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European Factors to Watch-Shares seen slightly lower at open
October 29, 2013 / 6:26 AM / in 4 years

European Factors to Watch-Shares seen slightly lower at open

LONDON, Oct 29 (Reuters) - European stocks were seen opening slightly lower on Tuesday, with this month’s rally fading as investors look for more signs of robust earnings from leading companies before deciding to give equities another leg up.

Traders said many investors would also avoid taking on big new equity positions ahead of a U.S. Federal Reserve meeting which begins on Tuesday, though the Fed is not expected to make any shift in monetary policy this week as it waits for more evidence of how badly Washington’s budget battle hurt the U.S. economy.

Financial spreadbetters expected Britain’s FTSE 100 to open 3-4 points or 0.1 percent lower. Germany’s DAX, which touched a fresh record high of 9,017.95 points on Monday, was seen opening 6 points, or 0.1 percent lower.

France’s CAC 40 was seen rising 1-2 points, or 0.1 percent.

The pan-European FTSEurofirst 300 index edged down by 0.1 percent to 1,282.93 points on Monday, with the index just 0.7 percent away from a 5-year high of 1,291.93 points set last week.

Traders expected equity markets to stay trapped in a tight range until the end of the Fed’s meeting at 2 p.m. (1800 GMT) on Wednesday, when the Fed’s policy-setting committee is to release a statement on its policy decision.

Overnight, the U.S. S&P 500 index hit a fresh record high although Apple Inc reported that profits and margins slid despite selling 33.8 million iPhones in its September quarter. ------------------------------------------------------------------------------- > GLOBAL MARKETS-Asian shares drop, dollar drifts ahead of Fed > US STOCKS-S&P 500 ends at record high on Fed hopes > Nikkei falls as hedge funds take profits; Komatsu tumbles > TREASURIES-U.S. bond prices slip after 2-year note sale > FOREX -Dollar off lows as Fed meeting looms; Aussie slips > PRECIOUS-Gold climbs to near 5-week high on Fed stimulus hopes > METALS-London copper slips on signs U.S. recovery losing momentum > Brent edges down, holding above $109/bbl on Libya

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