* European stock futures up 0.2%
*
Welcome to the home for real-time coverage of markets brought to
you by Reuters reporters. You can share your thoughts with us at
markets.research@thomsonreuters.com
ON THE RADAR: CONTINENTAL, E.ON, BAE SYSTEMS (0733 GMT)
European stocks are set to open slightly higher as markets
have been slowing down after a heavy rotation triggered by a
vaccine announcement on Monday.
More progress on that front, as The European Commission will
approve on Wednesday a contract for the supply of the COVID-19
vaccine being developed by Pfizer and BioNTech.
Meanwhile a batch of strong results came in this morning.
ABN Amro beat analyst expectations despite a 46%
drop in third-quarter net profit.
BAE Systems slightly raised its profit forecast,
saying demand for its capabilities remained high and orders for
military kit this year had exceeded expectations.
Coca Cola HBC AG beat analysts' estimate for
third-quarter revenue, helped by a rebound in demand from public
spaces during summer.
E.ON stocks are up 2.1% in early trade after the
company posted a 10% drop in nine-month profit but added that
markets were recovering faster than expected.
Shares in Continental are down 4.3% after the
company warned of further restructuring expenses.
Shares in Barry Callebaut’s are up 1.2% in
premarket trade after sales volumes of the company recovered in
the quarter to August.
TUI is in talks with the German government on an
extra 1.5-1.8 billion euros in state aid.
Telecom Italia (TIM) confirmed its financial
guidance through 2022 after Q3 profit met forecast.
Elliott Capital Advisors has welcomed a decision by Sampo
to sell down its stake in Nordea, which it
said could turn the firm into a pure-play insurance champion and
unlock 7 billion euros in value.
Royal Dutch Shell will halve crude processing
capacity and cut jobs at its oil refinery in Singapore as part
of an overhaul to reduce its carbon emissions.
(Stefano Rebaudo)
*****
EUROPE’S TENTATIVE CORRECTION (0633 GMT)
European stock futures are in negative territory as equities
seem willing to stage a mild correction after an almost 5% rise
in two days.
Vaccine developments are still in the spotlight as more
manufacturers are expected to start releasing their phase-3
results by year-end.
Risk sentiment has been boosted by Monday’s announcement of
an effective vaccine by Pfizer and BioNTech, while investors are
a bit concerned about possible Trump-induced surprises as Joe
Biden prepares for the White House.
(Stefano Rebaudo)
*****
