Europe Factors-Shares set to fall for 7th straight day

Thu Jun 9, 2011 2:44am EDT

 (Adds futures, company news; updates snapshot table)
 PARIS, June 9 (Reuters) - European stock index futures pointed to a lower
open on Thursday, with shares set to fall for the seventh straight session as
worries on the global economic outlook continue to rattle investors ahead of the
end to the U.S. quantitative easing programme.
 Tech shares will be in the spotlight after Texas Instruments TXN.N slashed
its earnings and revenue forecasts and blamed the shortfall on major client
Nokia's (NOK1V.HE) ailing cellphone business, and the Helsingin Sanomat reported
the latter's chief technology officer has taken a leave of absence and is
unlikely to return after disagreements over strategy at the struggling firm.
 By 0637 GMT, futures for Euro STOXX 50 STXEc1, for Germany's DAX FDXc1
and for France's CAC FCEc1 were down 0.1 percent to 0.3 percent.
 Equities worldwide have been hit recently by a slew of macroeconomic data
signalling a slowdown in economic growth, and negative sentiment worsened when
U.S. Federal Reserve Chairman Ben Bernanke gave no hint that the central bank
would offer a third round of stimulus to the frail U.S. economic recovery.
 The euro zone's blue-chip Euro STOXX 50 .STOXX50E index, which has tumbled
9 percent over the past six weeks, hit its lowest level since mid-March on
Wednesday.
 "The global economy is not tumbling, it's just going through a turbulence
zone. We think that things will get better in the second half of the year," said
Vincent Treulet, head of investment strategy at BNP Paribas Investment Partners,
which has 551 billion euros ($808 billion) in assets under management.
 "The next earnings season will be key. It could be the positive catalyst the
market needs," Treulet said.
 Investors awaited the European Central Bank's post-policy meeting news
conference on Thursday for more insight on the outlook for interest rates and
the central bank's view on the economy.
 The ECB is expected to signal a July rate rise while continuing to provide
banks with unlimited amounts of cash to help weaker lenders hit by the euro zone
debt crisis. [ID:nLDE7550KT]
 
 ----------------------MARKET SNAPSHOT AT  0624 GMT-------------------- 
                                      LAST        PCT CHG      NET CHG 
 S&P 500                  .SPX  1,279.56        -0.42 %        -5.38 
 NIKKEI                  .N225  9,467.15         0.19 %        17.69 
 MSCI ASIA EX-JP .MIASJ0000PUS    564.15        -0.83 %        -4.70 
 EUR/USD                  EUR=    1.4621         0.31 %       0.0045 
 USD/JPY                  JPY=     80.11         0.25 %       0.2000 
 10-YR US TSY YLD    US10YT=RR     2.951             --         0.01 
 10-YR BUND YLD      EU10YT=RR     3.055             --         0.00 
 SPOT GOLD                XAU= $1,535.01        -0.12 %       -$1.79 
 US CRUDE                 CLc1   $101.43         0.68 %         0.70 
 ---------------------------------------------------------------------- 
 
 GLOBAL MARKETS-Stocks dip; euro rises before ECB           [ID:nL3E7H9049]
 Wall St slips for a sixth day on growth concerns           [ID:nN08265256]
 Nikkei falls on econ worries, bargain-hunters limit losses [ID:nL3E7H906V]
 FOREX-Euro pins hopes on ECB; kiwi bolstered by RBNZ       [ID:nL3E7H83NR]
 Brent oil rises to $118 on OPEC, US crude stocks           [ID:nL3E7H9046]
 PRECIOUS-Gold flat; palladium firms on auto recovery       [ID:nL3E7H9034]
 Copper steadies on weak dollar ahead of ECB meeting        [ID:nL3E7H90BB]
 
 COMPANY NEWS:
 
 NOKIA (NOK1V.HE)
 Nokia's chief technology officer has taken a leave of absence and is
unlikely to return after disagreements over the strategy of the struggling
mobile phone company, the Helsingin Sanomat reported on Thursday. The report
quoted unnamed sources as saying CTO Richard Green was unhappy with management
decisions, including abandoning plans to launch phones based on the MeeGo
operating system.
 
 UNICREDIT (CRDI.MI)
 A U.S. judge will consider racketeering claims in a massive lawsuit against
the Italian bank seeking money for Bernard Madoff's victims. The lawsuit is the
biggest brought by bankruptcy trustee Irving Picard against defendants that
allegedly benefited from Madoff's Ponzi scheme. Picard is seeking $19.6 billion
in damages in the lawsuit, which could be tripled if he prevails and federal
racketeering laws are applied. UniCredit has denied the allegations in the
lawsuit. [ID:nN08256753]
 
 REMY COINTREAU (RCOP.PA)
 French spirits group Remy Cointreau (RCOP.PA) posted a 17.6 percent rise in
full-year operating profit on Thursday, driven by strong demand for cognac in
Asia, and it sharply reduced its debt.
 
 ENI (ENI.MI)
 The group announced on Wednesday a major oil discovery in deepwater Gulf of
Mexico, located 250 miles southwest of New Orleans. [ID:nWEA5215]
 
 BP (BP.L)
 BP's (BP.L) chief executive Bob Dudley gave a cool assessment of the
company's chances of reviving a $16 billion share swap and Arctic exploration
deal with Russia's Rosneft (ROSN.MM), saying talks on the tie-up had faded.
Dudley was speaking at the launch of the company's annual statistical review of
world energy markets in London. [ID:nLDE7570ZC]
 BP's chief executive also said that Iraq's oil output is likely to be only
half the government's official target at the end of this decade, due to
infrastructure problems. [ID:nLDE7572CU]
 
 TELEFONICA (TEF.MC)
 Telefonica's call centre unit Atento sets the price for its stock market
listing. Telefonica is offering shares in Atento at 19.25 euros to 25 each in a
Madrid listing it hopes will raise up to 765 million euros. [ID:nLDE74O1EX]
 
 VOLKSWAGEN (VOWG_p.DE)
 Volkswagen workers aim to obtain a stake in the company, a spokesman for the
works council said, as they had been promised in the company's takeover battle
with Porsche (PSHG_p.DE). [ID:nLDE7571W4]
 
 K+S SDFG.DE
 The German potash miner is now in exclusive talks to sell its garden
fertiliser unit Compo to private equity investor Triton, a person familiar with
the matter said. The talks over a sale worth about 200 million euros ($293
million) are in the final stretch. [ID:nLDE7572A7]
 
 AIR FRANCE-KLM (AIRF.PA)
 Europe's largest airline by revenue posted a 4.9 percent rise in May
passenger traffic. [ID:nLDE75724Q]
 
 ADP (ADP.PA)
 Aeroports de Paris (ADP.PA) said it was in exclusive talks to sell a
majority stake in its ground handling activities to airport services operator
Groupe 3S. [ID:nN08264603]
 
 CLUB MED (CMIP.PA)
 The French holiday operator said first-half net profit doubled despite
closing resorts in Tunisia and Egypt in January following uprisings against the
countries' leaders. [ID:nWEA5239]
 
 
 (Reporting by Blaise Robinson; Editing by Hans Peters)