Dec. 27 (Bloomberg) -- European insurance and travel stocks might fall after the world's most powerful earthquake in more than 40 years caused waves that killed at least 13,000 in Asia. Allianz AG, Europe's largest insurer, and Axa SA, the region's second-biggest, may be active.

January futures on France's CAC 40 Index were unchanged at 3846 as of 7:04 a.m. in London. Germany's DAX Index might decline 2.4 to 4249, according to Deutsche Bank AG.

The New York Stock Exchange was closed on Friday for the Christmas holiday. Markets in Ireland and the U.K. are closed today.

Companies including Club Mediterranee SA, Europe's largest resort operator, and TUI AG, Europe's largest tour operator, may be active. The earthquake in Asia flooded roads, cities and tourist areas from Malaysia to Sri Lanka.

TUI is canceling flights to Thailand's Phuket as well as Sri Lanka and the Maldives until Dec. 31, Anja Braun, a spokeswoman, said yesterday.

Arcelor SA may gain. The world's biggest steelmaker, will ship steel to Nissan Motor Co. as early as January, the Nihon Keizai newspaper reported on Friday, citing the steelmaker. The company didn't disclose details of the agreement, including the amount and duration of the shipments and from which factory they will come from, the paper said.

Euronext NV may be active. The operator of the Paris, Brussels and Amsterdam stock exchanges plans to raise 1.4 billion pounds ($2.7 billion) from the debt market to finance its bid for London Stock Exchange Plc, the Sunday Times newspaper reported, without saying where it got the information.

Roche Holding

Roche Holding AG, the world's largest maker of cancer medicines and diagnostic tests, may move after the Basel, Switzerland-based company won U.S. regulatory approval on Dec. 24 to sell the first laboratory gene test that can help doctors reduce the risk of side effects for certain medications. The product, AmpliChip Cytochrome P450, finds variations in a gene that influences how the body processes drugs used to treat heart disease, depression and chemotherapy.

Shares of Enel SpA might move. Enel SpA, Italy's biggest utility, said Friday it's in talks to buy Ipse 2000 SpA, an Italian wireless-phone company that never started services, for as much as 792 million euros ($1.1 billion) to gain tax benefits.

Enel expects to reach agreement on the purchase by the end of the year. The acquisition and resulting tax credit stemming from Ipse's losses will lift Enel's profit and help boost dividends, the company said.

European companies that are most dependent on revenue from North America, such as L'Oreal SA and Thomson SA, may decline. The dollar traded near a record low against the euro in Asia and erased a gain against the yen on speculation the U.S. and Europe won't take measures to halt the currency's decline.

Asian stocks fell after the earthquake that struck the region. The Morgan Stanley Capital International Asia-Pacific Index, which tracks more than 900 stocks in the region, slipped 0.2 percent. The Nikkei 225 Stock Average lost less than 0.1 percent.

To contact the reporter on this story: Adria Cimino in Paris at acimino1@bloomberg.net.

Last Updated: December 27, 2004 02:08 EST