* European stock futures rise in early trade, Asia mixed
* Samsung slips on earnings news, LG Electronics fares
* Major currencies stuck in tight ranges, euro edging higher
By Wayne Cole
SYDNEY, April 29 Asian share markets put in an
indecisive performance on Tuesday as caution ahead of some major
events this week overshadowed a late rally on Wall Street,
though futures pointed to opening gains for European stocks.
The Eurostoxx 50 contract was up 0.5 percent, while
the FTSE rose 0.3 percent and the DAX 0.7
percent. Deutsche Bank reported a 30 percent drop in
profit but still managed to beat forecasts.
Among currencies, the euro made promising progress on the
yen and Australian dollar even as a holiday in Tokyo sapped
market liquidity elsewhere.
Activity in Asia had been very much muted with MSCI's
broadest index of Asia-Pacific shares outside Japan
drifting off 0.25 percent.
Australia's market did hit a six-year peak early,
only to run into profit-taking ahead of earnings results from
the major local banks.
In South Korea, Samsung Electronics slipped 2
percent after reporting its second straight fall in quarterly
profit as weakness in flat-screen panels and the maturing
high-end smartphone business weighed on earnings.
The company held out the hope that the football World Cup in
Brazil would help boost sales of screens and smartphones as fans
invest in fancy gadgets to watch the action.
In contrast, shares in competitor LG Electronics
jumped almost 4 percent after its operating profit rose 44
percent on a year earlier as growth in sales of high-end TV
models helped offset losses from its handset business.
After an erratic performance on Tuesday, Wall Street had
mostly ended in the black. The Dow firmed 0.53 percent
and the S&P 500 0.32 percent. The Nasdaq finished
flat amid falls in Amazon and Facebook.
The gains owed much to the M&A fever in pharmaceuticals
after Pfizer Inc said it approached AstraZeneca Plc
to reignite a potential $100 billion bid.
ECB IN NO HURRY
The potential, albeit distant, that Pfizer might need pounds
to pay for the bid gave speculators a reason to go long on
sterling. The currency climbed to a four-and-a-half year peak on
the dollar at $1.6856 before fading to $1.6813.
The euro followed the pound higher to as far as $1.3879
, aided in part by a Reuters report playing down the
chance of any near-term easing in euro zone monetary policy.
European Central Bank President Mario Draghi told lawmakers
from Germany's ruling coalition on Monday that low inflation
would persist but quantitative easing remains some way off,
according to a source who took part in the meeting.
On Tuesday, the euro was holding at $1.3866 and still well
within the $1.3783/$1.3905 band that has held for the last
couple of weeks. It did manage to break chart resistance on both
the yen and Australian dollar which could
open the way to further gains.
The dollar was hovering at 102.54 yen as investors waited to
see if this week's Federal Reserve policy meeting or U.S. jobs
data provided the impetus to break the range.
The Bank of Japan holds its policy meeting on Wednesday,
while a raft of economic data are due over the next few days
including euro zone inflation and GDP from the UK and U.S.
In commodity markets, Brent crude oil added 21 cents
to $108.33 a barrel, but that followed a drop over a dollar on
Monday when Libya paved the way to restart exports at a second
port after a deal with rebels to unblock major terminals.
U.S. crude gained 18 cents to $101.02 a barrel.
Spot gold faded to $1,295.11 an ounce after failing
to break resistance around $1,306.00.
(Editing by Shri Navaratnam)