European Factors -- Futures point lower on earnings, oil worry

(Adds index futures, more companies; updates table)

LONDON, Aug 28 (Reuters) - European shares were set to open lower on
Thursday as corporate results underlined worries about the financial sector and
oil threatened to rise to the $120 mark on fears of supply disruptions.

Futures for the DJ Euro Stoxx 50 STXEc1, German DAX futures FDXc1 and
French CAC futures FCEc1 were 0.2-0.3 percent lower.

Credit Agricole (CAGR.PA), France's biggest retail bank, reported a 94
percent fall in second quarter profit, peer Natixis (CNAT.PA) reported a
second-quarter net loss of more than a billion euros and insurer Swiss Life
(SLHN.VX) missed analysts' forecasts and warned it would not meet its financial
targets this year.

U.S. crude futures rose 57 cents to $118.73 a barrel on fears Tropical Storm
Gustav may hit the Gulf of Mexico after it morphs into a major hurricane,
paralysing the heart of U.S. offshore production.

A forecast cut from Japanese auto group Toyota (7203.T) could weigh on
carmakers' shares.

Later in the session, the spotlight shifts to German unemployment and U.S.
inflation and GDP data.

----------------------MARKET SNAPSHOT AT 0634 GMT----------------------

LAST PCT CHG NET CHG

S&P 500 .SPX 1,281.66 0.8 % 10.15

NIKKEI .N225 12,768.25 0.12 % 15.29

MSCI ASIA EX-JP .MIASJ0000PUS 441.58 -0.80 % -3.54

EUR/USD EUR= 1.4773 0.42 % 0.0062

USD/JPY JPY= 109.02 -0.47 % -0.5200

10-YR US TSY YLD US10YT=RR 3.782 -- 0.02

10-YR BUND YLD EU10YT=RR 4.140 -- -0.02

SPOT GOLD XAU= $832.20 0.76 % $6.30

US CRUDE CLc1 $118.73 0.49 % 0.57

-----------------------------------------------------------------------

* US STOCKS-Strong U.S. data, financials drive stocks higher [ID:nN27493375]

* Nikkei edges up as investors seek direction [ID:nTKG003003]

* GLOBAL MARKETS-Oil above $118; euro climbs on ECB talk [ID:nLS324909]

* Dollar slips against euro as oil, GSE worries weigh [ID:nT42465]

* TREASURIES-Dip in Asia on hope for Fannie, Freddie [ID:nT40925]

* Gold extends gains on firm oil, soft dollar [ID:nSP238071]

* NYMEX crude rises on supply worries [ID:nT4574]

COMPANIES

CREDIT AGRICOLE (CAGR.PA)

France's biggest retail bank reported a 94 percent fall in second quarter
profit with earnings hit by a widely expected loss at its Calyon investment
banking division.

Net profit fell to 76 million euros ($111.8 million) from 1.29 billion euros
a year earlier. A Reuters poll of 18 analysts gave a wide range of earnings
forecasts for Agricole, ranging from a second quarter net loss of 597 million
euros to a profit of 970 million. The average net profit forecast stood at 199
million euros. [ID:nLR160077]

NATIXIS (CNAT.PA)

French bank Natixis reported a second-quarter net loss of 1.02 billion euros
($1.50 billion), broadly in line with previous guidance, as it prepares a 3.7
billion euro rights issue to strengthen its finances. [ID:nLR170821]

SWISS LIFE (SLHN.VX)

Swiss Life posted a sharply higher first-half net profit due to one-off
gains but missed analysts' forecasts and warned it will not meet its financial
targets this year. [ID:nZAT007895]

AHOLD (AHLN.AS)

The Dutch supermarket group said second-quarter operating profit fell by a
bigger-than-expected 14.2 percent after price cuts and promotions to attract
cash-strapped shoppers hurt margins. [ID:nWEA7288]

SIEMENS (SIEGn.DE)

Siemens has held talks with sovereign wealth funds from the Gulf, Russia and
other regions to expand its long-term investor base, the Financial Times
reports. Siemens "would very much welcome an active involvement" of such funds,
the paper quotes Siemens' chief financial officer Joe Kaeser as saying.

Siemens is already in talks to sell its railway technology plant in Prague,
personnel chief Siegfried Russwurm was quoted as saying in newspaper Die Welt.
The company has said it wants to divest the business by late 2009.

Related news [SIEGn.DE-E]

AUTOS

Toyota Motor Corp (7203.T) said it would miss its goal of selling more than
10 million vehicles next year, cutting its forecast by nearly 7 percent due to a
severe downturn in Western markets driven by high fuel prices and a credit
crunch. [nLS349570]

RBS (RBS.L)

Stephen Hester, the chief executive of British Land, has emerged as a
candidate to succeed Sir Fred Goodwin as the head of Royal Bank of Scotland
after being appointed to the bank's board as a non-executive director, reported
the Financial Times.

KAZAKHMYS (KAZ.L)

Kazakh miner Kazakhmys (KAZ.L) posted a 21 percent fall in first half
earnings per share as bad weather hit output, outweighing higher prices.
[nWLA8655]

EDF (EDF.PA), BRITISH ENERGY BGY.L

The UK government want a deal between British Energy and EDF hammered out
within the next two weeks, reported the Daily Telegraph.

CONTINENTAL (CONG.DE)

Continental is sticking to its earnings guidance for now despite weakening
automotive markets, finance chief Alan Hippe said. [ID:nLR664307]

ALLIANZ (ALVG.DE) COMMERZBANK (CBKG.DE)

A merger between Commerzbank and Dresdner Bank could prompt 9,000 job
losses, Handelsblatt newspaper reports, citing sources familiar with the merger
talks. Related news [ALVG.DE-E]

K+S (SDFG.DE)

K+S plans to spend more than 2 billion euros over the next five to 10 years
to expand output by 2-3 million tonnes, German paper Handelsblatt reported.
[ID:nLR203153] Related news [SDFG.DE-E]

ACCOR (ACCP.PA)

The French hotels and services group posted first-half underlying profits in
line with forecasts and said it expects a 16 percent rise in its full-year
profit before tax on a like-for-like basis. But Accor, which operates the Ibis,
Sofitel and Mercure hotels, said it would implement a 75 million-euro cost
saving plan over 2009 and 2010 as it anticipated the economic environment to
remain difficult. [ID:nLR210633]

AIR FRANCE (AIRF.PA), ALITALIA AZPIa.MI

Italy's government said on Wednesday it would welcome Air France-KLM buying
into a reshaped Alitalia AZPIa.MI, hoping to woo back the French carrier after
helping scupper a previous deal between the two airlines.

For story click on [ID:nLR679330]

(Reporting by Sitaraman Shankar)