PARIS, Oct 14 (Reuters) - European stocks were set to fall on Tuesday, tracking sharp losses on Wall Street and resuming their three-week sell-off, dragged by mounting concerns over the strength of the global economy.
At 0622 GMT, futures for Euro STOXX 50, for UK’s FTSE 100, for Germany’s DAX and for France’s CAC were down 0.4-0.5 percent.
The spectre of a possible recession in Europe, a slowdown in growth in China and sluggish data from Japan have prompted investors to cut their exposure to equities ahead of the earnings seasons in the United States and elsewhere.
The telecom sector will be in focus after France’s Iliad abandoned its attempt to buy T-Mobile US because of resistance from majority owner Deutsche Telekom, becoming the third bidder to walk away in three years.
On the macro front, investors awaited the Germany’s ZEW monthly survey of economic sentiment, due at 0900 GMT, seen at 1.00, down from 6.9 the previous month.
Europe bourses in 2014: (link.reuters.com/pad95v)
Asset performance in 2014: (link.reuters.com/rav46v) ------------------------------------------------------------------------------ > GLOBAL MARKETS-NIKKEI, US BOND YIELDS FALL ON GROWTH CONCERNS > WALL ST DROPS IN LATE SELLOFF; WORST 3 DAYS FOR S&P 500 SINCE 2011 > NIKKEI DIVES TO FRESH 2-MONTH LOW ON GLOBAL GROWTH CONCERNS > DOLLAR EDGES UP, RISK AVERSION, DOVISH RATE HIKE OUTLOOK WEIGH > PRECIOUS-GOLD HOLDS NEAR 4-WEEK HIGH AS STOCKS, DOLLAR DROP > COPPER SLIPS FROM 2-WK PEAK, GROWTH WORRIES LINGER > BRENT DROPS TO NEAR $88 IN WELL-SUPPLIED OIL MARKET
The French low-cost telecoms operator abandoned its attempt to buy T-Mobile US because of resistance from majority owner Deutsche Telekom , becoming the third bidder to walk away in three years.
Swiss sanitary equipment maker Geberit AG said it would buy Finland-based bath and toilet company Sanitec Corp in an all-cash deal valued at about $1.4 billion, to expand its product offering in the medium-to high-end segment.
The world’s second-biggest beer maker reported a 5 percent rise in revenue for the first half of its financial year as higher prices blunted the impact of slow sales volume growth.
The luxury brand posted a 15 percent rise in retail revenue in its first half, reflecting a strong performance across all regions and continued digital growth.
The luxury handbag maker said on Tuesday it expected full-year pretax profit to be significantly below expectations after a slump in first half trading.
The investment platform company said on Tuesday that assets under administration rose to a record 47 billion pounds in the September quarter, boosted by a near 1 billion rise in net new money.
The staff recruitment firm said on Tuesday that it expected full year operating profit to be lower than expected after it saw growth rates for its net fees slow in Europe and Asia.
Operators of French toll roads are set to meet Prime Minister Manuel Valls on Tuesday amid uncertainty over government policy towards their tax status, according to French newspapers and an industry source.
A director of Tesco is compiling a possible list of candidates who could replace Richard Broadbent as chairman, amid the troubled British grocer’s battle with an accounting crisis, Sky News reported.
Italy’s biggest utility company Enel, which controls Spain’s Endesa will cut the amount set aside to buy out minority investors of its subsidiaries in a new business plan that will be unveiled in March, two sources close to the plan said on Monday.
Areva, France’s struggling reactor builder, is unlikely to win much in the way of big new nuclear export contracts despite a major government-backed effort to woo customers at a trade show this week.
The world’s largest fish farmer, posted preliminary core earnings above forecasts on Tuesday despite an “exceptional” amount of fish that had died at its farms, cutting earnings by 60 million crowns.
Spain’s Gas Natural GAS.MC said on Monday it was leaving its 2015 payout plans unchanged after announcing a $3.3 billion takeover offer for Chile’s biggest electricity distributor Compania General de Electricidad (CGE) .
The automotive cable and wiring systems supplier cut its full-year earnings outlook late on Monday, citing cost overruns related to a new production line in Mexico.
Former high-ranking UBS bank executive Raoul Weil goes to trial in Fort Lauderdale, Florida on Tuesday for allegedly helping thousands of Americans avoid paying taxes by concealing up to $20 billion in secret Swiss bank accounts.
Corp Alba, the investment arm of the March family, will be the leading shareholders in airport operator AENA when the government announces the sale of a 21 percent stake later this week, Expansion reported citing sources.
Banks handling the sale will aim to convince investors to come on board with AENA’s commitment to pay half its profit in dividend, according to one of the banks in the closely-guarded sale process.
Luxottica Chairman Leonardo Del Vecchio on Monday took over management of the company he founded half a century ago after the world’s biggest eyewear maker by sales lost its second chief executive in as many months.
Investors cautiously greeted the Wall Street debut on Monday of Fiat Chrysler Automobiles, a move that shifts the carmaker’s center of gravity away from Italy and caps a decade of canny dealmaking and tough restructuring by Chief Executive Sergio Marchionne.
Italian motorway company Atlantia will put up for sale a stake of up to 20 percent in airport operator Aeroporti di Roma this year as part of plans to cut its holding in ADR to around 60 percent, three sources said on Monday.
The emerging market-focussed fund manager said on Tuesday that assets under management fell by $3.7 billion in the September quarter to $71.3 billion.
VEDANTA RESOURCES Plc
Shares in India’s Sesa Sterlite, in which Vedanta owns a 59 percent stake, fell as much 12.4 percent on Tuesday after the country’s Supreme Court reiterated a prior ruling that all iron ore mined in Goa before 2007 belonged to the western Indian state.
AFREN PLC The oil producer said it has dismissed its CEO, COO and the two associate directors after an independent review into unauthorised payments found evidence of gross misconduct.
The oil explorer said it remained in “detailed discussions” regarding a possible offer for Algeria-focused oil producer Petroceltic, as it maintained its annual production target.
Reporting by Blaise Robinson