2012年7月13日星期五

European Factors to Watch-Shares to rebound after China growth data

LONDON, July 13 (Reuters) - European shares were set to rebound on Friday, mirroring gains in Asian equities, after China's second-quarter growth data met forecasts but kept expectations alive that officials will take more steps to stimulate the world's second largest economy. Growth of 7.6 percent in the Spain 11/12 RAMOS Home Jersey second quarter from a year earlier was bang in line with market expectations but the slowest pace since the January-March quarter of 2009 and the sixth consecutive quarter of slower growth. "We feel the numbers are probably the best-case scenario for risk assets, as the print was just weak enough to keep the markets' anticipation of aggressive easing alive, while it was not too hot to take this notion away from the equation," IG Markets said in a note. "A closer look at the fixed asset investment and retail sales figures even suggests we have the platform many have been talking about that should see the Chinese economy stabilise into the third and fourth quarter, and we feel the PBOC will keep its pro-growth actions going," it said, referring to the country's central bank. Futures for Euro STOXX 50, Germany's DAX and France's CAC were up 0.4-0.5 percent. Financial spreadbetters earlier predicted Britain's FTSE 100 to open about 0.5 percent higher. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.7 percent. On Thursday, the FTSEurofirst 300 index of top European shares fell 1 percent to its lowest in more than a week, while U.S. shares dropped 0.3-0.8 percent. Friday's gains in shares could be capped on lingering concerns about some highly-indebted European countries and after Moody's surprised markets by downgrading Italy's government bond rating by two notches to Baa2. Moody's warned it could cut the rating further. The move piled pressure just hours before the country launches its latest bond sale. However, analysts said that sentiment had improved following some recent bold moves by policymakers to tackle the euro zone debt crisis and the sectors that derive strength from economic growth could be in favour. "The equity rally since early June was initially led by financials and resources, but has since been broader based. We expect further cyclical leadership over the coming months, driven by political progression in Europe and central bank activism around the world," Graham Bishop, senior equity strategist at Exane BNP Paribas, said in a strategy note. MARKET SNAPSHOT AT 0628 GMT LAST PCT CHG NET CHG S&P 500 1,334.76 -0.5 % -6.69 NIKKEI 8,724.12 0.05 % 4.11 MSCI ASIA EX-JP 0.68 % 3.19 EUR/USD 1.2203 0.06 % 0.0007 USD/JPY 79.25 -0.04 % -0.0300 10-YR US TSY YLD 1.474 -- 0.00 10-YR BUND YLD 1.244 -- 0.00 SPOT GOLD $1,571.84 0.09 % $1.35 US CRUDE $86.27 0.22 % 0.19 * Shares jump on relief after China GDP, Caution stays * Nikkei almost flat after China data as worries linger * Wall St drops on tech warnings; P&G cuts Dow's loss * Aussie firm after China GDP;Italy downgrade weighs on euro * Brent stays above $100 as supply fears offset China GDP * Gold headed for 2nd losing week as dollar firms * Safe-haven bidding pushes yields near historic lows COMPANY NEWS PSA PEUGEOT CITROEN The French automaker, which has announced 8,000 job cuts and a plant closure as it struggles with mounting losses, is not going to seek aid from the French government, Chief Executive Philippe Varin said on Thursday. VIVENDI Chairman Jean-Rene Fourtou said the media-to-telecom conglomerate may sell its $8.1 billion stake in video game publisher Activision Blizzard Inc, Bloomberg reported on Thursday citing an interview with the executive. STOREBRAND Norwegian insurance firm Storebrand posted second-quarter earnings below expectations on Friday and said it did not plan to raise new equity capital to manage the transition to the new Solvency II framework. VEOLIA An infrastructure fund that spun out of the bailed-out insurer American International Group is in advanced discussions to buy Veolia Environment SA's U.S. waste management business, in a deal that could be valued at as much as $2 billion, according to three people familiar the matter. Veolia declined to comment while Highstar did not respond to a request for comment. LLOYDS BANKING GROUP Lloyds is close to selling over 600 branches to the Co-operative Group at a steep discount to the previously mooted 1.5 billion-pound price tag, the Financial Times reported. VOLKSWAGEN Europe's largest automotive group sold 1.3 Toms Shoes Sale million cars in mainland China and Hong Kong in the first half of the year, up 17.5 percent from a year earlier. EADS Aircraft makers Airbus and Boeing, left a rain-swept Farnborough Airshow with the U.S. rival winning 50 percent more firm orders than Airbus, including a $14.7 billion bulk buy from United Continental. FONDIARIA-SAI, UNIPOL Fondiaria and Unipol said their twin 1.1 billion euro ($1.3 billion) capital increases were poised to start July 16, bringing them closer to creating Italy's second-largest insurance group.

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