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Europe Factors-Shares set to rise, tracking Asia

Source: Reuters - Tue 8th Sep 2009

European shares were set to gain for a third session on Tuesday, testing 11-month highs, after gains in Asia, but with little scheduled in the way of corporate announcements.

At 0633 GMT, DJ Euro Stoxx futures were up 0.3 percent, Germany's DAX futures were up 0.3 percent and France's CAC-40 futures were up 0.2 percent. On Monday, the FTSEuro first 300 index of leading European shares rose 1.4 percent to 975.90 points, just 0.3 percent short of an 11-month closing high.

The European benchmark index is up more than 51 percent from its lifetime low of March 9, as investors have become more confident on the prospects of economic recovery.

Wall Street was closed on Monday for the Labor Day holiday.

With no major companies set to report on Tuesday on either side of the Atlantic, investors may focus on macro economic data such as industrial output figures in the UK.

Japan's benchmark Nikkei 225 closed 0.7 percent higher. China's Shanghai Composite was up 1.2 percent, on hope of continued support fromthe Chinese government.


Lufthansa has opened the books at its British carrier bmi to possible buyers, The Times reported, without saying where it got the information. Lufthansa has said it was weighing all options for bmi.


Ailing shipper Hapag-Lloyd, which is 43 percent-owned by TUI, has agreed with its works council on a savings programme, a spokesman for the company said, without providing more details. German newspaper Hamburger Abendblatt had reported the company aimed to cut its annual costs by more than 600 million euros ($860.5 million).


The French care home operator reported first-half sales up 22.4 percent and stuck to its targets.

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