May 30, 2012 / 5:37 AM / 5 years ago

Europe Factors to Watch-Shares set to reverse Tuesday's gains

PARIS, May 30 (Reuters) - Financial spreadbetters expect Europe's main stock
indexes to fall on Wednesday, surrendering gains made in the previous session as
lingering fears over Spain's troubled banking sector rattle investors and send
the euro currency to a two-year low.	
    Financial spreadbetters expect Britain's FTSE 100 to open 25 to 30
points lower, or down as much as 0.6 percent, Germany's DAX to open 11
to 18 points lower, or down as much as 0.3 percent, and France's CAC 40 
to open 15 to 22 points lower, or down as much as 0.7 percent.	
    After the European closing bell on Tuesday, Spain's central bank said in a
statement its governor Miguel Angel Fernandez Ordonez will step down on June 10,
one month earlier than expected. 	
     The European Commission is expected to set out its economic strategy for
the euro zone on Wednesday, detailing measures to balance growth with fiscal
consolidation, with Spain and Italy in the spotlight. 	
    A government source told Reuters on Tuesday that Spain will put forward a
three-year plan to control central government spending, covering 2012-2014, when
it presents a draft budget to Congress in the coming months. 	
    Three unlisted Spanish savings banks, Liberbank, Ibercaja and Caja 3, said
on Tuesday they will merge, in a bid to bulk up their capital position as they
struggle with billions of euros of bad property debt. 	
    An Italian debt auction will also be in focus on Wednesday, with the country
offering 4.50 to 6.25 billion euros of five- and 10-year bonds. 	
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 MARKET SNAPSHOT AT 0527 GMT                            
                                         LAST  PCT CHG  NET CHG
 S&P 500                             1,332.42   1.11 %     14.6
 NIKKEI                              8,601.00  -0.65 %   -56.08
 MSCI ASIA EX-JP                       468.39  -1.23 %    -5.85
 EUR/USD                               1.2465  -0.17 %  -0.0021
 USD/JPY                                79.46  -0.08 %  -0.0600
 10-YR US TSY YLD                       1.721       --    -0.03
 10-YR BUND YLD                         1.390       --     0.02
 SPOT GOLD                          $1,547.34  -0.46 %   -$7.20
 US CRUDE                              $90.21  -0.61 %    -0.55
 	
    GLOBAL MARKETS-Shares and euro slip as Spain bank woes hurt 	
    Wall St rises on Greek bets, Facebook falls 10 pct          	
    Nikkei loses 1 pct; strong yen weighs                       	
    FOREX-Euro hits 2-year low, dogged by Spain's debt woes     	
    PRECIOUS-Gold hits one-week low on euro weakness            	
    METALS-Copper falls on Spanish banking woes                 	
    Brent stays below $107, heads for worst month in 2 yrs

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