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LONDON, Nov 4 (Reuters) - European stocks were seen rising on Wednesday, set to track Asian and U.S. indexes higher ahead of a busy day for macroeconomic data.
Japanese and Chinese stocks led Asian markets higher, helped by economy-friendly comments from China’s President Xi Jinping, while on Wall Street, a rise in big tech and energy firms helped the Nasdaq 100 to close at a record high.
The rally in the United States started in late European trade, and helped to tilt the FTSEurofirst 300 into positive territory on Tuesday. The index closed up 0.4 percent at 1,494.21 points.
On Wednesday, futures for the Euro STOXX 50, Germany’s DAX , France’s CAC and Britain’s FTSE were 0.4 to 0.6 percent higher ahead of the cash market open.
In a busy day for economic data, there were set to be final PMI readings in the euro zone, Britain and the United States, with a U.S. ADP national employment report also in focus.
“The final October PMI should confirm that the (euro zone) economy is doing reasonably well, in view of the slowdown underway elsewhere,” strategists at BNP Paribas said in a note.
“Recent weakness in the UK service-sector PMI looks overdone to us. We expect it to have recovered some lost ground in October.”
In company news, the scandal at Volkswagen deepened after it said it had understated the fuel consumption of 800,000 cars sold in Europe. Premarket indicators showed the carmaker was set to open over 7 percent lower.
On the earnings front, Dutch firm ING posted results slightly ahead of expectations.
Indicated 0.3 pct lower
The Nivea skin cream maker raised its margin guidance for 2015 after it posted a 55 percent increase in its third-quarter operating profit as new products and higher prices boosted profitability.
Indicated 0.8 pct lower
The carmaker said U.S. sales of BMW brand vehicles fell 3.8 percent in October.
Indicated 0.9 pct lower
Mercedes-Benz USA said October sales rose 3.7 percent in October.
The bank is planning to promote its North American equities chief, Thomas Patrick, to oversee the bank’s global stock-financing and trading business, the WSJ reported on Tuesday, citing people familiar with the matter.
The company will remain a shareholder in Atos until 2020, it said late Tuesday when announcing a deal to extend their existing IT agreement.
Europe’s biggest automaker, already reeling from an emissions scandal, said late on Tuesday it found data “inconsistencies” on carbon dioxide emissions for 800,000 more cars.
Separately, the carmaker’s Porsche unit said it was pulling an ABS bond deal as the emissions scandal expands
The carmaker has called an emergency meeting of its board to discuss a mounting power struggle with the French government over the future of its alliance with Nissan, government and company sources said.
The Netherlands’ largest financial services company posted third-quarter results slightly ahead of analysts’ expectations, as provisions for bad loans fell in the Dutch market and it expanded its net interest margin slightly.
Eni said on Tuesday it would be paid 463.24 million euros for the 12.5 percent stake in oil contractor Saipem sold to state fund FSI. The price equates to 8.3956 euros per Saipem share. Saipem shares traded at 8.67 euros each at the end of trading on Tuesday.
Brewer SABMiller Plc has extended the deadline for rival Anheuser-Busch InBev to make a formal $100 billion-plus takeover offer by a further week in order to finalise shareholder support for the deal.
The housebuilder said it saw further growth ahead as its sales rate rose.
The miner said that it is targeting net debt of about $25 billion by the year-end.
British insurer Legal & General’s net cash generation rose 14 percent to 943 million pounds ($1.45 billion) in the first nine months of 2015 and assets under management rose 8 percent from a year earlier, it said on Wednesday.
British retailer Marks & Spencer on Wednesday reported another dip in quarterly underlying sales in its non-food business, though it said it is delivering on its strategic priority to boost profit margins, raising its forecast.
Platinum producer Lonmin could stop trading if its $400 million cash call to shareholders through a rights issue was unsuccessful, the company said.
Mining and energy group Vedanta Resources Plc said it would not pay a dividend for the first half, citing the volatility in commodity markets, after reporting a fall in core profit.
The company said that its Q1 operating margin fell to 6.2 percent.
Italian aerospace and defence group Finmeccanica said on Tuesday it expects full-year earnings to come in at the top of its forecast range, after core earnings jumped 45 percent in the first nine months of 2015.
The reinsurer said it was on track to achieve the targets in its “Optimal Dynamics” plan after nine-month net income rose 31 percent.
The French IT services firm said it had agreed to buy communications firm Unify for 340 million euros as it looks to expand into corporate telephony.
The company also confirmed its 2015 financial goals after third-quarter revenue rose 23 percent to 2.71 billion euros.
The French broadcaster said third-quarter advertising revenue rose 3.2 percent to 167.9 million euros.
The waste and water group said it won two contracts to operate two biomass power plants in northern Japan in partnership with environmental services company Takeei. The 20-year contracts represent 90 million euros in revenue.
The French care home operator reiterated its full-year revenue target after third-quarter sales rose 18 percent.
The French oil services group posted a 6.8 percent rise in nine-month revenue to 1.1 billion euros. [ID:nFWN12Y05D
0845 IT Markit/ADACI Services PMI
0850 FR Markit Services, Composite PMI
0855 DE Markit Services, Composite PMI
0900 EZ Markit Services, Composite PMI
0930 GB Markit Services PMI
1000 EZ Producer Prices
1315 US ADP National Employment
1445 US Markit Services, Composite PMI
1500 US ISM Non-manufacturing PMI
------------------------------------------------------------------------------ > Asia surges with Japan, China stocks in lead > US STOCKS-Energy, tech push stocks up; Nasdaq 100 sets record > Nikkei jumps on Wall St gains, massive Japan Post triple-IPO > TREASURIES-Yields hit at least six-week highs on Fed views > FOREX-Dollar stands tall as risk appetite improves > Gold near 4-wk low on US rate hike fears, fund outflows > METALS-London copper edges up, tighter supply lends support > Oil prices slide on profit-taking; supply risks curb losses
Reporting by Alistair Smout