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Europe Factors-Shares set to resume slide on growth fears
August 22, 2011 / 5:21 AM / 6 years ago

Europe Factors-Shares set to resume slide on growth fears

 (Adds futures, company news; updates snapshot table)
 PARIS, Aug 22 (Reuters) - European stock index futures pointed to losses on Monday, tracking a drop on Wall Street and in Asia on growing fears of another global economic downturn.
 By 0621 GMT, futures for Euro STOXX 50 STXEc1, for Germany's DAX FDXc1 and for France's CAC FCEc1 were down 0.2 to 0.9 percent.
 The Nikkei stock average .N225 fell to a five-month low, while gold shot to new highs and Bund futures rose early.
 Brent crude LCOc1 fell more than $2 to around $106 a barrel on the potential for a resumption of exports from OPEC-member Libya as the  country's six-month civil war appeared close to an end, with rebel fighters sweeping into the heart of Tripoli and Muammar Gaddafi's forces collapsing.  [ID:nL5E7JL0LD]
 The euro zone debt crisis was also in the spotlight again on Monday, with European Central Bank Governing Council member Ewald Nowotny saying in an Austrian magazine he is concerned that euro zone countries will not push through parliamentary approval of changes to their EFSF bailout fund as quickly as planned
 Member states have to adopt revisions to the European Financial Stability Facility (EFSF) so that it can take over from the ECB the job of buying debt of struggling members on secondary markets if needed.
 The FTSEurofirst 300 .FTEU3 index of top European shares tumbled 6 percent last week, knocked down by worries of another global slowdown as well as mounting concerns that the euro zone debt crisis could spark a credit crunch.
 Despite the market's drop, European corporate insiders have been strongly buying shares of their own companies, data from 2iQ Research shows.
 According to the Frankfurt-based firm, which monitors directors' dealings, so far in August they have bought about 10 times more than they have sold shares, with 1,674 purchase transactions, representing a volume of 444 million euros ($637 million), and 171 sell transactions, for a volume of 47 million euros.
 The buy/sell ratio is used by market strategists as a key indicator of a change in market trend, and brisk insider buying is often seen as a 'buy' signal.
  
 ----------------------MARKET SNAPSHOT AT 0622 GMT-------------------- 
                                      LAST        PCT CHG     NET CHG 
 S&P 500                  .SPX  1,123.53         -1.5 %      -17.12 
 NIKKEI                  .N225  8,628.13        -1.04 %      -91.11 
 MSCI ASIA EX-JP .MIASJ0000PUS    479.02        -1.39 %       -6.73 
 EUR/USD                  EUR=    1.4366        -0.05 %     -0.0007 
 USD/JPY                  JPY=     76.73        -0.05 %     -0.0400 
 10-YR US TSY YLD    US10YT=RR     2.087             --        0.02 
 10-YR BUND YLD      EU10YT=RR     2.081             --       -0.02 
 SPOT GOLD                XAU= $1,883.90         1.35 %      $25.01 
 US CRUDE                 CLc1    $81.58        -0.83 %       -0.68 
 --------------------------------------------------------------------- 
  
 Wall St sinks for fourth straight week              [ID:nN1E77I1K7]
 Stocks give up early gains on global woes, gold up  [ID:nL4E7JM0GD]
 Nikkei dips, intervention talk keeps yen in check   [ID:nL4E7JM09W]
 Gold soars to record high on economic woes          [ID:nL4E7JM048]
 Brent falls over $2, eyes on Libyan oil flow        [ID:nL4E7JL0E4]
 Copper edges up, Chilean supply worries aid         [ID:nL4E7JK013]
 FOREX-Yen off highs, markets wary of intervention   [ID:nL4E7JM072]
  
 COMPANY NEWS:
  
 ENI (ENI.MI), SAIPEM (SPMI.MI)
 Libya's new government will respect old contracts with Italian companies. Italy will be among the first countries to resume oil imports from Libya and oil field services company Saipem has started repairing plants there, Italy's Foreign Minister Franco Frattini told Il Mattino in an interview publish on Sunday.
  
 SAP (SAPG.DE)
 The world's biggest maker of business software said confidence among its clients in no way reflected reported fears of a looming economic downturn. [ID:nL5E7JK0GS]
  
 CREDIT SUISSE CSGN.VX
 The record-strong Swiss franc and low interest rates are pressuring Credit Suisse's revenue but it is confident it will meet its profitability target of 15 percent ROE in the medium to longer term, its chief executive told a newspaper on Monday. For related news, click on [CSGN.VX]
  
 DEUTSCHE BANK (DBKGn.DE)
 A U.S. judge has left largely intact a securities lawsuit alleging Deutsche Bank misrepresented its exposure to mortgage-backed securities. Deutsche Bank was hit with several proposed class actions in 2009 relating to six offerings of preferred securities that had raised over $6.2 billion. [ID:nN1E77I1PU]
 Separately, Deutsche Bank denied illegal stock trading charges made by the Seoul Central Prosecutors Office against one of its South Korean entities and four of its employees. [ID:nL4E7JL03N]
  
 ICAP IAP.L
 Broking giant ICAP will quit the European Union if a financial transactions tax proposed by Germany and France takes effect across the bloc, the company's chief executive said in a newspaper article on Sunday. [ID:nL5E7JL07N]
  
 IG (IGG.L)
 The recent market volatility and heavy trading volumes have boosted sales at British spread-betting company IG Group, the company said on Monday.
  
 ANGLO AMERICAN (AAL.L)
 The miner is contemplating a bid for Australia's Macarthur Coal MCC.AX that would challenge U.S. coal company Peabody Energy's (BTU.N) earlier offer for the Australian mining firm, according to a Bloomberg report. [ID:nN1E77I1QD]
  
 SOCIETE GENERALE (SOGN.PA)
 The head of the French bank said in a newspaper interview released on Saturday that markets could remain nervous until third-quarter earnings are published at the end of October. [ID:nLDE77J04C]
  
 BANCO POPOLARE BAPO.MI
 The bank plans to speed up the sale of its Hungarian unit. It also plans to exit Croatia as part of its business rationalisation drive, Il Sole 24 Ore reported on Sunday.
  
 FRENCH TELCOS FTE.PA (VIV.PA) (BOUY.PA)
 French Internet providers are planning higher prices for heavy users of bandwidth, ending a system where packages offer unlimited access to all for the same fee, the daily Le Parisien reported on Sunday. [ID:nLDE77K026]
  
 TUI AG (TUIGn.DE)
 The tourism and shipping group plans to cut up to 400 jobs in Germany as it aims to reduce costs, Sueddeutsche Zeitung reported, citing unspecified sources. [ID:nL5E7JK0ET]
  
 SAGE (SGE.L)
 Market turmoil has derailed software group Sage's bid to buy Australian peer MYOB, handing rival bidder Bain Capital the chance to secure a deal in its place, people familiar with the matter said. [ID:nL4E7JL01J]
  
 AEROPORTS DE PARIS (ADP.PA)
 The airports operator handled 8.9 million passengers in July 2011 which represents an all-time recordwith a 4.6 percent increase compared to July 2010 including 6.1 million at Paris-Charles de Gaulle (+4.0%) and 2.8 million at Paris-Orly (+6.0%).
   (Reporting by Blaise Robinson)  

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