Europe Stock-Index Futures Little Changed on Fed Remarks
European stock-index futures were little changed, with equities heading for a weekly gain, as Federal Reserve Chair Janet Yellen reiterated the central bank will continue to support the economy. U.S. index futures were little changed, while Asian shares rose.
SAP AG may move after Germany’s biggest technology company reported quarterly sales and earnings that missed analysts’ estimates. Akzo Nobel NV may be active after posting profit that beat projections. Actelion Ltd. may move after saying it may review its earnings forecast after reporting better-than-estimated first-quarter profit.
Futures on the Euro Stoxx 50 Index expiring in June rose less than 0.1 percent to 3,079 at 7:36 a.m. in London. Contracts on the U.K.’s FTSE 100 Index dropped 0.1 percent, while Standard & Poor’s 500 Index futures slipped 0.2 percent. The MSCI Asia Pacific Index climbed 0.3 percent. Markets in Denmark, Norway and Iceland are closed for the Maundy Thursday holiday. Trading in Sweden closes at 1 p.m. local time.
The Stoxx Europe 600 Index rose 1.3 percent yesterday as U.S. industrial-production figures beat forecasts and as Tesco Plc and Syngenta AG climbed on results. The equity benchmark has still declined 2.5 percent from this year’s high on April 4 amid a confrontation between Ukraine’s acting government and pro-Russian separatists in the country’s eastern region.
In the U.S., Yellen said the central bank is committed to maintaining an appropriate level of monetary accommodation to support the country’s economic recovery. Investors should watch shortfalls in both inflation and the jobless rate for indications on the Federal Open Market Committee’s decision on the federal-funds rate, she said at the Economic Club of New York after European markets closed yesterday.
Beige Book
Separately, the central bank’s Beige Book business survey showed that eight of its 12 districts experienced “modest or moderate” growth based on reports gathered before April 7. The FOMC next meets on April 29-30 to discuss monetary policy.
SAP may be active after reporting first-quarter operating profit, excluding some items, of 919 million euros ($1.3 billion) on sales of 3.7 billion euros. Analysts on average had predicted earnings of 975 million euros and revenue of 3.8 billion euros.
Akzo Nobel may move after posting first-quarter net income of 129 million euros, exceeding the 116 million-euro average estimate of analysts surveyed by Bloomberg. The world’s largest maker of paint posted sales of 3.38 billion euros, trailing the 3.44 billion-euro average analyst estimate.
Actelion, Remy
Actelion may be active after reporting first-quarter core earnings of 189 million Swiss francs ($215 million), beating the 154.7 million-franc average analyst prediction. Chief Executive Officer Jean-Paul Clozel said in a statement the drugmaker may review its earnings-growth outlook by the middle of 2014 after a positive start to the year.
Remy Cointreau SA may move after saying it expects adjusted operating profit to decline by 35 percent to 40 percent in the financial year through March. The maker of Remy Martin cognac said annual organic sales fell 10.7 percent, compared with the 9.7 percent drop predicted by analysts in a Bloomberg survey.
Source: bloomberg
