil dips on record U.S. inventories; Canada output to improve soon

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)

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