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Europe Factors-Shares set to gain on ECB cash injection
2012年2月29日 / 早上6点23分 / 6 年前

Europe Factors-Shares set to gain on ECB cash injection

LONDON, Feb 29 (Reuters) - European shares were set gain at open on
Wednesday, with financials in the spotlight as investors bet a large number of
banks will tap the European Central Bank's three-year cheap loans offering and
boost liquidity in the financial system.  	
    There are expectations banks will take 500 billion euros ($670 billion) from
the ECB, according to a Reuters poll of money market traders, in which forecasts
ranged from 200 billion to 750 billion euros. 	
    The STOXX Europe 600 Banks index has surged 15.9 percent since the
ECB's first long-term refinancing operation (LTRO) in December and has recovered
nearly half of its falls of last year.	
    "It all depends on the size of the take up, I think the market will be happy
with 500 billion euros, the banks have been responding quite well to improving
credit conditions and share prices have been highly correlated to it," Colin
McLean, managing director at SVM Asset Management in Edinburgh, said.	
    "We are long on banks and have BNP Paribas, Deutsche Bank
, Barclays and Credit Suisse in our portfolio." 	
    At 0722 GMT, futures for Euro STOXX 50, for Germany's DAX 
and for France's CAC were all up 0.3 percent. 	
    Charts show the FTSEurofirst 300 index remains in an upward trend
and has gained 7.5 percent this year following the ECB's first LTRO offering. 	
    "The FTSEurofirst 300 index is still reasonably healthy and is holding above
a previous resistance at around 1,053 which represents its January high," said
Phil Roberts, chief European technical strategist at Barclays Capital. "It still
looks like it has further to go."	
    "But the upside looks like it is going to be slow and I would not be
surprised if the market struggles a bit at these higher levels as investors take
profits. The index will face resistance at 1,113 which is the high it reached in
July before it sold off to reach a low in September."	
    Later in the session, investors will eye U.S. fourth-quarter GDP numbers due
at 1330 GMT, and February's Chicago PMI scheduled for 1445 GMT.	
    	
 MARKET SNAPSHOT AT 0728 GMT                            
                                         LAST  PCT CHG  NET CHG
 S&P 500                             1,372.18   0.34 %     4.59
 NIKKEI                              9,723.24   0.01 %     0.72
 MSCI ASIA EX-JP                       537.25   1.35 %     7.15
 EUR/USD                               1.3465   0.01 %   0.0001
 USD/JPY                                80.38  -0.09 %  -0.0700
 10-YR US TSY YLD                       1.946       --     0.01
 10-YR BUND YLD                         1.816       --     0.02
 SPOT GOLD                          $1,786.59   0.15 %    $2.60
 US CRUDE                             $106.99   0.41 %     0.44
        	
    US STOCKS-Dow, S&P hit milestones on confidence, lower oil  	
    GLOBAL MARKETS-Broad gains as ECB fund injection awaited       	
    Brent rises above $122; ECB loan may spur buying               	
    Copper retreats from 2-week high, ECB eyed                     	
    FOREX-Euro pins hopes on ECB; yen retreats                  	
        	
    COMPANIES	
    STANDARD CHARTERED 	
    The Asian-focused bank reported a 2011 pretax profit of $6.78 billion, up
from the $6.12 billion it recorded a year earlier, it said in a filing to the
Hong Kong bourse. The result was in line with an expectation for $6.8 billion
from a poll of 24 analysts surveyed by Thomson Reuters I/B/E/S. 	
     	
    DEUTSCHE BANK 	
    Deutsche Bank is talking exclusively to privately held U.S. institutional
asset manager Guggenheim Partners on the sale of a big chunk of Deutsche's asset
management businesses, Germany's biggest lender said on Tuesday. 	
    	
    BANKS   	
    Swiss lawmakers are set to back a tax proposal with the United States on
Wednesday in a move which could pave the way for Switzerland to settle a U.S.
probe into Swiss banks and hidden offshore accounts.  	
    The U.S. Justice Department is conducting a criminal probe into whether the
world's biggest banks manipulated a global benchmark rate. 	
    	
    ITALIAN BANKS,, 	
    Italian banks have issued nearly 40 billion euros of fresh state-backed
bonds that they could use as collateral in exchange for cheap three-year
European Central Bank loans at an auction on Wednesday, Reuters calculations
show. 	
    	
    ERSTE GROUP BANK 	
    Erste Group Bank AG, emerging Europe's second-biggest lender, forecast
improved 2012 operating results as risk costs fall from elevated 2011 levels.
   	
    	
    PSA PEUGEOT CITROEN 	
    The French automaker must respond quickly to reports of a planned capital
increase and tie-up with General Motors that sent its shares yo-yoing, France's
AMF market watchdog said. 	
    	
    HOLCIM 	
    Holcim, the world's second-largest cement maker, slashed its dividend by a
third on Wednesday after it posted a net loss in the fourth quarter due to
slumping demand for construction materials and restructuring at a South African
business. 	
    	
    LUXOTTICA 	
    Italy's Luxottica, the world's biggest premium eyewear maker, eyes operating
and net profits to grow twice as fast as sales in 2012 if revenues grow 	
    	
    BOUYGUES 	
    The French conglomerate on Tuesday pledged to cut costs at its telecoms
business to help offset an expected 10 percent sales slide at the unit in 2012
due in part to the arrival of fresh competition in France. 	
    	
    TRANSOCEAN 	
    A federal judge in Brazil declined to grant an injunction suspending the
Brazilian operations of oil major Chevron and offshore oil-rig contractor
Transocean over a November oil spill northeast of Rio de Janeiro, providing
temporary relief to the two companies. 	
	
    PETROPLUS 	
    The administrator of Petroplus' UK assets is looking for a large industry
player to buy what is seen as the refinery company's prime asset, the Coryton
plant, and may still have to shut it as few who are willing have enough
resources.

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