Feb

29

European Factors — Economy woes to weigh on stocks

Filed Under Finance | Posted By Jennifer Sullivan |

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 (Adds index futures, more company news, updates table)
 FRANKFURT, Feb 29 (Reuters) - European shares were set for a weaker start on
Friday on following falls in U.S. and Asian markets after comments by U.S.
Federal Reserve Chairman Ben Bernanke on the health of small U.S. banks fuelled
concern over the state of the economy.
 Oil touched a new high above $103 on Friday while the U.S. dollar fell to a
series of lows against major currencies.
 Futures for Germany's DAX FDXH8 and for France's CAC FCEH8 were down 0.4
percent, and bookmakers expected London's FTSE 100 .FTSE to open 10 to 20
points lower. European shares ended Thursday 1.8 percent lower amid mounting
U.S. recession worries.
 Investors will pore over U.S. and European economic data for any signs of a
recession, and study company results for signs of weakness from the economy and
credit market problems.
 Swiss Re (RUKN.VX:), the world’s largest reinsurer, posted a smaller than
expected drop in profit but announced a $226 million credit default swap
mark-to-market loss. On Thursday American International Group Inc (AIG.N:), the
world’s largest insurer, posted its biggest-ever quarterly loss.
 London-based hedge fund Peloton Partners LLP became the latest victim of the
global credit market crisis when it told investors on Thursday that it was
shutting one fund and was considering what to do with another.
 -----------------------MARKET SNAPSHOT AT 0739 GMT----------------------
                                        LAST        PCT CHG        NET CHG
 S&P 500                  .SPX    1,367.68        -0.89 %         -12.34
 NIKKEI                  .N225   13,603.02        -2.32 %        -322.49
 MSCI ASIA EX-JP .MIASJ0000PUS      564.24        -1.34 %          -7.68
 EUR/USD                  <EUR=>       1.519        -0.07 %        -0.0010
 USD/JPY                  <JPY=>      104.68        -0.60 %        -0.6300
 10-YR US TSY YLD    <US10YT=RR>       3.641          --             -0.03
 10-YR BUND YLD      <EU10YT=RR>       3.971          --             -0.02
 SPOT GOLD                <XAU=>     $971.60         0.28 %          $2.70
 US CRUDE                 CLc1     $102.87         0.27 %           0.28
  -----------------------------------------------------------------------


 * Wall St falls on jobless claims, Fed's bank warning       [ID:nN28628816]


 * Japan stocks down 2 pct, hit by yen, economy fears        [ID:nL29579553]


 * Dollar dives, global stocks sink, oil pricier than        [ID:nSP146231]


 * Dollar hits 3-yr low versus yen, rate view stings         [ID:nT106779]


 * Treasuries jump in Asia as investors see more Fed cuts    [ID:nT102418]


 * Gold powers to record on oil, eyes $1,000                 [ID:nSP141558]


 * Oil hits fresh high after Ecuador pipeline rupture        [ID:nSP141549]




 COMPANY NEWS




 SWISS RE (RUKN.VX:) 


 Swiss Re said full-year net profit was 4.2 billion francs, slightly above
the 4.0 billion average forecast in a Reuters poll of 15 analysts. The group
broadly maintained its over the cycle goals, slightly raising its return on
equity (ROE) goal to 14 percent from 13 percent before, while sticking to its 10
percent earnings per share growth. [ID:nL29927081]


 Related news, double click on [RUKN.VX-E]




 DEXIA (DEXI.PA:) 


 French-Belgian bank Dexia reported a 14 percent rise in its underlying
fourth quarter net profit on Friday, driven by higher earnings at its public
finance division. [ID:nL29620555]


 Related news, double click on [DEXI.PA-E]




 JULIUS BAER (BAER.VX:)


 The Swiss bank, facing an international backlash, defended on Thursday
taking legal action to shut down a Web site that published what the site said
were details of secret bank accounts linked to tax- avoidance schemes.
[ID:nN28616916]


 Related news, double click on [BAER.VX-E]




 VIVENDI (VIV.PA:) 


 The media and communications group on Friday posted an 8.3 percent rise in
adjusted full-year net profit, pulled by its Maroc Telecom and pay-TV unit.
[ID:nL29258663]


 Related news, double click on [VIV.PA-E]




 SOLVAY (SOLB.BR:)


 Belgium's Solvay said on Friday its pharmaceutical division would evaluate
its options for the future of schizophrenia drug bifeprunox after partner Wyeth
Pharmaceuticals (WYE.N:) withdrew. [ID:nWEB7028]


 Related news, double click on [SOLB.BR-E]


 BELGACOM (BCOM.BR:)


 Belgacom reported a 3.3 percent fall in 2007 core profit on Friday below
market expectations as a tough regulatory environment hit its mobile division.
[ID:nWEB7008]


 Related news, double click on [BCOM.BR-E]




 ERSTE BANK (ERST.VI:)


 Austria's Erste Bank posted a forecast-beating 22 percent rise in
fourth-quarter net profit, lifted by buoyant business in central and eastern
Europe. [ID:nVIE001219]


 Related news, double click on [ERST.VI-E]


 EADS (EAD.DE:), AIR FRANCE KLM (AIRF.PA:), LUFTHANSA (LHAG.DE:)


 The chief executive of US Airways Group Inc (LCC.N:) cautioned on Thursday
that the U.S. airline industry is heading into a downturn as it grapples with
record high oil prices and a weakening economy. "Our industry is in a mess,"
said Doug Parker. [ID:nN28339382]


 Related news, double click on [AIR-E]




 ASTRAZENECA (AZN.L:)


 AstraZeneca said on Friday it had submitted a once-daily version of its
blockbuster Seroquel medicine for approval by U.S. regulators to treat severe
depression in adults. [ID:nWLB7913]


 Related news, double click on [AZN.L-E]




 ROCHE (ROG.VX:)


 Japan's health authorities have approved Roche's cancer drug Herceptin for
the treatment of HER2-positive breast cancer, the Swiss drugmaker said on
Friday. [ID:nL2981130]


 Related news, double click on [ROG.VX-E]




 UCB (UCB.BR:)


 The Belgian pharmaceutical group reported a sharp decline in 2007 net
profit, hit by charges related to its purchase of German peer Schwarz Pharma.
[ID:nWEB7007]


 Related news, double click on [UCB.BR-E]




 ESCADA (ESCG.DE:)


 Escada's first-quarter core profit plummeted and sales fell 9 percent as the
women's luxury fashion group's autumn/winter performed poorly and it failed to
keep pace with the global luxury sector's dynamic growth. [ID:nL2956967]


 Related news, double click on [ESCG.DE-E]




 (Reporting by Eva Kuehnen)


Source:www.reuters.com/article/companyNewsAndPR/idUSL2969699720080229

	
	

	
	 

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