PARIS, Sept 10 European stocks are set to rise on Tuesday, helped by receding expectations of U.S.-led military action against Syria and after better-than-expected Chinese macro data. Late on Monday, U.S. President Barack Obama said he saw a possible breakthrough in the crisis with Syria after Russia proposed that Damascus hand over its chemical weapons for destruction, which could avert planned strikes. Also boosting sentiment on Tuesday was data which showed China's industrial output growth beat forecasts in August, adding to recent data pointing to a pick-up in growth in the world's second-largest economy. At 0615 GMT, futures for Euro STOXX 50, for UK's FTSE 100, for Germany's DAX and for France's CAC were up 0.4-0.6 percent. "The Russians have suggested something which seems to cure all issues, in relieving (Syrian President) Assad of his chemical weapons, and avoiding the necessity to use force against him," Capital Spreads trader William Nicholls wrote in a note. However, heavyweight European oil companies such as BP, Royal Dutch Shell and Total could feel the pinch of a drop in crude prices, with benchmark Brent oil down 0.7 percent to $112.88 a barrel on Tuesday, adding to Monday's 2.1 percent slide. Oil stocks have outperformed the market since mid-August, but fading expectations of military action against the Syrian government has prompted investors to cash in profits this week. European stocks have risen strongly since late June, with the euro zone's blue-chip Euro STOXX 50 index climbing 12 percent, supported by a raft of improved factory activity data from China, Europe and the United States, which suggest the global economic recovery is on track. -------------------------------------------------------------------------------- MARKET SNAPSHOT AT 0615 GMT: LAST PCT CHG NET CHG S&P 500 1,671.71 1 % 16.54 NIKKEI 14,423.36 1.54 % 218.13 MSCI ASIA EX-JP 533.10 1.21 % 6.38 EUR/USD 1.3272 0.14 % 0.0018 USD/JPY 99.67 0.1 % 0.1000 10-YR US TSY YLD 2.936 -- 0.02 10-YR BUND YLD 1.997 -- 0.04 SPOT GOLD $1,378.49 -0.61 % -$8.45 US CRUDE $108.51 -0.92 % -1.01 > GLOBAL MARKETS-Asian stocks hit 3-month highs, oil slips > Wall St jumps, Nasdaq ends at highest since Sept 2000 > Nikkei hits 5-1/2-wk high as Olympics-related plays keep rallying > FOREX-Euro supported as Russian plan on Syria eases chance of strike > PRECIOUS-Weaker oil, strong equities clip gold prices > METALS-Copper slips with oil, eyes China's factory output data > Brent drops below $113 on possibility Syria strike may be averted COMPANY NEWS: AUTOS First press day at the Frankfurt car show, with briefings expected by executives of BMW, Daimler, Volkswagen and other major carmakers. Separately, VW's chief executive said the group sold 6.2 million cars and vans in the first eight months of 2013, 4.5 percent more than in the year-earlier period. SABADELL Spanish lender Banco Sabadell said on Monday it would carry out a capital hike of between 1.3 billion euros ($1.72 billion) and 1.4 billion euros to strengthen its balance sheet and meet increasingly rigorous regulatory demands. GLENCORE XSTRATA The commodities group expects at least $2 billion of synergies for next year, beating initial guidance of $500 million at the time of the takeover of miner Xstrata, and hinting at further savings ahead. TELECOMS The EU's telecoms chief may have to redraw part of her plan to boost broadband speeds and forge a cross-continent market because of opposition to parts critics say could give big operators unfair advantages, a senior EU Commission official said. DEUTSCHE TELEKOM, ORANGE British mobile operator EE, a joint venture of Deutsche Telekom and Orange, said on Monday it had signed up 1 million subscribers for 4G services, or superfast broadband connections, beating its year-end target. SOCIETE GENERALE The French bank said on Monday it had lifted its leverage ratio under Basel III rules by around 0.1 percentage points in July and August, after it sold securities to top up solvency. RENAULT The carmaker named two internal executives to jointly assume the duties of Chief Operating Officer Carlos Tavares, who stepped down abruptly last month. The head of Renault and Nissan Motor, Carlos Ghosn, sees global auto market growth of just 1.5 percent this year, doubling to around 3 percent in 2014, helped by an improvement in Europe, he told Les Echos newspaper. EIFFAGE French insurer Groupama said it would sell its 6.9 percent stake in the construction and concessions company, the latest in a series of moves to shore up its balance sheet. INTERPARFUMS The perfume company posted an 87 percent rise in first-half operating profit and raised its full-year sales target to 335 million euros and its operating margin goal to around 14 percent. BANCA MONTE DEI PASCHI DI SIENA The prospect of nationalisation looms large for Italy's Monte dei Paschi di Siena now that the beleaguered lender needs to raise more than twice as much capital as originally planned to meet new European Union requirements.
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India is putting up for auction nearly four dozen small oil and gas fields in the first such sale in six years, the oil ministry said in a newspaper advertisement on Tuesday. Full Article