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European Market Updates
10/1/2009 2:53 AM ET
(RTTNews) -
After yesterday's disappointing economic data from the U.S., European stocks may open on a flat note Thursday morning. Underlying sentiment may be cautious after Germany's Federal Statistical Office announced that the retail sales in real terms decreased 2.6% year-over-year in August, compared to the 0.8% fall in July, revised from 1% decline reported initially. Economists expected a decline of 0.8%.
On a monthly basis, retail sales dropped a seasonally and calender adjusted 1.5% in August, in contrast to the 0.7% increase in July. Economists were looking for an increase of 0.2%.
Later in the session, investors await the Eurostat unemployment data for August. Eurozone's jobless rate is forecast to rise to 9.6% in August from 9.5% in July.
The major Asian markets fell on Thursday ahead of Friday's monthly report on the U.S job market. Markets in China and Hong Kong were closed for a holiday.
Crude oil prices slipped by over a percent to below $70 a barrel in Asian trading on Thursday after rallying overnight.
On Wall Street, weaker-than-expected jobs data and disappointing news from the Chicago manufacturing sector dragged down stocks Wednesday. The major averages saw some upside in late session dealing but still ended the day modestly lower. The Dow closed down 0.31%, the Nasdaq slipped 0.08% and the S&P 500 shed 0.33%.
In corporate news, French telecommunications giant France Telecom appointed Jean-Michel Serre to mediate between management and employees for reshuffling of jobs internally.
Drug maker UCB SA said that it has successfully completed a EUR 450 million senior unsecured convertible bonds offering.
Mr. Bricolage SA announced the suspension, from January 2010, of its accord with the Martin group which operates 11 Mr. Bricolage branded stores in South Eastern France.
German truck maker MAN SE said that Invesco AIM Management Group Inc. of the U.S. has increased its stake in the company to 10.42%.
Germany's Merck KGaA filed its cladribine pill for multiple sclerosis for U.S. FDA approval.
QinetiQ Group Plc said it completed the disposal of its underwater systems business based at Winfrith, Dorset to Atlas Elektronik U.K following the approval from the U.K government.
Michael Baker Corp. said it has completed the sale of its energy business segment, Baker Energy, to a subsidiary of international energy services company John Wood Group Plc.
Johnson Matthey Plc said it acquired the assets of Applied Utility Systems Inc. from Catalytic Solutions Inc. for US$8.5 million in cash plus US$1.5 million, subject to certain contingencies.
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