RTTNews - The major European markets may open on a subdued note on Monday amid week Asian cues and due to the lack of a lead from Wall Street, which remained closed on Friday on account of Independence Day. Trading in U.S. futures now indicate that Dow could fall 49 points at the opening bell on Monday. With the reporting season about to unfold and following a dip in commodity prices and shipping rates, the mood is quite cautious in most of the Asian markets on Monday.
No statistical reports are due from major European economies except Eurozone sentix investor confidence. The Eurozone Sentix indicator showed a reading of minus 27 in June and is expected to rise to minus 25 in July. After disappointing U.S. jobs report dented recovery hopes on Thursday, investors look forward to the June's ISM non-manufacturing sector index for further clues on the prospect of an early global economic recovery.
The New York Mercantile Exchange was closed on Friday for the July 4 public holiday. A day earlier, light crude for August delivery had settled at $66.73. In Asian trading on Monday, crude oil was last trading at $65.20 a barrel, down 2.29% on concerns over revival of the U.S. economy.
Meanwhile, the European markets closed little changed on Friday, as a report showed Eurozone retail sales dropped more than expected in May and mining stocks edged lower after copper prices declined.
The FTSEurofirst 300 index of pan-European blue chips closed 0.06% lower, while the narrower DJ Stoxx 50 index rose 0.06%. Around Europe, while Germany's DAX index fell 0.22%, the U.K.'s FTSE 100 index rose 0.05% and France's CAC 40 index edged up 0.10% .Trading volumes were exceptionally light because of Wall Street's closure for the Independence Day holiday.
In corporate news, communications and services provider BT Group Plc proposed to employees that they take a year off in lieu of a 75% pay cut to be paid as an upfront cash payment, in order to cut costs, according to several media reports released on Saturday.
Reinsurance solutions provider PartnerRe Sunday agreed to acquire all the outstanding shares of Swiss rival Paris Re Holdings in a multi-step all-stock deal valued at about $2.0 billion, including a $310 million cash distribution by Paris Re.
Automaker Chrysler Group LLC, formed by Chrysler LLC's global strategic alliance with Italian auto maker Fiat SpA Sunday announced that it has completed the formation of its nine-member board.
Citigroup Inc. said it appointed Stephen Bird and Shirish Apte as Asia-Pacific chief executives, and named Shengman Zhang as Chairman of Asia Pacific. In addition, Bill Mills and Alberto Verme were appointed as chief executive officers of Europe, Middle East and Africa, or EMEA.
Egypt's Orascom Telecom Holding SAE said on Sunday it would drop court proceedings in Cairo against France Telecom over a dispute about shared ownership of mobile operator Mobinil.
Three more bidders are interested in taking a stake in German sports car maker Porsche, rivaling investment plans by Qatar, German magazine Focus reported on Saturday.
We have reached the bottom of the recession's effects on truck sales and long-time transport demand is positive, Europe's third-largest truck maker MAN SE's Chief Executive Officer Hakan Samuelsson said in an interview in Berlin.
UK Financial Investments (UKFI) will use a strategy document to be unveiled on Thursday to play down expectations that a short-term recovery in bank shares could lead to a quick sale of the stakes, according to the Sunday Telegraph.
EasyJet Plc reported a 0.6 percentage points decline in load factor for the month of June, while passengers traveled grew 0.8% from last year.
Reflec Plc reported fiscal 2009 loss attributable to equity holders of GBP 156 thousand or 1.39 pence per share, compared to loss attributable to equity holders of GBP 832 thousand or 7.38 pence per share last year.
In a trading update related to the six month period ending 30 June, 2009, Moneysupermarket.com Group said it expects results for the first-half to be in line with the board's previous expectations.
The British pound staged a sharp fall against the US dollar, the European currency, the Swiss franc and the Japanese yen at 2:10 am ET Monday. The pound was last trading at 1.6250 against the dollar, 0.8598 versus the euro, 1.7680 against the franc and 154.86 versus the yen.
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