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LONDON, Aug 12 (Reuters) - European shares were seen opening lower on Wednesday, tracking a drop in Asian and U.S. stock markets as equities suffered in the wake of China’s devaluation of the yuan.
Financial spreadbetters expected Britain’s FTSE 100 to open down by around 40 points, or 0.6 percent lower. Germany’s DAX was seen opening down by 106 points, or 0.9 percent lower, while France’s CAC 40 was seen falling by 33 points, or 0.6 percent lower.
China allowed the yuan to fall sharply for a second straight day on Wednesday, forcing investors to seek refuge in safe-haven government debt. .
The slump in the Chinese yuan has impacted German carmakers and European luxury goods stocks, since China is a top export market for euro zone companies. It has also weighed on energy and mining shares as China is a top global consumer of commodities. ——————————————————————————————————————— > GLOBAL MARKETS-Risky assets reel as China allows yuan to fall for second day > US STOCKS-Wall St slides after China’s surprise currency devaluation > Nikkei falls after China weakens yuan for second day > TREASURIES-U.S. bonds jump on China FX move, Fed rate speculation > FOREX-Australian dollar tumbles after China weakens yuan guidance > PRECIOUS-Gold holds near 3-week top as weaker yuan hits equities > METALS-London nickel dives 15 pct, copper, aluminium hit six-year lows > Oil prices slump further as China lets yuan slide
BMW on Tuesday said it was looking into whether Google infringed any trademark rights after the Silicon Valley-based group set up a new company called Alphabet, which is also the name of a BMW subsidiary.
Drive Now, the car sharing business run by BMW and car rental firm Sixt will allow third-party companies to run their business as a franchise in some cities, German daily Handelsblatt reported, citing Drive Now executive Nico Gabriel.
The French retailer said it was committed to maintaining pork prices at the 1.40 euros-a-kilo level agreed in a June agreement overseen by the government designed to support livestock farmers.
Germany’s Postbank, the retail bank chain that Deutsche Bank plans to divest, is working hard to ready itself for its expected initial public offering (IPO), Postbank’s chief executive told a German newspaper.
Germany’s top utility E.ON said its core profit fell 13 percent in the first half, as the group sold less power from gas- and coal-fired plants which it plans to spin off next year to cope with a surge in rival wind and solar capacity.
German consumer goods group Henkel reported a 14 percent increase in its core profit in the second quarter, helped by strong demand for its detergents in Eastern Europe and Latin America and currency effects.
French media group Lagardere has agreed to buy airport travel retail company Paradies for $530 million in cash to create the second-largest player in the North American market.
An investment vehicle controlled by China National Chemical Corp (ChemChina) said it will launch a mandatory tender offer for remaining shares in Pirelli after on Tuesday taking control of the Italian tyremaker through a deal struck in March.
Italy said on Tuesday it would be listing up to 40 percent of the country’s post office in an initial public offering that will be launched in mid-October.
German utility RWE sees no need for a regulatory pre-announcement ahead of its first half results on Thursday, an RWE spokeswoman said, suggesting the group would likely stick to its forecast after a report said it would not.
Finnish department store chain Stockmann on Wednesday reported a surprise second quarter profit, helped by its cost-cutting and restructuring programme. (Reporting by Sudip Kar-Gupta)