European Factors -- Shares set to fall; US gains fade

(Adds company items; updates snapshot table)

LONDON, Nov 5 (Reuters) - European shares were set to fall back on Thursday, after Wall Street surrendered most of its earlier gains, while the Federal Reserve stated that it would keep rates close to zero for "an extended period".

Financial spreadbetters expected Britain's FTSE 100 to open up to 38 points lower, or as much as 0.7 percent, Germany's DAX (Xetra: news) to open up to 52 points lower, or as much as 1.0 percent and France's CAC to open up to 33 points lower, or as much as 0.9 percent.

On Wednesday, the FTSEurofirst 300 index of top European shares rose 1.6 percent to close at 984.64 points, more than recouping the previous session's losses.

The European benchmark is up more than 52 percent from its lifetime low of March 9, as investors have seen major economies emerge from recession.

Rate decisions and statements from the Bank of England and the European Central Bank (CBSU.PK - news) will provide much of the day's focus.

However, it is also a busy day for earnings with BNP Paribas (Paris: FR0000131104 - news) and Unilever (LSE: ULVR.L - news) among those reporting.

U.S. shares surrendered early gains and finished only marginally higher on Wednesday, though the Fed's statement provided what most investors had been looking for. It said it would keep rates close to zero for an extended period, even amid growing evidence of recovery.

The Fed's pledge to stick to a very loose monetary policy was expected and gave investors little new to trade on, although its cautious economic outlook prompted light profit-taking.

The BoE and ECB are also expected to keep UK interest rates on hold on Thursday.

However, a change is likely to the BoE's quantitative easing programme, with two-thirds of economists polled by Reuters forecasting at least a 25 billion pounds increase to 200 billion pounds after the UK economy unexpectedly contracted in the third quarter. [ID:nLU640629]

Japan's benchmark Nikkei (news) fell 1.3 percent to a one-month closing low on Thursday.

"The late sell off on Wall Street has the potential to weigh on European markets as the day's trade gets underway although with ECB and BoE rate verdicts both due - plus the accompanying UK QE announcement - the potential for further volatility in the short term certainly cannot be overlooked," said Cameron Peacock, market analyst at IG Markets.

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

LAST PCT CHG NET CHG

S&P 500 1,046.50 0.1 % 1.09

NIKKEI 9,717.44 -1.29 % -126.87

MSCI ASIA EX-JP 450.54 -0.90 % -4.11

EUR/USD 1.4842 -0.19 % -0.0028

USD/JPY 90.47 -0.30 % -0.2700

10-YR US TSY YLD 3.514 -- -0.01

10-YR BUND YLD 3.317 -- 0.00

SPOT GOLD $1,086.00 -0.58 % -$6.35

US CRUDE $79.68 -0.90 % -0.72

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

* US STOCKS-Wall St rally fades late after Fed [ID:nN0458750]

* TREASURIES-Supply worry dents prices [ID:nN04595088]

* Dollar pressured by Fed's pledge on low rates [ID:nSYD268937]

* GLOBAL MARKETS-Asia shares dip [ID:nHKG148885]

* Nikkei slips as exporters sold, eyes on jobs data [ID:nT23370]

* Oil dips under $80 after rising on U.S. crude draw [ID:nT445983]

* PRECIOUS-Gold eases but $1,100 still in sight [ID:nT148131]

* METALS-Shanghai copper lower despite dollar [ID:nSHA138427]

COMPANY ITEMS

BNP PARIBAS

BNP Paribas , the eurozone's second-biggest bank by market capitalisation, posted a surge in third quarter profits on Thursday that beat market forecasts and trumped the results of many rival banks. Net profit rose 45 percent from a year ago to 1.305 billion euros ($1.9 billion). [ID:nL4683594]

ZURICH FINANCIAL SERVICES

Swiss insurer Zurich Financial Services AG said third-quarter profit rose 138 percent, broadly in line with expectations, after claims on hurricanes Gustav and Ike battered profit a year earlier.

For related news, click on

ADECCO

Adecco (Virt-X: ADEN.VX - news) , the world's largest staffing company, has seen a stabilisation in the market for temporary workers continue in October and has managed to boost its profitability thanks to tight cost control.

