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MTS - ArcelorMittal SA News Story

€27.04 -0.5  -2.0%

Last Trade - 11/05/21

Basic Materials
Large Cap
Market Cap £25.65bn
Enterprise Value £31.23bn
Revenue £38.68bn
Position in Universe 11th / 725

European shares poised for quiet end to strong week, earnings loom

Fri 14th July, 2017 10:20am
* STOXX 600, blue chips flat * Steelmakers boost basic resources * Nordic stocks in focus as Gjensidige, Skanska fall * SEB leads banks after Q2 beat * Earnings on horizon as U.S. banks set to report (Adds quotes and detail, updates prices) By Kit Rees LONDON, July 14 (Reuters) - European shares were poised for their best week in more than two months as investors piled back into equities on signs that the world's major central banks would likely not tighten monetary policy as quickly as some had feared. The move on indexes on Friday was more muted as investors hunkered down ahead of earnings reports from major U.S. banks including JPMorgan JPM.N and Citigroup C.N later in the day. The pan-European STOXX 600 .STOXX index was flat in percentage terms by 0852 GMT while euro zone bluechips .STOXX50E were little changed. "In Europe, we're still not dealing with any higher interest rates, which should be benefiting the U.S. (banks) slightly in terms of net interest margin," Mike van Dulken, head of research at Accendo Markets, said. "That said we've still got the supportive QE helping, but yields are still low, which is not great for the banks." Accendo Markets' van Dulken added that Federal Reserve Chair Janet Yellen had been very non-committal in her comments about both interest rates and the balance sheet. Firmer metals prices underpinned gains on mining stocks. Miners .SXPP were led higher by steel firms Outokumpu OUT1V.HE , ArcelorMittal MT.AS , and Tenaris TENR.MI which rose after U.S. President Donald Trump said that he was considering quotas and tariffs on Chinese steel dumping.*:nL1N1K41LP Analysts at Barclays said that they remained positive on the European mining sector, which has gained just 4 percent so far this year after rallying more than 60 percent in 2016. "Chinese rates are falling, demand indicators across the economy appear healthy, industry capex discipline is holding, M&A is generally off the agenda, and resulting strong cashflows are being utilised for balance sheet reconstruction and distributions to shareholders," Barclays analysts said in a note. While a rise in bond yields has hit rate-sensitive sectors such as utilities .SX6P , banking stocks .SX7P have instead benefited and the sector was roughly flat as Swedish lender SEB SEBa.ST jumped around 2 percent after its second-quarter profit topped forecasts.*:nL8N1K50J2 Other Nordic stocks were also in focus as Norwegian insurer Gjensidige GJFS.OL slumped 6.5 percent to the bottom of the STOXX 600 after its second quarter results came in below forecasts.*:nFWN1K40QG It was joined by Swedish construction group Skanksa SKAb.ST , which dropped nearly 5 percent after it warned that its second-quarter profit would be hit by project writedowns in the U.S. and Britain.*:nL8N1K519B European earnings get underway in earnest only later this month. Overall, analyst are calling for about 9 percent year-on-year earnings growth for top European firms, compared to about 8 percent for the U.S., according to Thomson Reuters I/B/E/S. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Global earnings growth ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Kit Rees, Editing by Vikram Subhedar and Toby Chopra) ((; +44 207 542 2784;)) Keywords: EUROPE STOCKS/
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