European futures higher on US Tsy Sec. pick, UniCredit makes domestic rival bid
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EUROPEAN FUTURES HIGHER ON US TSY SEC. PICK, UNICREDIT MAKES DOMESTIC RIVAL BID
Major European stock markets look set to add to gains from the end of last week after fund manager Scott Bessent was picked by U.S. President-elect Trump as Treasury Secretary.
Bessent is seen as "pro growth but also fiscally conservative," writes Jefferies economist Mohit Kumar.
"Trump's pick ... supports our view that concerns of massive fiscal expansion under Trump are exaggerated," he adds.
That's pushed U.S. Treasury yields US10YT=RR lower on Monday and looks to give a lift to equities.
Euro STOXX 50 futures STXEc1 are up 0.6%, adding to Friday's 0.7% rise.
Futures on Germany's DAX FDXc1 and France's CAC FCEc1 are up 0.4%, while S&P futures EScv1 are gaining a similar amount.
In corporate news, Italian lenderUniCredit CRDI.MI will be in focus after it launched a surprise all-share offer for domestic rival Banco BPM BAMI.MI worth 10 billion euros ($10.47 billion).
The offer comes after UniCredit had recently built a stake in Germany's Commerzbank CBKG.DE, where it is also pursuing a deal.
In other M&A news, Anglo American AAL.L agreed to sell its Australian steelmaking coal mines to Peabody Energy BTU.N for up to $3.78 billion.
(Samuel Indyk)
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