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RPT-European Factors to Watch-Shares seen steady; focus on earnings, Bernanke
July 16, 2012 / 5:58 AM / 5 years ago

RPT-European Factors to Watch-Shares seen steady; focus on earnings, Bernanke

LONDON, July 16 (Reuters) - European shares were set for a steady start on
Monday, with investors waiting for company earnings reports and this week's
testimony from U.S. Federal Reserve Chairman Ben Bernanke to determine the
market's near-term direction.
    Investors will be looking for hints about stimulus measures during
Bernanke's biannual testimony to the U.S. Congress on the economy on Tuesday and
Wednesday after central banks from Europe, China and Brazil cut interest rates
this month to support economic growth.
    Focus will also be on financial stocks, with U.S. bank Citigroup 
announcing results later in the session following JPMorgan Chase & Co's 
statement on Friday that it lost $5.8 billion in 2012 from disastrous credit
bets. JPMorgan still managed to earn nearly $5 billion in overall profit in the
second quarter. 
    Financial spread betters predicted Britain's FTSE 100 
 would rise about 3 points, or as much as 0.05 percent, Germany's DAX
 wold open 1 to 4 points higher, or as much as 0.06 points, and France's
CAC-40 would fall 8 to 9 points, or as much as 0.28 percent.
    The FTSEurofirst 300 index of top European shares ended 1.3 percent
higher at 1,042.63 points on Friday, its highest close since July 5. 
    
     MARKET SNAPSHOT AT 0533 GMT                                 
                                               LAST     PCT CHG    NET CHG
     S&P 500                               1,356.78      1.65 %      22.02
     NIKKEI                                8,724.12      0.05 %       4.11
     MSCI ASIA EX-JP                                      0.3 %       1.40
     EUR/USD                                 1.2239     -0.12 %    -0.0015
     USD/JPY                                  79.09     -0.18 %    -0.1400
     10-YR US TSY YLD                         1.491          --       0.00
     10-YR BUND YLD                           1.258          --       0.00
     SPOT GOLD                            $1,587.49     -0.16 %     -$2.54
     US CRUDE                                $86.75      -0.4 %      -0.35
 
    * Shares extend rally on China relief, Bernanke next focus   
    * Euro holds steady vs dollar, focus on Bernanke             
    * Wall St ends six-day losing streak with a flourish         
    * Brent stays above $102                                     
    * LME copper comes off 1-wk top; China monetary policy eyed  
    * Gold inches down as investors await Bernanke outlook       
    * Bonds fall on inflation data, stock gains

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