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European Shares Seen Up, Breaking Losing Streak

By: Reuters | 09 Jul 2009 | 01:23 AM ET

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European shares looked set to open higher on Thursday, breaking a five-day losing streak, after two of Wall Street's three main indexes eked out minor gains overnight after a late rally.

Financial bookmakers expected Britain's FTSE 100 to open between 9 and 15 points higher, or as much as 0.4 percent, Germany's DAX between 22 and 38 points up, or as much as 0.6 percent, and the French CAC-40 between 7 and 12 points up, or as much as 0.4 percent.

U.S. aluminum maker Alcoa [AA Loading... () ] posted a third consecutive quarterly loss on Wednesday, but cost cuts helped the group beat Wall Street estimates by a large margin, sending its stock higher and setting a positive tone to the start of the second-quarter corporate earnings season.

"Given the input from the United States we expect a higher opening in Europe," said Heino Ruland, analyst at Ruland Research.

On Wednesday, the FTSEurofirst 300 index of top European shares fell 1.1 percent to 817.12 points. The fifth consecutive drop marked the index's longest losing streak since mid-January.

The focus on Thursday will be on the Bank of England's interest rate decision and the ongoing G8 summit due to deal with global warming and trade with major developing nations.

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The day's diaries also have British asset manager Man Group's quarterly trading statement, June traffic data from German airline Lufthansa, weekly U.S. jobless claims and U.S. oil major Chevron's interim results.

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