PARIS, Jan 22 European stocks are set to dip on Tuesday, slipping from the previous session's gains as investors await quarterly results from a flurry of U.S. bellwethers such as Google, IBM and J&J , seeking clues on the outlook for corporates worldwide. At 0723 GMT, futures for Euro STOXX 50, for Germany's DAX and for France's CAC were down 0.06-0.15 percent. "The week will be driven by U.S. earnings, with 84 S&P500 companies reporting from sectors such as tech, industrials, aerospace and consumer products. By the end of the week, we'll have a pretty good idea of the overall corporate results, and most importantly the outlook for the first part of this year," Aurel BGC Head of Global Research Christian Parisot said. Bold new measures unveiled by the Bank of Japan on Tuesday to revive the economy initially sparked a rally on the Tokyo bourse, but investors quickly booked profits on the Nikkei, which has jumped 25 percent since mid-November. Spain will also be in focus on Tuesday, after a government source told Reuters the country is testing the market for a 10-year syndicated bond, whose issue could materialise as early as Tuesday when initial price expectations are expected to emerge in the morning. Shares of financial services institutions such as market operators will be in focus on Tuesday as European Union finance ministers are set to give their approval for 11 euro zone countries including Germany and France to start preparations for imposing a tax on all financial market transactions. U.S. markets are set to reopen after being closed on Monday for a public holiday. European shares gained ground on Monday, climbing back towards near two-year highs, with investors buying into relatively undervalued sectors such as utilities and steel as they bet Europe's economy will improve. Investors have been scooping up European shares in the past two months - with the Euro STOXX 50 surging 13 percent since mid-November - as fears about a potential break up of the euro zone abated and global macroeconomic data improved. Despite the brisk two-month rally, European equities remain relatively cheap, with about a third of the stocks listed on the Euro STOXX 50 still trading below their book value, according to Thomson Reuters data. The asset class is also seen as attractive relative to bonds, with an average dividend yield of 3.5 percent while the Bund yield is around 1.5 percent, a 200 basis point spread. The spread has tightened since hitting a record high of 280 basis points last June, but remains well above historical levels. -------------------------------------------------------------------------------- MARKET SNAPSHOT AT 0719 GMT LAST PCT CHG NET CHG NIKKEI 10,709.93 -0.35 % -37.81 MSCI ASIA EX-JP 561.77 0.25 % 1.40 EUR/USD 1.3362 0.38 % 0.0050 USD/JPY 89.12 -0.51 % -0.4600 10-YR US TSY YLD 1.865 -- 0.03 10-YR BUND YLD 1.595 -- 0.00 SPOT GOLD $1,693.71 0.25 % $4.16 US CRUDE $95.67 0.12 % 0.11 > GLOBAL MARKETS-BOJ easing spurs volatile yen, Asian shares up > U.S. bonds slip slightly in Asia; U.S. debt ceiling in focus > EURO GOVT-Bunds steady as investors await new Spanish bond > Nikkei falls as post-BOJ gains erased by profit-taking > Yen firms on BOJ's open-ended asset buying pledge for 2014 > Copper up on China prospects; supply rise caps gains > Brent up near $112 on better global economic outlook COMPANY NEWS: SIEMENS The company is set to report earnings from continuing operations in its fiscal first quarter of about 1.3 billion euros ($1.7 billion), a German newspaper reported, which would be little changed from a year earlier but better than expected. ALSTOM The power and transport engineering company on Tuesday said orders rose 3 percent in the third quarter, driven by demand for trains and several small-to-medium-sized contracts for power plant equipment. EADS The European aerospace and defence group achieved a "very significant improvement" in revenue and operating profit in 2012, Chief Executive Tom Enders said. BANCA MONTE DEI PASCHI DI SIENA The fall in the spread between Italian 10-year bonds and their German equivalent has helped the capital position of Italy's Banca Monte dei Paschi di Siena, the lender's chairman said on Monday. SIEMENS Newspaper Handelsblatt cited industry sources as saying the engineering conglomerate's earnings from continued businesses in the fiscal first quarter was flat from a year ago at about 1.3 billion euros ($1.7 billion). Siemens was not immediately available for comment. Related news IBERDROLA Spain's Iberdrola sold 1 billion euros ($1.3 billion) of a new eight-year benchmark bond on Monday in a fresh push to raise funds and clean up its debt portfolio. ESSILOR The world's largest maker of corrective lenses, said it had struck deals in several fast-growing markets as part of its bid to boost revenue from emerging countries by 2015. ENAGAS, TOTAL A consortium led by Spain's Enagas said on Monday it would not submit an offer for TIGF, the gas network and storage business of French oil company Total. AREVA The French nuclear reactor maker and Japan's Toshiba Corp are considering bids for nuclear fuel producer Urenco, but British, German and Dutch authorities disagree over what to do with the ultra-secret firm, industry sources said. DIOR, LVMH, PPR The U.S. market for high-end luxury goods rebounded in 2012 as consumer sentiment improved, the head of Christian Dior, one of France's biggest fashion brands, said. VOLVO Norway's $700 billion oil fund is now the second-biggest shareholder in the worlds number 2 truck-maker with a stake of 4.7 percent, daily Dagens Industri wrote. LUNDIN MINING The Toronto and Stockholm-listed firm said late Monday it would buy cobalt refinery Kokkola in Finland with a joint-venture partner from OM Group. OUTOKUMPU Jorma Ollila, chair of Royal Dutch Shell board and former Nokia CEO and chairman, is to become the new chairman of stainless steel firm Outokumpu, daily Helsingin Sanomat reported. NOVARTIS The group clinched European approval for the first vaccine against meningitis B, and will seek to sell the drug as soon as possible.
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