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European Factors - Shares set for lower open

Source: Reuters - Wed 9th Sep 2009

European shares were set to open lower on Wednesday, snapping three days of gains, tracking falls in the Asian markets asinvestors pause for breath.

Futures for the Eurostoxx 50 were down 0.3 percent, German DAX futures were down 0.3 percent and French CAC futures were down 0.2 percent.

Asian stocks drifted lower on Wednesday after initially hitting a one-year high, while the dollar hovered near a one-year low.

However, U.S. stocks advanced on Tuesday on an uptick in corporate deal activity while the weak dollar led to gains in commodities, lifting shares of oil and mining companies.

"In the U.S. the beige book is set for release much later in the session but before that mortgage approval numbers will be closely watched as U.S. investors look for more signs of a recovering housing market" said Jimmy Yates, head of equities at CMC Markets.

"With little headlines on the corporate calendar in the UK today its likely to be commodities that take centre stage. Oil prices surged above $70 a barrel yesterday ahead of today's OPEC meeting. However members of the cartel are likely to leave output levels unchanged citing the still fragile state of the global economy as the reason" he said.

Investors will eye UK trade balance data for July, due for release at 0830GMT, to guage the impact the emerging recovery is having on the British economy.

European shares closed higher on Tuesday for the third consecutive session, with commodity stocks rising on the back of firmer crude and metal prices, while M&A activity boosted telecoms.

The FTSEuro first 300 index of top European shares has rallied 51 percent since hitting a low in early March but it is still down 16 percent fromits level in mid-Sept 2008 before the collapse of Lehman Brothers.

* Wall St ends up on M&A hopes, strong commodities

* Asia stocks dip from 1-yr high, dollar battered

* Nikkei slides over 1 pct as banks, exporters fall

* Oil steady after dollar-led gains; OPEC eyed

* Shanghai copper hits 1-week top, sentiment upbeat

* TREASURIES-Prices fall with higher stocks, auction set up

* Dollar, yen defensive; Aussie briefly at 1-yr high

* Gold up, investors sell dollar to buy other assets


Kraft played down speculation on Tuesday that it would be prepared to raise its offer for Cadbury after the chocolate company rejected its 10.2billion pound offer.


The world must reach an agreement to cap aviation emissions at U.N. climate talks in December if countries are to meet targets to combat global warming, Britain's chief climate adviser said on Wednesday.


Ratings agency Moody's Investor Service said late on Tuesday it had downgraded the credit ratings of Nordea, Handelsbanken and Swedbank after areview of their financial strength.

Moody's downgraded the long-term senior debt and deposit ratings for allthree banks by one notch, as well as their bank financial strength rating, it said in a statement.

The rating agency downgraded Nordea Bank AB's bank financial strength ratingto C+ from B, with a negative outlook. It also downgraded the financial strength rating for Handelsbanken to C+ from B, with a negative outlook, as well as that of Swedbank, to D+ from C- with a negative outlook.


British financial spread betting firm IG Group reported a 28 percent increase in first quarter group revenue on Wednesday and said new account openings, a key indicator of future growth, remain strong.


Richemont, the luxury goods group behind Cartier jewellery and Chloe handbags, struck a cautious note about future demand on Wednesday amid signs therate of decline in its sales was slowing.


Daimler Chief Executive Dieter Zetsche told Sueddeutsche Zeitung that BMW and Daimler were looking into the possibility of jointly manufacturing transmissions in the United States.

He denied speculation that Daimler was pursuing any further job cuts at the moment.

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