For related news, click on [ADEN.VX]

PETROPLUS

Petroplus, Europe's largest independent oil refiner, missed forecasts with a third-quarter net loss of $259.4 million.

For related news, click on [PPHN.VX]

DEUTSCHE TELEKOM (Xetra: 555750 - news)

Deutsche Telekom , like many of its European peers, on Thursday reported solid third quarter core results thanks to strict cost control and confirmed its full year outlook. The Bonn-based company, which reorganized its business this year and begun reporting by regions, posted an estimate-beating core profit of 5.5 billion euros ($8.11 billion) on sales of 16.2 billion euros. [ID:nL4584255]

COMMERZBANK

Germany's second-largest bank published its complete third-quarter report and said third-quarter operating profit was 122 million euros ($179.9 million), adding that the bank's German core business is profitable, but the bank will close out 2009 with a loss. [ID:nWEA8868] Poll: [ID:nL2413882]

Related news [CBKG.DE-E]

DEUTSCHE POST (Xetra: 555200 - news)

The logistics and mail carrier raised its full-year outlook underlying EBIT outlook to 1.35 billion euros and reported a third-quarter net loss of 83 million euros, which was less than expectations of a loss of 125 million euros. Quarterly revenues of 11.2 billion euros were slightly lower than expectations of 11.845 billion euros. [ID:nWEA8864] Poll: [ID:nLT56082]

Related news [DPWGn.DE-E]

MUNICH RE

Q3 results. The world's largest reinsurer is expected to report its operating profit more than tripled to 1.149 billion euros in the third quarter as premiums rose more than 10 percent. Poll: [ID:nL2210718]

Related news [MUVGn.DE-E]

DEUTSCHE POSTBANK (Xetra: 800100 - news)

Germany's largest retail bank reported a third-quarter pretax loss of 59 million euros, compared with a 33 million euros forecast. [ID:nWEA8914] Poll [ID:nL2454022]

Related news [DPBGn.DE-E]

SIEMENS

Labour representatives at Siemens (Xetra: 723610 - news) are worried the company could slash as many as 10,000 jobs as the industrial conglomerate feels the recession pinch even further next year, a works council official told a German daily on Wednesday. [ID:nB273766]

Related news [SIEGn.DE-E]

WACKER CHEMIE (Xetra: WCH888 - news)

Q3 results. The chemicals specialist reported a third-quarter EBITDA of 184 milion euros, beating estimates of 155 million euros. [ID:nWEA8884] Poll: [ID:nLT405178]

Related news [WCHG.DE-E]

GENERAL MOTORS (NYSE: GM - news) ' [GM.UL] OPEL

General Motors Europe head Carl-Peter Forster expects massive cuts at Opel after GM decided to hold on to the European carmaker, he was quoted saying in a German newspaper. "We had negotiated a good restructuring plan which was ready and on the table," Forster was quoted as saying in Bild newspaper, in an advance copy of an interview to be published on Thursday.

[ID:nL478832]

European Union competition regulators urged U.S. carmaker General Motors on Wednesday to draft a recovery plan for its European arm, Opel, that would ensure its long-term viability. [ID:nL4127872]

Related news [GM.UL-E]

NOVARTIS

Germany has approved Novartis AG (Virt-X: NOVN.VX - news) 's H1N1 swin flu vaccine Celtura, the Swiss drugmaker said on Thursday.

For related news, click on [NOVN.VX]

UNILEVER (Amsterdam: UNIA.AS - news)

The Anglo-Dutch household goods giant posts third-quarter results.

VEDANTA RESOURCES (LSE: VED.L - news)

The Indian-focused miner delivers first-half results.

MAN GROUP (LSE: EMG.L - news)

The hedge fund manager reports first-half results.

RSA INSURANCE (LSE: RSA.L - news)

The insurer issues a trading update.

OLD MUTUAL (LSE: OML.L - news)

The insurer and asset manager issues a trading update.

SEGRO (LSE: SGRO.L - news)

The industrial landlord issues a trading update.

CABLE & WIRELESS

The telecoms carrier posts first-half results. (Reporting by Brian Gorman)