European Stock-Index futures little changed before factory data
By Bloomberg
European stock-index futures were little changed, after the region's benchmark gauge fell yesterday by the most in more than three weeks, as investors awaited data on manufacturing in the U.S. and the euro area. U.S. index futures were little changed, while Asian shares rose.
Raiffeisen Bank International AG, the foreign bank with most at risk in Ukraine and Russia, may move after predicting an annual loss. Michelin & Cie. may be active after Les Echos cited its chief financial officer as saying the sales target has become harder to reach. Rexel may be active after Ray Investment SARL sold its 7.1 percent stake in the electrical-equipment distributor.
Futures on the Euro Stoxx 50 Index expiring in December climbed less than 0.1 percent to 3,245 at 7:12 a.m. in London. Contracts on the U.K.'s FTSE 100 Index added less than 0.1 percent. Standard & Poor's 500 Index futures also increased less than 0.1 percent, while the MSCI Asia Pacific Index gained 0.2 percent.
A preliminary report from London-based Markit Economics at 9 a.m. may show that a purchasing managers' index for manufacturing in the euro area slipped to 50.6 this month from 50.7 in August, according to a Bloomberg survey of economists. The services gauge fell to 53 from 53.1, they predicted. Readings above 50 indicate expansion.
A separate report at 9:45 a.m. in New York may show a preliminary PMI gauge for U.S. manufacturing rose to 58 in September from 57.9 last month, according to estimates compiled in a Bloomberg survey.
Stimulus Speculation
The Stoxx Europe 600 Index retreated 0.5 percent yesterday, the biggest loss since Aug. 28, after China's finance minister damped speculation the government of the world's second-biggest economy will boost stimulus. About $574 billion was wiped from the value of global equities yesterday.
Stocks in Asia climbed today after a measure of Chinese manufacturing unexpectedly increased. The so-called flash PMI rose to 50.5 this month from a reading of 50.2 in August, HSBC Holdings Plc and Markit Economics said. Economists had predicted it would fall to 50.
Raiffeisen may move. The conflict in Ukraine has caused bad-debt charges to rise faster than expected, the Vienna-based lender said late yesterday. Loan loss provisions will rise to 1.5 billion euros to 1.7 billion euros ($2.2 billion) this year, compared with 1.15 billion euros in 2013.
Michelin may move. CFO Marc Henry told Les Echos that the tiremaker's 2014 target for 3 percent growth in sales volume has become harder to reach in the current market conditions. He said Europe lacks growth, Brazil is weak and Russia is in a crisis.
Rexel may be active. Ray Investment sold 20.9 million shares of the Paris-based company for 15.35 euros each. Ray Investment was the third-biggest shareholder of Rexel, according to data through June 30.
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