Europe before the bell: futures up, Continental beats
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EUROPE BEFORE THE BELL: FUTURES UP, CONTINENTAL BEATS
Futures markets pointed to a slightly positive start for European equities on Monday even as "Trump trades" like bitcoin and Tesla extended their rally, while Asian shares declined after Beijing's latest stimulus efforts disappointed investors.
Contracts on the Euro STOXX 50 and FTSE indices both rose around 0.7-0.8% following three weeks of declines for the region's equities on jitters over possible U.S tariffs and underwhelming Chinese measures to revive its economy.
S&P 500 futures added 0.2%, building on Friday's record close on hopes for favourable business policies under incoming President Donald Trump. Tesla shares rose 4% in Frankfurt after hitting $1 trillion in market value on Wall Street on Friday.
In European corporate news, automotive and industrial supplier Continental CONG.DE beat quarterly profit expectations but cut its sales guidance for the second time this year on weak demand in Europe and North America.
In M&A, Burberry BRBY.L was back in the spotlight after a Daily Mail report said the British fashion house is poised to be taken over by Italian brand Moncler MONC.MI. Speculation about a potential bid had already emerged last week.
Delivery Hero DHER.DE could get a lift on news it will list its Middle East business in Dubai in mid-December.
Exchange stocks will also be watched after Swiss exchange operator SIX Group agreed to buy Aquis in a cashoffer that values that London-based firm at $250 million in enterprise value.
Back in the UK, NatWest NWG.L purchased 1 billion pounds worth of its own shares from Britain's government.
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