PARIS, Nov 6 European stocks were set to inch up on Tuesday,
reversing some of the previous day's losses, although gains could be limited as
many investors stay on the sidelines, waiting for the outcome of the tight U.S.
At 0724 GMT, futures for Euro STOXX 50, for Germany's DAX
and for France's CAC were up 0.1-0.2 percent.
European shares fell on Monday, with the FTSEurofirst 300 index of
top European shares losing 0.6 percent in very low trading volumes as investors
avoided taking position ahead of the U.S. election.
Polls showed President Barack Obama and Republican challenger Mitt Romney
deadlocked in a race that will be decided in a handful of states.
The balance of power in the U.S. Congress will also be at stake in Senate
and House of Representatives races that will impact the outcome of "fiscal
cliff" talks on $600 billion in spending cuts and tax increases, which are set
to be automatically triggered at the end of the year unless a deal is reached.
The Democrats were now expected to narrowly hold their Senate majority,
while the Republicans are favoured to retain House control.
"Beyond the winner of the presidential election, the real issue is about
whether or not the new president will have enough support in Congress to deal
with the fiscal cliff," said Bertrand Lamielle, head of asset management at
"(The best scenario) is for the next president to have a comfortable
majority in the Senate and the House to avoid a standoff that would spook
investors. The fiscal cliff really has the potential to kill U.S. economic
growth and send the country back into recession."
Debt-stricken Spain will be in the spotlight on Tuesday after El Pais
reported the European Commission is forecasting a 1.5 percent decline in Spanish
gross domestic product in 2013, significantly worse than the 0.5 percent
contraction forecasted in by the Spanish government.
MARKET SNAPSHOT AT 0725 GMT
LAST PCT CHG NET CHG
S&P 500 1,417.26 0.22 % 3.06
NIKKEI 8,975.15 -0.36 % -32.29
MSCI ASIA EX-JP 521.65 0.26 % 1.35
EUR/USD 1.2776 -0.15 % -0.0019
USD/JPY 80.04 -0.3 % -0.2400
10-YR US TSY YLD 1.689 -- 0.01
10-YR BUND YLD 1.425 -- 0.01
SPOT GOLD $1,684.56 0.03 % $0.57
US CRUDE $85.57 -0.09 % -0.08
> GLOBAL MARKETS-Caution before US vote keeps Asian shares steady
> Wall St rises in thin trade day before U.S. election
> Nikkei falls as weak euro drags down exporters
> U.S. 10-year notes edge lower, election awaited
> FOREX-Euro hampered by worries over Greece; Aussie awaits RBA
> Gold flat after coming off 2-mth low; US election in focus
> LME copper rises, off 2-month low; U.S. elections eyed
> Brent steadies under $108; U.S. elections, Greece in focus
The world's largest premium carmaker posted a third-quarter gain in
underlying profits that be at ex expectations and reaffirmed it expected to earn
more money before tax than ever before this year.
The world's biggest cosmetics group is feeling the effects of the slowdown
in China and "brutal" trading conditions in South Korea and Taiwan, the company
The world's largest temporary staffing firm said revenues fell further in
Europe in the third quarter, dragged down by the region's crippling debt crisis.
The firm beat forecasts with net profit that rose by 63 percent to 265.5
million euros ($339 million) in the third quarter, helped by surging investment
income and a dearth of big damage claims.
UNICREDIT, INTESA SANPAOLO
Italy's biggest bank by assets denied on Monday there were any plans for a
tie-up with rival Intesa Sanpaolo after sources close to the matter said
UniCredit chief executive Federico Ghizzoni had been sounded out on the issue.
Moody's cut the rating of Italy's biggest utility, Enel, to Baa2 from Baa1
on Monday to reflect increased challenges in its core markets of Italy and
The world's biggest hotelier is opening up talks on the sale of its New York
Barclay hotel to a wider group of prospective buyers after holding lengthy
exclusive talks with one group, the company said on Tuesday.
The firm's core operating profit rose 14.1 percent in the third quarter as
it managed to add clients in one of Europe's most competitive mobile telecom
CREDIT SUISSE GROUP
The Swiss lender has set up an asset management venture with key shareholder
and sovereign wealth fund arm Qatar Holding, the Swiss banking group said on
Danish jewellery maker Pandora on Tuesday raised its full-year
outlook after third-quarter operating profit beat forecasts on the back of
double-digit percentage sales increases in the Unites States and Europe.
The ailing Danish wind turbine manufacturer's plan to cut 3,700 jobs by
year-end could be extended already early next year, daily Jyllands-Posten
reported. Separately, daily Berlingske Tidende wrote that Vestas has engaged
investment banks to search for alternatives to a partnership with Japan's
Mitsubishi in case the companies will not land a deal, Berlingske said.
The Dutch chemicals and vitamins group missed quarterly operating profit
forecasts and said its 2012 outlook was "largely unchanged".
The French oil group has made its first move into Australian shale gas,
announcing that it has signed a farm-in agreement with Central Petroleum
for shale gas exploration permits in central Australia.
France's No. 1 bank is about to let its insurance subsidiary take on the job
of lending to companies as tougher regulations ramp up the cost of traditional