EDINBURGH, June 2 European stocks were seen edging higher on
Monday, recouping the previous session's losses after Asian shares received a
boost from encouraging data out of China, with developments in cancer treatments
putting the pharma sector in focus.
At 0622 GMT, futures for the Euro STOXX 50, Britain's FTSE 100
, Germany's DAX and France's CAC were 0.3-0.5 percent
Chinese factory activity expanded at its fastest pace in five months in May
due to rising new orders, helping boost Japan's Nikkei index which
climbed to an eight-week high.
"Chinese data was a shade better than expected, it will prove a little bit
of a boost to get us off on the right foot," Alastair McCaig, analyst at IG
The pan-European FTSEurofirst 300 index fell by 0.1 percent to
1,377.46 points on Friday, hit by a drop in BNP Paribas after a report
that the United States was pushing for a fine in excess of $10 billion in
relation to the evasion of sanctions.
The French bank could be in focus again on Monday after sources said New
York state's top banking regulator is asking BNP Paribas to fire some senior
executives as part of the settlement.
Pharmaceutical firms could also be in the spotlight after both AstraZeneca
and Roche reported progress in trials for drugs to treat
certain cancers at a conference in Chicago on treatment of the disease.
Societe Generale lifted its target price on both stocks, citing the
development of the cancer treatments as beneficial to earnings.
GlaxoSmithKline and Bayer both entered new agreements to
develop cancer drugs, the Financial Times reported on Monday, while Novartis
appointed a new oncology chief.
Europe bourses in 2014: (link.reuters.com/pad95v)
Asset performance in 2014: (link.reuters.com/rav46v)
MARKET SNAPSHOT AT 0635 GMT:
LAST PCT CHG NET
S&P 500 1,923.57 0.18 % 3.54
NIKKEI 14935.92 2.07 % 303.54
MSCI ASIA <.MIAPJ0000 487.56 0.01 % 0.06
EUR/USD 1.3633 0.02 % 0.0003
USD/JPY 101.94 0.16 % 0.1600
10-YR US TSY 2.484 -- 0.03
10-YR BUND 1.363 -- 0.01
SPOT GOLD $1,243.60 -0.57 % -$7.09
US CRUDE $103.26 0.54 % 0.55
> GLOBAL MARKETS-Tokyo leads Asia up on Wall St, China PMI
> US STOCKS-Dow, S&P 500 end at record highs after data
> Nikkei hits 8-wk high on China PMI, Japan capex
> TREASURIES-Yields edge up on economic data, supply pressure
> FOREX-Dollar firms slightly, ECB expectations pressure euro
> PRECIOUS-Gold posts longest losing streak in nearly 7 months
> METALS-LME copper up after biggest monthly gain of year
> Brent climbs toward $110, China data revives demand hopes
New York state's top banking regulator, Benjamin Lawsky, is asking BNP
Paribas to fire some senior executives as part of a settlement of allegations
that the French bank violated U.S. sanctions, two sources familiar with the
A junior minister in French President Francois Hollande's government
criticised a U.S. criminal probe against BNP Paribas, saying France would not
allow itself to be pushed around by its ally.
U.S. leasing company Air Lease Corp is interested in a possible
upgraded version of the European planemaker's A330 passenger jet, a senior
company executive said.
Boeing vowed to carry out a smooth transition between current and
future models of its two most profitable jets - the long-haul 777 and smaller
737 - and dismissed Airbus plans to overhaul its own A330 model.
Air New Zealand said it had placed an order for 14 jets with
Airbus, which includes ten A320neo aircraft.
Qatar Airways has delayed taking delivery of its first Airbus A380 by
"several weeks" while the planemaker tackles last-minute problems with the
cabin, the airline's chief executive told Reuters.
The drugmaker entered into a agreement with Finland's Orion for
the development and commercialization of the experimental prostate cancer
treatment ODM-201, which the two companies plan to test in a Phase III trial
Chief Executive Norbert Reithofer signalled that the German auto maker, the
global leader in luxury car sales, was considering shifting its focus more to
improving pricing and margins and away from volume sales, speaking to magazine
The engineering group's chief executive tried to calm a brewing storm over
job cuts on Friday after he let slip at an investor conference in New York that
his plan to restructure the company could put up to 11,600 staff at
GlaxoSmithKline Plc has agreed a deal worth more than $350 million with UK
biotech company Adaptimmune to develop cancer drugs, the Financial Times
reported on Monday.
London-listed drugmaker Shire Plc has secured a $5 billion credit facility
for a takeover offer for New-Jersey-based NPS Pharmaceuticals, The
Times of London reported on Sunday.
The chief executive of BAE Systems has told employees he was concerned about
the impact on Europe's biggest defence contractor if Scotland breaks away from
the United Kingdom, as a formal campaign for a Scottish independence vote began
on Friday, The Telegraph reported.
* Swiss drugmaker Roche said it was buying privately held Genia
Technologies, which is developing a DNA sequencing platform, for up to $350
million including milestone payments.
* Roche's experimental drug that spurs the immune system to fight cancer
shrank tumours in 43 percent of people with a specific type of metastatic
bladder cancer, according to results of an early-stage trial published on
For more, click on:
An experimental drug from Novartis markedly shrank tumours in patients with
advanced basal cell carcinoma, the most common form of skin cancer, results of a
mid-stage study published on Sunday found.
For more, click on:
(Reporting by Alistair Smout; Editing by Sunil Nair and Sudip Kar-Gupta)