July 8, 2014 / 5:40 AM / 3 years ago

European Factors to Watch-Shares seen steady, Commerzbank in focus

5 Min Read

LONDON, July 8 (Reuters) - European stocks were seen steadying after a two-session drop on Tuesday, although sentiment on heavyweight banking shares was likely to be subdued due to speculation about fresh fines from the United States.

At 0624 GMT, futures for the Euro STOXX 50, Britain's FTSE 100 , Germany's DAX and France's CAC were between 0.1 percent and 0.4 percent higher.

Germany's Commerzbank was set to be in focus as The New York Times reported U.S. authorities have begun settlement talks with the bank over its dealings with Iran and other countries blacklisted by the United States. The settlement is expected to include at least $500 million in penalties for the bank, the paper wrote, citing people briefed with the matter.

The Euro STOXX 50 index fell 1.8 percent to 3,230.92 points over the previous two sessions, hit by a profit warning at Austrian bank Erste Group and weak German economic data.

The index, which has been making higher lows since December, broke below its 50-day moving average on Monday, in what is often considered a bearish technical signal.

"Our view on the Euro STOXX 50 is still bullish as prices remain above a strong ascending trend line drawn from December 2013 (currently at 3,080 points)," Philippe Delabarre, an analyst at Trading Central, said.

"Nevertheless, yesterday, the break below the 50-day simple moving average was the first weakness signal. Our targets remain 3,330 and 3,440 points as long as 3,080 is a support threshold."

Europe bourses in 2014: (link.reuters.com/pad95v)

Asset performance in 2014: (link.reuters.com/rav46v) > ASIAN SHARES PAUSE AFTER RECENT CLIMB, FOCUS ON EARNINGS > WALL ST RETREATS AS CYCLICALS WEIGH; SMALL-CAPS SAG > NIKKEI DROPS TO 1-WEEK LOW ON HALT OF PENSION BUYING, SOFT WALL ST > TREASURIES-U.S. BOND YIELDS SLIP ON DOUBTS OVER JOBS STRENGTH > FOREX-DOLLAR HOLDS STEADY, TAKES BREATHER AFTER RALLY > GOLD FALLS ON INTEREST RATE FEARS; PALLADIUM NEAR 13-YR HIGH > LONDON COPPER STEADY, REMAINS BELOW 4-1/2 MTH PEAKS > BRENT FALLS TO NEAR $110, HEADS FOR 7TH STRAIGHT LOSS

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Total

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CARREFOUR PA>

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Novartis

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For more, click on: (Reporting By Francesco Canepa; Editing by Atul Prakash)

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