European Factors to Watch - Recovery to extend as London reopens
LONDON, May 28 (Reuters) - European stocks are seen rising for a second session on Tuesday, with activity picking up as investors in Britain and the United States return after a long weekend, and with technical charts showing scope for fresh peaks in coming days. At 0625 GMT, futures for Euro STOXX 50, for Germany's DAX and for France's CAC were all up around 0.5 percent. Futures for UK's FTSE 100 - which was shut on Monday and thus missed on that session's gains - were up 1 percent. European bourses closed higher in thin trade on Monday, recovering poise after recent weakness, with the EuroSTOXX 50 adding 1.1 percent to close at 2,795.00 - within 46 points of recent 2-year highs. The extent of likely further gains will depend on the index's ability to close a gap between 2,802.09 and 2,805.65 zone which was opened up during last week's slump and which should now act as technical resistance. The area also contains the 10-day moving average for the euro zone benchmark, while the 61.8 percent retracement of the May 22-24 lies just above, around 2,806 points. "I think we will grind higher today," said Jean-Charles Gand, senior market strategist at BBSP Research. "We have to close above 2,806 to get a new confirmation of a recovery ... If we close higher there is an increasing probability that we will reach the previous highs." From a fundamental point of view, policymaker rhetoric was supportive of equity market optimism, with the Bank of Japan offering fresh reaffirmation of its commitment to monetary stimulus. In Europe, ECB Executive Board member Joerg Asmussen on Monday also pledged to stick to the kind of expansive policy that has been a key driver of equity market gains over recent months. In the United States, however, the situation is less clear, with some Federal Reserve officials suggesting stimulus could be reduced in coming months if warranted by the data. As such, investors were set to focus on U.S. consumer confidence data for May at 1400 GMT. -------------------------------------------------------------------------------- MARKET SNAPSHOT AT 0625 GMT: LAST PCT CHG NET CHG S&P 500 1,649.60 -0.06 % -0.91 NIKKEI 14,311.98 1.2 % 169.33 MSCI ASIA EX-JP 551.10 0.1 % 0.56 EUR/USD 1.2924 -0.04 % -0.0005 USD/JPY 101.97 1.03 % 1.0400 10-YR US TSY YLD 2.050 -- 0.04 10-YR BUND YLD 1.457 -- 0.00 SPOT GOLD $1,389.44 -0.35 % -$4.84 US CRUDE $93.77 -0.4 % -0.38 > Nikkei jump spurs yen selling; direction awaited > Nikkei up 1.2 pct as battered blue chips recover, volatility eases > Yen softens as Nikkei regains degree of stability > Gold falls as stocks hold firm; physical demand stays strong > Copper slips on growth worries; US, Britain in focus > Brent steadies below $103 as demand view falters, summer eyed ASTRAZENECA U.S. appeals court issues temporary injunction against distribution of generic pulmicort respules BANKIA Shares in the state-owned lender could slide another 30 percent despite a multi-billion-euro cash injection, analysts say, with little hope of a quick recovery as tough business conditions and a challenging restructuring plan weigh. ACS Spain's Corporacion Financiera Alba, the largest shareholder, has sold 1 percent of builder for 69.2 million euros ($89.5 million), cutting its stake to 17.3 percent of the company. RAIFFEISEN First-quarter profit at the bank ell to 157 million euros ($203.1 million), roughly in line with market estimates, as net interest income edged lower and provisions for bad debt rose less than expected. OMV, GDF SUEZ OMV has sold a stake of around 9 percent in the Nabucco gas pipeline project to French group GDF SUEZ. VOLKSWAGEN The carmaker and union IG Metall have reached a broad agreement on wage increases for more than 100,000 workers but still need to work out some details. CASINO The retailer has received the green light from the French Antitrust Authority for the takeover of 38 convenience stores based in southeast France from the Norma Group, subject to the sale of a store based in Charlieu in the Loire area.
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