Siemens, Intesa Sanpaolo, Rosneft

Siemens is set to be in focus Monday after announcing over the weekend that it will have cut a total of about 15,000 jobs world-wide by the end of the next business year.Sunday's disclosure marked the first major cost-cutting announcement by Siemens's freshly appointed chief executive, Joe Kaeser. Mr. Kaeser's predecessor, Peter L?scher, lost his job in July after failing to meet the company's profit targets.Siemens,Fashion Dresses which makes products ranging from high-speed trains to wind mills and gas turbines to medical equipment, employs about 370,000 people world-wide. Its dozens of subsectors are grouped into four main divisions: industry, energy, infrastructure and cities, and health care.Shares in Siemens are down 1% at €88.96  ($120.10) early Monday, but this is line with losses on the DAX index. The stock is trading just off the €90.33 high seen on Sept. 19, and this was the highest level seen since the summer of 2011.

Morgan Stanley keeps Siemens at overweight in its investment analysis, saying the stock offers one of its best ideas in terms of favorable risk/reward profiles, and clear catalysts.Italian banks are also in the spotlight,Fashion Dresses weighed down by political worries as Italian Prime Minister Enrico Letta launched a last-ditch effort over the weekend to rescue his government from collapse.This has resulted in Italian sovereign debt being hit hard, pushing the country's 10-year bond yield 0.26 percentage point higher to 4.68%, the highest since late June,Fashion Dresses and has weighed on Italian banking shares given their exposure to Italian government debt.Also weighing is the resignation Sunday of Intesa Sanpaolo's chief executive Enrico Cucchiani, following clashes with board members and executives over his management style and the bank's strategy.

Shares in Intesa Sanpaolo have dropped 3.7%, while UniCredit trades 3.6% lower.Russian state oil firm Rosneft is in the news Monday,Fashion Dresses after offering a buyout to minority shareholders in its TNK-BP Holding subsidiary at a premium to the current market price.Rosneft's board approved an offer at the average price for the last six months of 67 rubles ($2) per ordinary share and 55 rubles per preferred share, the company said in a statement.Rosneft gained control over TNK-BP in March, buying stakes from Russian consortium Alfa-Access-Renova and British oil company BP following a corporate conflict.However, this is unlikely to be the end of the saga. Raiffeisen doubts the minority shareholders will accept this offer "as the price of the buyout is significantly below the market valuation of TNK-BP Holding before the acquisition of TNK-BP International by Rosneft."

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