* European benchmarks called lower
* ECB meeting in focus
Oct (Shenzhen: 000069.SZ - news) 25 - Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Helen Reid. Reach her on Messenger to share your thoughts on market moves: email@example.com
WHAT'S ON THE RADAR: SELLOFF SPREADS TO EUROPE AS GLOBAL LOSSES HIT $7 TRILLION (0645 GMT)
A global stock market selloff was set to sweep Europe on Thursday with futures for the main regional benchmarks down 0.7 to 0.9 percent after heavy losses on Wall Street and in Asian shares. The FTSE 100, DAX and CAC 40 were set to open at new multi-year lows.
Results were looking slightly better for banks, with both Switzerland’s biggest bank UBS and Britain’s biggest mortgage lender Lloyds beating profit expectations.
Stronger than expected results from Swiss engineering firm ABB could also encourage investors after weak earnings from Caterpillar (LSE: 0Q18.L - news) drove a sharp selloff and anxiety around industrials.
On the other hand, with tech particularly in the spotlight after the Nasdaq had its worst fall since Aug 2011, BE Semiconductor’s results will do nothing to lessen concerns. The Amsterdam-listed maker of semiconductor assembly equipment said it saw a nearly 25 percent drop in Q4 revenue due to weaker market conditions.
AB InBev is seen falling 3 to 5 percent after cutting its dividend and reporting in-line Q3 earnings.
Norwegian Air’s results confirmed investors’ concerns around the airlines sector, with the budget airline saying higher fuel prices were increasing unit cost.
The ECB meeting today would likely ramp up the pressure on equities, adding yet another reminder that easy monetary policy’s days are numbered. Societe Generale (Swiss: 519928.SW - news) analysts said they expect the ECB’s risk assessment to remain broadly balanced and QE to end in December.
M&A remained a driver still, with shares in Ceva Logistics seen up 28 percent in pre-market trade after France’s CMA CGM offered to take full control of the firm.
Britain's Lloyds Bank beats forecasts with $2.32 bln third quarter profit
Daimler Q3 hit by Germany slump as CEO forecasts high demand in Q4
WPP says open to stake sale in data unit as sales drop sharply
Debenhams to close 50 stores as posts biggest loss in 240-year history
It's looking like a stronger day for bank earnings with UBS, Switzerland's biggest bank, reporting stronger than expected net Q3 profit which the lender put down to global growth prospects and monetary policy normalisation.
An industrial bellwether for Europe, engineering company ABB also reported slightly stronger than expected Q3 profit, saying its growth was improving around the world.
Bad news for the airlines sector, though, with Norwegian Air saying its unit cost has increased due to higher fuel prices, reporting Q3 results lagging forecasts.
And BE Semiconductor's results aren't going to provide any comfort to the chipmaker subsector and tech generally: the firm said its Q4 revenue is expected to drop up to 25 percent compared with the previous quarter.
UBS Q3 net profit beats estimates as Americas region shines
UBS sees wealth management inflows of at least 3 pct by 2021
ABB reports slight Q3 profit beat, sees positive global growth
Norwegian Air hit with rising costs due higher fuel prices
Telecoms group Orange's Q3 core operating profit rises 3 pct
Equinor cuts capex spending as Q3 profit slightly lags forecast
Lonza confirms 2018 outlook and mid-term guidance
Sweden's Alfa Laval Q3 order intake beats consensus
Electronics retailer Ceconomy blames hot weather for poor sales
BE Semiconductor sees nearly 25 pct drop in Q4 revenue
Bank DNB Q3 lags forecast despite no losses
Mining gear maker Epiroc Q3 order intake misses forecast
Steinhoff says subsidiary Stripes U.S. Holding to hold restructuring meet
Bouygues Telecom in talks to buy phone services firm Keyyo
EUROPEAN STOCKS TO SLIDE AFTER BRUISING WALL ST SELLOFF (0532 GMT)
It's set to be another day of heavy losses for European stocks today after Wall St and Asian stocks sank overnight.
The Nasdaq had its worst day since Aug 2011 - losing 4.6 percent and confirming a correction - while the S&P 500 and Dow Jones erased their gains for the year as investors ran for safety from worries including disappointing earnings reports, Brexit uncertainty, Italy's budget row, upcoming U.S. elections and diplomatic tensions with Saudi Arabia.
Asian shares plunged as hundreds of billions of dollars haemorrhaged from global markets after a rout in tech stocks inflicted the largest daily decline on Wall Street since 2011, wiping out all its gains for the year.
On the slate for Europe today is the ECB meeting and a slew of earnings from UBS, ABB, Equinor, and more.
The FTSE 100 is expected to open 57 points lower at 6,905, the DAX is expected to open 100 points lower at 11,091, and the CAC 40 is expected to open 28 points lower at 4,925, according to CMC Markets (LSE: CMCX.L - news) .
(Reporting by Helen Reid, Danilo Masoni, and Julien Ponthus)