European Factors Shares seen up on optimism over banks
(Adds company items, futures; updates snapshot)
PARIS, April 2 (Reuters) - European equities were expected to rise on
Wednesday, extending the previous day’s sharp rally as investors’ optimism that
the worst of the credit crisis may be over continues to boost equity markets
worldwide.
At 0623 GMT June Stoxx50 futures STXEM8 were up 0.9 percent, June DAX
FDXM8 and CAC-40 April futures FCEc1 were both up 0.6 percent.
A $19 billion write-down by Swiss bank UBS (UBSN.VX: Quote, Profile, Research) on Tuesday raised hopes
that banks were aggressively cleaning up their books to get rid of investments
linked to the turmoil in the U.S. subprime mortgage market.
“Despite write-downs announced by UBS and Deutsche Bank numbering in the
billions, as well as a capital increase by Lehman Brothers, the sentiment seemed
to be that the worse might finally be over for the financial sector,” Cantor
Fitzgerald wrote in a note.
The FTSEurofirst 300 index of top European shares gained 3.2
percent on Tuesday, ending at 1,302.47 points, its highest close since Feb. 29.
———————-MARKET SNAPSHOT AT 0624 GMT———————-
LAST PCT CHG NET CHG
S%26amp;P 500 .SPX 1,370.18 3.59 % 47.48
NIKKEI .N225 13,189.36 4.21 % 532.94
MSCI ASIA EX-JP .MIASJ0000PUS 547.79 3.21 % 17.02
EUR/USD %26lt;EUR=%26gt; 1.5572 -0.26 % -0.0041
USD/JPY %26lt;JPY=%26gt; 101.98 0.16 % 0.1600
10-YR US TSY YLD %26lt;US10YT=RR%26gt; 3.575 — 0.02
10-YR BUND YLD %26lt;EU10YT=RR%26gt; 3.989 — 0.02
SPOT GOLD %26lt;XAU=%26gt; $885.70 0.29 % $2.60
BRENT CRUDE LCOc1 $100.61 0.44 % $0.4
———————————————————————–
* Popular Lehman stock deal sparks Wall Street rally [ID:nN01305682]
* Asian stocks surge as bank moves bring relief [ID:nSP90311]
* Nikkei at 1-month closing high as credit fears ease[ID:nTKF003045]
* Oil steadies above $101, US dollar in focus [ID:nL02472876]
* Dollar extends gains as credit worries ease [ID:nT86351]
* TREASURIES-Barely move in Asia before Bernanke [ID:nT75102]
* Gold recovers; weak market lures investors [ID:nSP88755]
COMPANY ITEMS:
GERMAN AUTOMAKERS
U.S. auto sales dropped 12 percent in March in a decline blamed on shaky
consumer confidence, high fuel prices and concern that a housing market downturn
could spread into a full recession. Daimler’s (DAIGn.DE: Quote, Profile, Research) Mercedes Benz’s U.S.
sales fell 3.7 percent, BMW’s (BMWG.DE: Quote, Profile, Research) U.S. unit sales rose adjusted 1.8
percent, Volkswagen’s (VOWG.DE: Quote, Profile, Research) U.S. sales rose by an adjusted 21.5 percent, and
Porsche’s (PSHG_p.DE: Quote, Profile, Research) North American sales fell 24 percent.
UBS (UBSN.VX: Quote, Profile, Research)
A Singapore government fund that holds a 9 percent take in UBS is still
positive about the bank’s long-term outlook despite multi-billion dollar losses
and writedowns, state-owned television reported.
For more on this, click on: [UBSN.VX-RTRS-LEN]
RANDSTAD (RAND.AS: Quote, Profile, Research) VEDIOR (VDOR.AS: Quote, Profile, Research)
The Dutch staffing company launched its 3.3 billion euro ($5.2 billion) bid
for its rival Vedior (VDOR.AS: Quote, Profile, Research) on Wednesday.
For more on this, click on: [ID:nWEB0385]
SIEMENS (SIEGn.DE: Quote, Profile, Research) ALCATEL (ALUA.PA: Quote, Profile, Research) ERICSSON (ERICb.ST: Quote, Profile, Research)
Huawei [HWT.UL] — China’s biggest telecom equipment maker and a wireless
network rival to Ericsson, Alcatel-Lucent and Nokia Siemens — expects sales
contracts to rise 38 percent in 2008 as it looks to win business overseas.
