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MILAN, Nov 10 (Reuters) - European shares are seen opening slightly up on Tuesday, shrugging off overnight losses in Asia, as a weaker euro and pound should help boost competitiveness of local companies and make investment in the area more attractive.
Futures for the Euro STOXX 50 Germany’s DAX France’s CAC and Britain’s FTSE were 0.4 to 0.5 percent higher ahead of the cash market open.
Asian shares slipped to one-month lows on Tuesday as the spectre of higher borrowing costs in the United States and slower global economic growth haunted riskier assets.
On Monday, the pan-European FTSEurofirst 300 index fell 1.1 percent led lower by shares in Portugal, where an agreement between leftist parties to work together to form a government unnerved investors.
“The argument that a weaker pound and euro should lend some support to those respective economies, and the fact that a US rate hike should be an indicator of strength for the U.S. economy, still exists and we’re set to see traders trying to claw back some of yesterday’s losses on the open,” said Jonathan Sudaria, dealer at London Capital Group.
Britain’s Vodafone reported a better-than-expected acceleration in revenue growth in the second quarter, helping it return to earnings growth for the first half and nudge its expectations for the year towards the top of its guidance.
The airline said 136 flights would be cancelled due to a cabin crew strike on Tuesday, after a union rejected a sweetened pay offer late on Monday that was aimed at ending the airline’s longest ever strike action which it said was costing it at least 10 million euros a day. The Tuesday strikes will affect around 27.300 passengers.
October traffic figures due at 1200 GMT.
Activist hedge fund Elliott disclosed a 2.9 percent stake in the German chipmaker on Monday and said that it intends to vote against the acquisition of U.S. peer Atmel.
French Economy Minister Emmanuel Macron said the government was not far away from being able to reduce its stake in carmaker Renault back down to 15 percent from 19 percent.
Barclays Plc agreed to pay $94 million to settle U.S. antitrust litigation in which investors accused 11 banks of conspiring to manipulate the benchmark European Interbank Offered Rate (Euribor) and related derivatives.
A new lawsuit accuses Sanofi SA of stalling development of its multiple sclerosis drug Lemtrada to avoid paying out at least $708 million to rights holders under its 2011 agreement to acquire Genzyme Corp.
Swiss private bank Julius Baer said on Tuesday its base of managed assets had risen by 2 percent in the first 10 months of 2015.
French engineering company Alstom has won a contract worth around 200 billion rupees ($3 billion) to supply India’s railways with 800 electric locomotives and set up a local manufacturing plant, a railways spokesman said on Tuesday.
Deutsche Wohnen , which is fighting a hostile takeover bid from larger local rival Vonovia, posted a 38 percent increase in its operating profit (FFO I) in the first nine months, helped by higher rents and strong earnings from disposals.
The newly-listed Italian post office reported strong growth in net profit in the first nine months but warned that full-year charges would be booked in the final quarter.
The French steel pipe maker reported a loss in the third quarter against a backdrop of falling demand from its oil and gas customers and said it did not expect market conditions to improve in the short-term.
The French construction and concessions company kept its forecast for a slight drop in 2015 revenue, as a difficult economic climate in France weighed on third quarter sales.
Orange said it has signed a binding agreement with Helios Investment Partners for the sale of its entire 70 percent stake in Telkom Kenya.
Airbus gave its strongest signal yet that it plans to build a new A350 jet to compete with Boeing’s 777X, setting the scene for the next round of a mini-jumbo contest between the world’s largest planemakers.
The chemicals group said it raised its 2015 EBITDA target to 1.02-1.04 billion euros.
Utility E.ON will report a record net loss of more than 5 billion euros ($5.4 billion) for the first nine months of the year, German business daily Handelsblatt reported.
The carmaker’s top executives and labour leaders will jointly develop cost-cutting plans and spending targets in coming days, closing ranks as the carmaker faces multi-billion-euro costs from emissions scandals.
In a separate statement, VW said that the head of corporate communications, Andreas Lampersbach, will leave the group on Nov. 15 and will be succeeded in an acting capacity by Eric Felber.
Egyptian tycoon Nassef Sawiris, who controls 6 percent of the voting rights in Adidas, says he wants a constructive relationship with the German sportswear company. Sawiris, whose NNS Holding fund has a 1.7 percent direct stake in Adidas, has also accumulated an additional 4.3 percent of the company’s voting rights due to “put” options he has bought that should allow him to acquire further shares.
Pacific Investment Management Co on Monday said co-founder Bill Gross’ lawsuit should be thrown out. The lawsuit accuses Pimco of driving him out last year so its remaining executives could divide his bonus among themselves.
Aareal Bank raised its operating profit forecast for the full year on Tuesday, after posting third-quarter results ahead of analysts’ expectations.
Ttelecoms group KPN said late on Monday that it would sell a 5 percent stake in Telefonica Deutschland to institutional investors overnight.
The Brazilian unit of Spanish oil company Repsol said on Monday that a test of an offshore gas prospect it owns with Norwegian, Brazilian and Chinese partners confirmed the area’s strong expected potential.
Italian luxury outerwear maker Moncler posted a 28 percent rise in nine-month core profit as stellar growth eased due to softer consumer spending in China and the United States.
> Asian shares slide to 1-month low on Fed, global growth concerns > Wall St indexes drop 1 pct as rate hike looms > Nikkei slips as Wall St, soft China data hit investor sentiment > U.S. bonds slip on rate-hike bets, supply > Dollar edges back toward highs inspired by Fed-hike bets > Gold stuck near 3-month low as U.S. rate hike looms > Copper heads for six-year low on China, dollar drag > Crude oil rises after OPEC says market to be balanced in 2016
Reporting by Danilo Masoni