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Renault CEO says eight-year plan can turn round carmaker By Reuters

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© Reuters. Renault updates its electric strategy

BARCELONA (Reuters) – French carmaker Renault (PA:) will unveil an eight-year plan next year as the group contends with a demand slump exacerbated by the coronavirus crisis, Chief Executive Luca de Meo said in a newspaper interview published on Sunday.

De Meo had flagged last month that Renault might have to dig deeper than the 2 billion euros ($2.3 billion) of cost cuts it has already outlined to get back on its feet after a sustained downturn in earnings since 2018.

“The next two years will be tough. We have an eight-year plan that we will be announced in January, and we can turn it all around,” he told El Pais newspaper without disclosing specific detail on the plan.

($1 = 0.8534 euros)

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European stock futures slump 2% on report France mulling national lockdown By Reuters

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© Reuters. The German share price index DAX graph at the stock exchange in Frankfurt

(Reuters) – European stock futures dropped to a fresh five-month low on Wednesday after a report France was mulling a month-long national lockdown to combat a surge in coronavirus infections.

Euro Stoxx 50 futures () were off 2% at 0728 GMT, while German DAX futures () shed 1.9% and UK’s futures () dropped 1.4%. Wall Street futures were down about 1%.

French President Emmanuel Macron will give a televised address later in the evening, his office said.

Europe’s third-largest economy reported 523 new deaths from coronavirus over the past 24 hours, the highest daily toll since April 22, while United Kingdom recorded 367 deaths on Tuesday, the highest daily toll since May 27.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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European Stocks Seen Lower; Virus Prompts Lockdown Fears By Investing.com

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© Reuters.

By Peter Nurse

Investing.com – European stock markets are seen opening lower Wednesday on worries about the damage to the region’s economies caused by a second wave of shutdowns to combat the surge in Covid-19 cases.

At 2:00 AM ET (0700 GMT), the contract in Germany traded 0.3% lower, in France dropped 1.4% and the contract in the UK fell 0.8%. 

Europe continues to be hit hard with the second wave of the virus, with many of the region’s countries reporting soaring infection rates, not helped by the onset of cold, damp winter weather.

Restrictions imposed to try and combat the pandemic have had a limited effect to date, prompting fears of more draconian measures.

French President Emmanuel Macron is set to give a televised address on Wednesday evening, with local media reporting that the government is considering imposing a lockdown from midnight on Thursday.

Similarly, the Belgian government will convene on Friday to decide on a potential new national lockdown, while Spain has already announced a state of emergency for six months.

In corporate news, Deutsche Bank (DE:) will be in focus after the troubled bank returned to quarterly profit, helped by a strong performance from its investment banking arm.

Additionally, Reuters reported that U.S. jeweler Tiffany (NYSE:) and French luxury goods giant LVMH (PA:) are in talks to settle their dispute over a $16 billion takeover at a price slightly lower than that initially agreed.

Oil prices slumped Wednesday, as a jump in stocks, coupled with the potential damage to demand from the incessant increase in Covid-19 cases, raised worries about a supply glut.

Data from the late Tuesday showed a build of 4.577 million barrels for the week ending Oct. 23, more than the 1.2 million barrels expected, while gasoline inventories also rose. Government are expected later Wednesday.

Oil had rallied on Tuesday, with the contract climbing nearly 2% and the WTI version 2.6%, after a significant portion of U.S. Gulf output was shuttered ahead of the arrival of Hurricane Zeta, which is expected to make landfall in Louisiana later Wednesday.

U.S. crude futures traded 2.6% lower at $38.55 a barrel, while the international benchmark Brent contract fell 1.6% to $40.95. 

Elsewhere, fell 0.2% to $1,908.05/oz, while traded 0.2% lower at 1.1775.

 

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Italy’s antitrust probes Google for possible abuse of dominant position By Reuters

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© Reuters. FILE PHOTO: Logo of Google is seen in Davos

ROME (Reuters) – Italy’s antitrust said on Wednesday it was probing Google (O:) for a possible abuse of dominant position in the Italian market of display advertising.

The regulator said that thanks to its position in the online advertising market, the company “uses in a discriminatory way enormous amounts of data, collected through its own applications, impeding other competitor operators to compete in an effective way”.

The authority added that it had carried out, with Italy’s Finance police, inspections in some Google offices on Tuesday.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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