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(AFX UK Focus)
2009-12-01 08:04
Glance-European Factors - Shares seen higher; ISM data eyed |
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LONDON, Dec 1 (Reuters) - European shares were set to open higher on Tuesday following gains on Wall Street and in Asia as worries over the Dubai debt situation eased, with investors waiting for U.S. ISM manufacturing and pending home sales data. Dubai World unveiled plans to restructure about $26 billion in debt out of the estimated $59 billion it owes, reassuring investors that the emirate's debt problems can be contained. Futures for both the DJ Euro Stoxx 50 and the German DAX were up 1 percent, while French CAC futures were 1.2 percent higher. "Wall Street managed a strong finish last night, setting the pace as the new month gets underway with Asia having rallied well so far and the main European indices are all set to open positive too," said Ben Potter, research analyst at IG Markets. "The new month will come with the usual round of economic data and although many may be holding out for the main US unemployment readings - the ADP number tomorrow and the non-farm payrolls on Friday - in the shorter term, UK manufacturing PMI and US ISM manufacturing and pending home sales all have the ability to offer some meaningful direction." UK manufacturing PMI data is due at 0928 GMT, while the U.S. ISM manufacturing data for November and U.S. pending home sales for October are both due at 1500 GMT. Preliminary data showed German retail sales gained 0.5 percent month-on-month in real terms in October but declined for a third straight month on an annual basis. In Asia, Japan's Nikkei average rose more than 2 percent to a two-week closing high after the Bank of Japan said it would hold an extraordinary policy meeting, sparking speculation it might take steps to support the economy. The Bank of Japan said after the Japanese market close that it would introduce a new operation to provide funds for three months at fixed interest rate of 0.1 percent, but analysts said the move looked more like a political gesture than a big move to support the economy. On Monday, U.S. stocks rose, helping the Dow Jones industrial average index post its fifth straight monthly gain. European shares fell 1.4 percent on Monday to their lowest close in more than three weeks, with oil companies among the biggest losers. The index rose 0.9 percent in November and is up more than 52 percent from the lifetime low it hit on March 9.
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COMPANIES
VIVENDI General Electric Co and Vivendi have agreed in principle to a deal in which GE would buy the French company's 20 percent stake in NBC Universal for $5.8 billion, a source familiar with the matter said on Monday, paving the way for Comcast Corp's proposed joint venture with GE.
ANGLO AMERICAN The three owners of De Beers -- 45 percent owned by Anglo American -- have agreed in principle to inject up to $1 billion in the company through a share placing, the Financial Times said, citing people close to the company.
CADBURY U.S. food group Kraft is close to finalising a formal offer for the British confectioner, said the Times. Kraft has until Monday next week to submit an offer document, but it is thought that a formal 9.8 billion pound bid could be submitted to Cadbury shareholders on Friday, said the newspaper.
RIO TINTO Extract Resources has spoken to several parties, including Rio Tinto, about developing its Rossing South deposit, the world's largest undeveloped uranium resource, but has not ruled out going it alone.
BP A leak from a pipeline near Alaska's giant Prudhoe Bay oil field had only a minor impact on North Slope oil production, an effect that was rapidly being erased, according to BP, the operator of the field, on Monday.
DIAGEO The drinks giant plans to eventually brew its Guinness beer in South Africa now that its new joint venture brewery near Johannesburg has started up, but local production is still some years off.
BRITISH AIRWAYS BA will compensate consumers for cancellation penalties and other expenses stemming from an erroneous $40 fare offer between the United States and India, the U.S. government said on Monday.
TUI TRAVEL Europe's biggest tour operator TUI Travel said on Tuesday it was confident of meeting its expectations for 2010 as trading for the summer season remained encouraging and winter bookings continued to improve. COMMERZBANK, DEUTSCHE BANK A leading German industry association will argue in a position paper for Chancellor Angela Merkel it is primarily up to banks to prevent a credit crunch, according to Handelsblatt.
DEUTSCHE BOERSE Vienna stock market operator Wiener Boerse is still interested in acquiring a stake in the Warsaw stock exchange, Wiener Boerse's co-chief executive said on Monday after the Polish bourse's sale to the last remaining bidder, Deutsche Boerse, was called off.
SIEMENS The World Bank said on Monday it had barred a Russian subsidiary of Siemens for four years for fraud and corruption tied to a bank-financed Moscow transport project. The blacklisting of the unit, Limited Liability Company Siemens, means the subsidiary will not be able to participate in or bid for development projects financed by the World Bank during the four-year period.
BILFINGER BERGER The CEO of Germany's second largest construction company, Herbert Bodner, told Financial Times Deutschland that the company is considering pulling out of Qatar after having a bad experience with an expressway project in the country's capital Doha where the company still has an unpaid bill of 200 million euros. A company spokesman said it is not considering pulling out due to the debt problems of Holding Dubai World.
PSA PEUGEOT CITROEN Europe's second-biggest carmaker is exploring various entry routes into the Indian automobile market but has not yet taken a decision, a spokesman for the group said on Monday. (Reporting by Joanne Frearson) Keywords: MARKETS EUROPE FACTORS (joanne.frearson@thomsonreuters.com; +44 207 542 2773, Reuters Messaging:joanne.frearson.thomsonreuters.com@reuters.net)
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