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Europe Factors to Watch-Shares set to drop; C.Agricole, Telefonica eyed
2012年5月11日 / 凌晨5点38分 / 6 年前

Europe Factors to Watch-Shares set to drop; C.Agricole, Telefonica eyed

PARIS, May 11 (Reuters) - European stocks were set to drop on Friday,
resuming a two-week retreat as Greece's political deadlock, a huge loss from
JPMorgan and a batch of lower-than expected earnings from bellwethers
such as Telefonica and Credit Agricole rattle investors.	
    The telecom major posted a 54 percent drop in quarterly net profit after the
value of its stake in Telecom Italia plunged and prices fell in
recession-hit Spain.	
    The French bank, meanwhile, posted a steeper-than-expected 75 percent drop
in quarterly profit, hit by 940 million euros ($1.22 billion) in Greece-related
write-downs, the latest blow from its ill-fated Emporiki acquisition.	
    At 0630 GMT, futures for Euro STOXX 50, for Germany's DAX 
and for France's CAC were down 0.7-0.9 percent.	
    Greek Socialist leader Evangelos Venizelos is due to meet conservative
Antonis Samaras on Friday in a last-ditch attempt to form a government and avoid
a repeat election, while EU leaders are warning that Greece's membership of the
euro is at stake. 	
    JPMorgan Chase & Co, the biggest U.S. bank by assets, said it
suffered a trading loss of at least $2 billion from a failed hedging strategy, a
shock disclosure that hit financial stocks and the reputation of the bank and
its chief executive, Jamie Dimon. 	
    Spain will be in focus again as the country is due to unveil new reforms to
complete the clean-up of its ailing banking sector on Friday after tough
last-minute talks between the government and lenders. 	
    The euro zone's blue-chip Euro STOXX 50 index has dropped nearly
5 percent over the past two weeks, hitting a near five-month low on Wednesday as
fears over the euro zone bank crisis resurfaced.	
    "Without the formation of a solid support base, all rallies should be
treated as short-covering. With an abundance of downside retracement zones still
within striking distance, investors don't appear to be too anxious to buy yet,
they seem to be more willing to wait for stocks to reach a solid value area,"
Autochartist analyst James Hyerczyk wrote in a note.	
    "Shorts, on the other hand, seem to be content with pressing (stocks) lower
while letting off the gas a little to trigger a less-than-meaningful
short-covering rally. Rather than attempting to sell new lows, these traders
appear to be happy with refreshing on minimal short-covering rallies."	
   
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 MARKET SNAPSHOT AT 0630 GMT                            
                                         LAST  PCT CHG  NET CHG
 S&P 500                             1,357.99   0.25 %     3.41
 NIKKEI                              8,953.31  -0.63 %   -56.34
 MSCI ASIA EX-JP                       492.94  -1.36 %    -6.79
 EUR/USD                               1.2915  -0.12 %  -0.0015
 USD/JPY                                79.83  -0.04 %  -0.0300
 10-YR US TSY YLD                       1.850       --    -0.02
 10-YR BUND YLD                         1.517       --    -0.03
 SPOT GOLD                          $1,582.81  -0.69 %  -$10.92
 US CRUDE                              $96.02  -1.09 %    -1.06
 	
    GLOBAL MARKETS-Shares fall on euro zone fears, JPMorgan loss 	
    Surprising JPMorgan loss hits U.S. stock market late         	
    Nikkei holds steady, Nikon surges after earnings             	
    Brent falls below $112, euro zone woes weigh                 	
    Euro hits 3-1/2-mth low, stop-loss sales add to woe          	
    Gold heads for worst weekly fall since                       	
    Copper eases as investors eye China data                     	
    	
    COMPANY NEWS:	
    	
    TELEFONICA 	
    The telecom major posted a 54-percent decline in first-quarter net profit on
Friday after the value of its stake in Telecom Italia plunged and
prices fell in its recession-hit home country. 	
    	
    CREDIT AGRICOLE 	
    French bank Credit Agricole reported a steeper-than-expected 75 percent drop
in quarterly profit on Friday as it took 940 million euros ($1.22 billion) in
Greece-related write-downs, the latest blow from its ill-fated Emporiki
acquisition. 	
    	
    AXA 	
    Europe's No. 2 insurer, AXA, reported a 0.8 percent rise in
first-quarter sales to 28.1 billion euros ($36.4 billion) on Friday as strength
in casualty insurance offset falling asset-management fees and scant
life-insurance growth. 	
    	
    VALLOUREC  	
    The French maker of seamless steel tubes cut its sales outlook for 2012 as
demand from markets outside the oil and gas sector shrunk and as new sites in
Brazil and the United States took more time to become operational.
 	
    	
    IAG 	
    International Airlines Group, formed by the merger of British Airways and
Iberia, said first quarter losses more than doubled as higher fuel costs and
weakness in Spain helped wipe out any benefits from rising revenues.	
    	
    EDF  	
    The French state-controlled power group reported a 6.3 percent rise in
first-quarter sales, after bitterly cold temperatures boosted electricity demand
and prices. 	
    	
    ENEL  	
    Italy's biggest utility Enel said on Thursday its core earnings in
the first quarter fell 2.2 percent due to lower margins generated in its
domestic business. 	
    	
    DIA 	
    The world's no.3 discount grocer, on Friday reported net profit of 14.2
million euros ($18.40 million), up 246 percent from the same period in 2011.	
	
    SWISS BANKS	
    Attempt to reach a global deal on tax with the United States covering all
300 banks appears to have failed as the majority of banks don't want to
contribute to a billion-dollar settlement, the Tages-Anzeiger reports	
    	
    FRESENIUS  	
    Fresenius SE said it plans to raise 1 billion euros ($1.3 billion) by
selling 13.8 million new ordinary shares to institutional investors to help
finance its takeover of hospital operator Rhoen Klinikum.
 	
    	
    THALES  	
    The French defence electronics company reported first-quarter revenue up 7
percent, helped by the inclusion of part of the sales of naval shipbuilder DCNS
in its results even as demand slipped in core defence and security markets.
 	
    	
    PEUGEOT  	
    General Motors plans to build mid-sized cars for PSA Peugeot Citroen,
while the French automaker will assemble a compact model for GM's Opel brand as
part of their new alliance, according to press reports on Thursday.
 	
    	
    FIAT  	
    Sales of Ferrari, the high-end Italian sports car, rose more than 13 percent
to 556.1 million euros in the first quarter of this year, helped by strong sales
in the U.S., Britain and Germany, which offset a 34 percent fall in crisis-hit
Italy. 	
    	
    DEUTSCHE TELEKOM 	
    T-Mobile USA CEO Philipp Humm said his company was not interested in
wireless airwaves that its biggest rival, Verizon Wireless, has offered to sell.

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