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LONDON, Oct 27 (Reuters) - European stocks were seen opening lower on Tuesday, retreating further from two-months highs reached at the end of last week, with many investors focusing on a two-day U.S. Federal Reserve meeting starting later in the day.
Financial spreadbetters expected Britain’s FTSE 100 to open down by 12-14 points, or 0.2 percent lower. Germany’s DAX was seen down by 17-23 points, or 0.2 percent lower, while France’s CAC 40 was seen down by 13-14 points, or 0.3 percent lower.
European shares drifted down on Monday as the effect of a Chinese rate cut faded, although German stocks outperformed after a business sentiment survey came in better than expected.
The pan-European FTSEurofirst 300 index closed down 0.4 percent while the euro zone’s blue-chip Euro STOXX 50 index fell 0.3 percent on Monday.
The U.S. central bank is widely expected to leave rates unchanged but investors are increasingly sceptical that it will raise rates before the end of the year. The Fed holds one more policy meet this year in December. ------------------------------------------------------------------------------ > GLOBAL MARKETS-Asia shares run out of puff, commodities pressured
> US STOCKS-Dow, S&P 500 end down slightly as Apple, energy weigh > Nikkei edges down in choppy trade before key central bank events > TREASURIES-U.S. bond prices gain as softer stocks revive bids > FOREX-Dollar droops as equities come under pressure before Fed meeting > PRECIOUS-Gold treads water near $1,160, Fed meeting in focus > METALS-London copper slips as traders eye central bank meetings > Oil prices extend losses as glut worries persist
Dutch bank ABN AMRO announced IPO plans.
AXA, Europe’s second-biggest insurer, said on Monday revenues rose by nine percent in the first nine months of the year, as it benefited from a weaker euro, growth in both mature and emerging markets, as well as tariff hikes.
BASF, the world’s largest chemicals firm by sales, lowered its full-year earnings guidance on weak sales in China and other emerging markets.
German plastics maker Covestro said third-quarter core profit jumped by 44 percent, mainly thanks to a significant decline in raw-material prices.
Deutsche Bank is considering scaling back its Italian retail operations by selling branches and cutting jobs as its new chief executive overhauls the company to keep pace with rivals, according to five sources familiar with the matter.
Geberit said third-quarter net profit fell to 119.9 million Swiss francs ($122.3 million) from 141.0 million the year before, missing analyst forecasts as the company battled a strong Swiss franc.
Italy’s Luxottica, the world’s largest eyewear group, reported a 19 percent rise in underlying operating profits on Monday due to robust sales in North America and Europe and said it plans to step up investments to keep the growth coming.
Novartis reported third-quarter core net income fell, missing analyst forecasts as the cancer portfolio acquired from GlaxoSmithKline and the Swiss company’s newer products failed to offset continuing weakness at its eye-care business Alcon.
Sanofi’s new chief executive is expected to show how he aims to get France’s most valuable company back on track, after being hit by lagging diabetes sales and boardroom rows, when he presents his five-year strategic plan on Nov. 6.
Police arrested a 15-year-old boy in Northern Ireland on Monday over a cyber attack that may have led to the theft of data from among the 4 million customers of British broadband provider TalkTalk.
Italian bank UniCredit is trying to draw a line under an investigation into whether three of its top executives helped an entrepreneur with alleged Mafia links by quickly replacing two of the bankers, two people familiar with the matter said.
European media group Vivendi said on Monday that it was considering buying more shares in French video games makers Ubisoft and Gameloft , and did not rule out making a takeover bid on the companies in the next six months.
Volkswagen may offer customers in Germany discounts on new vehicle purchases if they turn in certain old models affected by the emissions cheating scandal, a senior source at VW said. (Reporting by Sudip Kar-Gupta)