Wednesday February 18, 07:58 AM
Glance-European Factors -- Shares to edge higher on busy earnings day
LONDON, Feb 18 (Reuters) - European shares were set to edge up on
Wednesday, having fallen to a three-week closing low on Tuesday, and with
investors digesting a raft of results.
At 0738 GMT, DJ Euro Stoxx futures were up 0.2 percent,
Germany's
DAX (Xetra: news) futures were 0.2 percent higher and France's CAC-40 futures
were up 0.6 percent.
U.S. stocks slid within striking distance of the November bear-market low on
Tuesday as grim manufacturing data signaled the recession is worsening and
warnings on risks facing European banks underscored the continuing toll of the
financial crisis.
French bank Societe Generale (Paris: FR0000130809 - news) has reported a net profit of 87
million euros for the fourth quarter, below analysts' forecasts. The company
said it expects the market environment to remain challenging throughout 2009.
On Tuesday, the FTSEurofirst 300 index of top European shares fell
2.5 percent to 765.43 points on Tuesday, its lowest close since Jan.23.
----------------------MARKET SNAPSHOT AT 0727 GMT----------------------
LAST PCT CHG NET CHG
S&P 500 789.17 -4.56 % -37.67
NIKKEI (news) 7,534.44 -1.45 % -111.07
MSCI ASIA EX-JP 262.36 -0.39 % -1.02
EUR/USD 1.2618 0.29 % 0.0037
USD/JPY 92.50 0.10 % 0.0900
10-YR US TSY YLD 2.662 -- 0.01
10-YR BUND YLD 2.961 -- -0.02
SPOT GOLD $971.55 0.33 % $3.20
US CRUDE $34.54 -1.12 % -0.39
-----------------------------------------------------------------------
* US STOCKS-Market sinks to Nov lows
* TREASURIES-Pause in Asia after steep gains
* Nikkei drops 1.6 pct on bank and economy woes
* Euro hits fresh 2-1/2 mth low on bank woes
* PRECIOUS-Gold steady after 7-month high
* U.S. oil holds at $35, braces for stock rise
* GLOBAL MARKETS-Asian shares, euro hit
COMPANY ITEMS
SOCIETE GENERALE
Societe Generale expects the market environment to remain challenging
throughout 2009 as the French bank posted fourth-quarter profits that came in
below market expectations. For details, see:
HEINEKEN NV
The company said 2008 net profit (pre-exceptionals) 1.013 billion euros
versus forecast in Reuters poll of 1.10 billion euros. 2008 op profit
(pre-exceptionals) 1.932 billion euros versus fcast in Reuters poll of 1.98
billion euros. For details, see:
ING
Dutch financial services group ING reported a fourth quarter underlying net
loss of 3.1 billion euros driven by market volatility and declining asset loss
of 3.1 billion euros driven by market volatility and declining asset prices.
For more double click on
COMMERZBANK
Commerzbank (Xetra: 803200 - news) reported an operating loss of 822 million euros in the fourth
quarter. For more double click on
CARLSBERG
The world's fourth-largest brewer, Denmark's Carlsberg (Copenhagen: CARLB.CO - news) , posted a
52 percent rise in 2008 operating profit before special items, slightly above
expectations, and said it saw rising profits this year.
NORSK HYDRO (Oslo: NHY.OL - news)
Norwegian aluminium producer Norsk Hydro reported a
bigger-than-forecast drop in underlying fourth-quarter profits, hit by a
'dramatic' fall in prices and demand and hefty one-off writedowns of
inventories. For more double click on
MERCK
Merck (MKGAY.PK - news) 's fourth-quarter earnings before interest, taxes and exceptional items
slid 29 percent on sagging sales of chemicals for flat-screen TVs, the German
company said on Wednesday, adding an outlook for 2009 was impossible now.
For more double click on
ATOS (Paris: FR0000051732 - news)
French IT services group Atos Origin rolled out a long-awaited action plan
to improve profitability despite the economic slump, as it posted in-line 2008
earnings. For details, see:
ROYAL BANK OF SCOTLAND (LSE: RBS.L - news)
The lender needs to find up to 8 billion pounds ($11.3 billion) if it is to
subscribe to a state-backed insurance scheme designed to cap any losses on toxic
assets, the Daily Telegraph said.
SAFRAN
Safran (Paris: FR0000073272 - news) said FY net profit 256 million euros versus 291 million euros Reuters
estimate. FY profit from operations 652 million euros versus own target of 750
million euros. Said it sees 2009 sales 'on the same scale' as 2008.
For details, see:
DSM NV
The company said it was maintaining its dividend at EUR 1.20 per share, no
quantitative outlook provided for 2009 in view of the uncertain economic
conditions, Q4 EBIT continuing operations 123 million euros (versus average
forecast of 125 million euros in Reuters survey).
For details, see:
FORTIS (Amsterdam: FORAL.AS - news) , BNP PARIBAS (Paris: FR0000131104 - news)
Belgian's prime minister told trade unions that both scenarios were still on
the table for struggling bank Fortis -- either a takeover by BNP Paribas or
Fortis standing alone -- Belga news agency reported. For details, see:
BNP PARIBAS
Chairman Michel Pebereau told a French Senate hearing on Tuesday that he
expected a lower dividend from the bank.
NATIXIS (Paris: FR0000120685 - news)
The head of French mutual bank Groupe Banque Populaire said the 2008 results
of Natixis, the loss-making investment bank in which it has a 35
percent stake, were 'very bad'. For details, see:
EULER HERMES (Paris: FR0004254035 - news)
World's biggest credit insurer and a unit of German insurer Allianz , reported a fourth-quarter net loss of around 68 million euros ($86
million) on Tuesday and cut its dividend. The company also named Wilfried
Verstraete as its new CEO. For details, see:
(Reporting by Brian Gorman)
Keywords: MARKETS EUROPE FACTORS
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