BRIEF-Global Sources enters into amalgamation agreement
* Global sources enters into definitive amalgamation agreement
(Adds futures, further details, company news) EDINBURGH, July 29 European shares were set to rise on Tuesday, recouping the previous session's falls, with better-than-expected corporate results set to give the financial sector a boost. Germany's Deutsche Bank and Swiss bank UBS both posted profits that beat consensus forecasts, even as the latter booked a 254 million euro ($341.25 million) charge in the second quarter mainly to settle claims it helped wealthy Germans to dodge taxes. At 0625 GMT, futures for the Euro STOXX 50, Britain's FTSE 100 , Germany's DAX and France's CAC were 0.1-0.3 percent higher. BP was also set to be in focus after posting a 34 percent rise in profit, though it said further sanctions on Russia "could have a material adverse impact" on its joint venture in the country. Eyes were on the European Union as member states were expected to try to reach a final deal on Tuesday on stronger measures that would include closing the bloc's capital markets to Russian state banks. On Monday five Western leaders agreed to impose wider sanctions on Russia after a Malaysian airliner was shot down over territory held by pro-Moscow rebels in eastern Ukraine, in a move that could prompt economically damaging tit-for-tat measures from Moscow. "There appears to be a growing realisation that the EU needs to shift the cost/benefit analysis for Putin and Russia to deter further aggressive steps lest it send the signal that the EU response is more paper tiger than actual tiger," Michael Hewson, chief market analyst at CMC Markets, said in a note. The pan-European FTSEurofirst 300 index closed down 0.2 percent at 1,369.61 points on Monday, hit in part by concern over the possible fall-out from further sanctions. Europe bourses in 2014: (link.reuters.com/pad95v) Asset performance in 2014: (link.reuters.com/rav46v) ------------------------------------------------------------------------------ MARKET SNAPSHOT AT 0624 GMT: LAST PCT CHG NET CHG S&P 500 1,978.91 0.03 % 0.57 NIKKEI 15618.07 0.57 % 88.67 MSCI ASIA EX-JP 510.37 0.28 % 1.4 EUR/USD 1.3432 -0.05 % -0.0007 USD/JPY 101.98 0.13 % 0.1300 10-YR US TSY YLD 2.494 -- 0.00 10-YR BUND YLD 1.152 -- 0.00 SPOT GOLD $1,304.30 0.02 % $0.31 US CRUDE $101.39 -0.28 % -0.28 > GLOBAL MARKETS-Asian stocks reach three-year peak > US STOCKS-Wall St yawns as deal news offsets data; Herbalife sinks > Nikkei rises to fresh 6-month high; Nissan jumps on strong results > TREASURIES-Yields rise amid supply, yield curve flattens > FOREX-Dollar sits tight near six-month high ahead of Fed meeting > PRECIOUS-Gold holds above $1,300, focus on Fed policy meeting > METALS-Zinc, lead buoyed as value hunters tune into growth story > Brent dips toward $107 as ample supplies weigh COMPANY NEWS DEUTSCHE BANK Indicated 1.6 percent higher The biggest German lender reported a 16 percent year-on-year increase in quarterly pretax income to 917 million euros ($1.23 billion) as net revenue from its important debt trading held steady. The bank increased reserves for future litigation or settlements by 470 million euros to 2.2 billion. Related news LINDE Indicated unchanged The industrial gases maker reported a 4.3 percent decline in underlying quarterly profit as unfavourable currency fluctuations continued to weigh. Second-quarter operating profit eased to 969 million euros from 1.01 billion, in line with analyst expectations. Related news AIRBUS Japan's Skymark Airlines has cancelled its order for six A380 aircraft from Airbus. Chief Executive Shinichi Nishikubo, speaking to reporters at Japan's transport ministry, said his company was unable to get financing to buy the aircraft, adding that Skymark would negotiate the cancellation fee with Airbus. UBS UBS booked a 254 million euro ($341.25 million) charge in the second quarter mainly to settle claims it helped wealthy Germans to dodge taxes, and said it is cooperating with inquiries about alternative trading system, also known as "dark pools", from various American regulators. For more click on ROCHE Roche said on Tuesday that European regulators approved its drug Gazyvaro, or obinutuzumab, for patients with chronic lymphocytic leukaemia, boosting the Swiss group's line-up of new cancer treatments. For more click on RENAULT The carmaker's cost-cutting led to a 25 percent surge in first-half operating profit, even as currency headwinds and mounting inventories hurt sales and cash flow. ORANGE The telecom operator confirmed its annual profit and debt targets after it managed to stabilise its margins in the second quarter helped by ongoing cost cuts and smaller sales declines in France and Poland than a year ago. ATOS The French IT service company posted a slight drop in first-half revenue but said it expected a continued pick-up in orders during the remaining six months of the year, while the group's operating margin improved. MICHELIN The tyremaker's first-half net profit rose 13 percent to 624 mln euros despite declining sales as lower raw materials costs helped offset weaker emerging-market currencies, price cuts and slowing demand for big tyres. FAURECIA The French auto parts maker raised its 2014 earnings goal after cost cuts helped deliver a 21 percent first-half operating profit gain, offsetting currency headwinds that almost flattened sales growth. ALSTOM The French engineering group said it had won contracts worth around 335 million euros to equip an Iberdrola power plant in Mexico. EIFFAGE The French construction and concessions company reported a 4.1 percent fall in second-quarter sales, partly due to a drop in public works, such as road building. BNP PARIBAS French department store Galeries Lafayette said it had sold its 50 percent holding in LaSer, a consumer credit company, to the personal finance unit of BNP Paribas, with which it co-owned the unit. ALTRAN The company confirmed that consolidated margins in 2014 should be in line with the targets fixed in the 2015 strategic plan after first-half revenue rose 6.5 percent to 862 million euros. (Reporting by Alistair Smout; Editing by Francesco Canepa)
* Global sources enters into definitive amalgamation agreement
LONDON, May 23 Britain's competition watchdog on Tuesday accused Merck & Co of operating an anti-competitive discount scheme for its medicine Remicade, designed to restrict competition from so-called biosimilar copies of the drug.
* Says it orders machinery equipment worth T$1.8 billion ($59.72 million)