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LIVE MARKETS-On the radar: M&A on the frontline, Commerzbank

Published 28/09/2020, 04:40 pm
Updated 28/09/2020, 04:42 pm

* European shares seen opening higher

* Euro STOXX 50 futures up 1.6% Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters. You can share your thoughts with Joice Alves (joice.alves@thomsonreuters.com) and Julien Ponthus (julien.ponthus@thomsonreuters.com) in London and Stefano Rebaudo (stefano.rebaudo@thomsonreuters.com) and Danilo Masoni (danilo.masoni@thomsonreuters.com) in Milan.

ON THE RADAR: M&A ON THE FRONTLINE, COMMERZBANK (0640 GMT)

European stocks are poised to open higher supported by a tech shares rebound on Wall Street on Friday and strong Chinese data during the weekend.

Risk sentiment continues to show some resilience as investors are focused on stimulus plans by governments and central banks.

Cleveland-Cliffs CLF.N , the largest U.S. producer of iron ore pellets, said it had agreed to buy the U.S. assets of world's largest steelmaker ArcelorMittal MT.LU for about $1.4 billion. casino operator Caesars Entertainment CZR.O said it was in advanced talks with William Hill WMH.L about a possible cash offer that values the British bookmaker at about 2.9 billion pounds. utility group Veolia VIE.PA will improve its offer to buy the bulk of Engie's ENGIE.PA stake in smaller rival Suez SEVI.PA by September 30. Veolia last month offered 2.9 billion euros for a 29.9% stake in Suez owned by Engie, with a view to subsequently taking full control of Suez by buying up more shares. in Commerzbank CBKG.DE are up 4.4% in early trade after the nomination of Manfred Knof as chief executive of Germany's bank, which paves the way for an overhaul that could close hundreds of branches and shrink its foreign operations, though any major changes may still take months to formalise. welcomed former Daimler DAIGn.DE chief executive Dieter Zetsche's decision to forego his role as chairman of the German carmaker, announced at the weekend and starting a race to find an independent head of the company's supervisory board. Tinto RIO.AX RIO.L is willing to continue talks with the New Zealand government on extending operations at its Tiwai Point aluminium smelter. SOON.S expects to return to growth in the second half of the year. also on Diageo DGE.L which said its business was performing ahead of its expectations. Rebaudo)

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MORNING CALL: RESILIENT AFTER RECENT FALLS (0533 GMT)

European stock futures are well in the black showing some resilience after recent falls and a tech shares rebound on Wall Street on Friday, though broad sentiment remain cautious.

Asian stocks are higher after profits at China's industrial firms grew for the fourth straight month in August, but concerns about surging coronavirus cases in Europe and risks of new restrictive measures continue to weigh.

However there is more going on as investors' focus is on UK-Europe post-Brexit trade talks and a fresh U.S. stimulus package, which by the way seems increasingly unlikely to be approved before the November presidential election.

(Stefano Rebaudo)

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