For more on this, click on: [HWT.UL-LEN-RTRS]
NOKIA (NOK1V.HE: Quote, Profile, Research)
The world’s largest phone maker unveiled late on Tuesday a N810 mobile
Internet tablet that will be one of the first devices designed for a new
high-speed wireless WiMax network that Sprint Nextel Corp (S.N: Quote, Profile, Research) will launch
commercially in the United States in April. [ID:nN01433241]
Nokia also unveiled two new CDMA phone models, the Nokia 3606 and Nokia
1606, targeting the North American market. Both new models will start shipping
in the third quarter.
For more on the company, double click on: [NOK1V.HE-LEN-RTRS]
SODEXO (EXHO.PA: Quote, Profile, Research)
The food and facilities management services group said fiscal first half
sales rose 9.2 percent on an underlying basis to 7.08 billion euros ($11.06
billion) versus 6.82 billion a year ago and it maintained its full year targets.
For more on this, click on: [EXHO.PA]
HSBC (HSBA.L: Quote, Profile, Research)
Europe’s largest lender may make acquisitions in the United States and has
no plans to pull out of that market despite the subprime mortgage woes, Hong
Kong’s South China Morning Post reported on Wednesday.
For more on this, click on: [ID:nHKG83023]
SAP (SAPG.DE: Quote, Profile, Research)
The board of the German software maker is set to agree the appointment of
Deputy Chief Executive Leo Apotheker as joint CEO on Wednesday, paving the way
for him to become sole CEO when Henning Kagermann retires next year.
For more on this, click on: [ID:nL0154718]
IBERDROLA (IBE.MC: Quote, Profile, Research)
The Spanish power company will meet debt investors in Sydney on Friday,
ahead of establishing a debt programme, host ABN AMRO said on Wednesday. The
company is looking to set up an Australian dollar debt programme, to be arranged
by ABN AMRO, as a way to diversify its funding. It has never sold bonds in
Australia.
For more on this, click on: [ID:nSYD100891]
TATE %26amp; LYLE PLC (TATE.L: Quote, Profile, Research)
The British sugar firm said on Wednesday trading had continued in line with
its expectations and second half pretax profits would be around 117 million
pounds ($231 million).#
For more on this, click on: [ID:nWLB9275]
BNP PARIBAS (BNPP.PA: Quote, Profile, Research)
The French bank said on Wednesday its asset management unit BNP Paribas
Investment Partners had acquired IMS Group. It gave no financial details.
For more on this, click on: [ID:L02356084]
CENTRICA PLC (CNA.L: Quote, Profile, Research)
The British energy group said it had entered into an agreement to acquire
Strategic Energy, a subsidiary of Great Plains Energy Inc, for a total cash
consideration of $300 million.
For more on this, click on: [ID:nWLB9276]
FIAT (FIA.MI: Quote, Profile, Research)
Italy’s new car sales fell for a third straight month in March, down 18.76
percent, while sales of Fiat’s three brands suffered an even harder fall of 20.6
percent. For more on this, double click on: [ID:nL01712163]
VOLVO (VOLVb.ST: Quote, Profile, Research), ATLAS COPCO (ATCOa.ST: Quote, Profile, Research), SANDVIK (SAND.ST: Quote, Profile, Research)
Caterpillar Inc (CAT.N: Quote, Profile, Research), the world’s largest U.S. maker of construction and
mining equipment and a competitor of Volvo, Atlas Copco and Sandvik, said late
on Tuesday it was raising prices by as much as 5 percent due in part to surging
demand. For more on this, click on: [CAT.N-LEN-RTRS]
(Reporting by Blaise Robinson)
Tags: 1 million, Auto, Auto Sales, automaker, automakers, BMW, Car Sales, ceo, consumer confidence, credit crisis, downturn, Fiat, fuel price, gm, Kia, launch, lehman brothers, MINI, New Car, new model, Porsche, reuters, s sales, Volkswagen, Volvo
