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Cyprus' president has asked euro zone leaders for a complete revamp of his country's 10 billion euro ($13.4 billion) bailout, the Financial Times reports.
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Markets in Europe mixed as investors continue to watch Greece, which is said to be finalizing a bailout agreement. UBS shares edge lower as results miss forecasts. Glencore agrees to buy remainder of Xstrata for $41 billion. BP raises dividend after strong 4th quarter. With Russ Koesterich, BlackRock Glbal chief investment strategist.
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Stock index futures pointed to a lower open for Wall Street Monday, tracking struggling European markets lower after a set of disappointing earnings from the likes of UBS, and with uncertainty over Greek debt talks still lingering.
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US Futures point to Wall Street opening down by 0.1 percent. Shares in Europe were slightly lower as poor results by bellwethers UBS and ArcelorMittal rekindled worries about the outlook for corporate profits, though some companies gave a positive outlook for the current quarter. Greek resistance to the strict conditions attached to a bailout fund capped the recent strength in Asian shares, which ended mostly lower today, as renewed fears of a messy debt default gave pause to mounting hopes the global economy is improving.
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U.S. markets are down in spite of the Giants' Super Bowl win as worries about Europe continue to drag. Micron Technology shares lower following CEO's death Friday. Netflix is down as Verizon teams up with Coinstar (parent of Redbox) to launch video streaming service. Of the 290 S&P companies that have reported so far, 60 percent have beaten earnings estimates.
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European shares fall over ongoing concerns about Greek debt talks. Banking stocks hit on the day. Fiat shares fall as S&P warns of possible credit downgrade. Glencore set to offer bigger-than-expected premium to buy Xstrata, according to Financial Times. Some 53 percent of Germans want Greece out of euro zone.
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Stock index futures pointed to a lower open for Wall Street today, tracking losses in Europe on concerns over whether Greece can avoid a messy default. Greece's coalition parties must tell the European Union on Monday whether they accept the painful terms of a new bailout deal as EU patience wears thin with political dithering in Athens over implementing reforms.
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US futures point to Wall Street opening down today as European shares fell back from a six-month high early today, with investors worried about whether Greece can avoid a messy default as its politicians struggled to agree austerity measures needed to secure a bailout package. Asian shares ended mostly higher as surprisingly robust U.S. jobs data bolstered investors' risk appetite.
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U.S. markets respond positively to non-farm payroll numbers. The S&P 500 is on track to rise for the 5th straight week, the longest streak since January 2011. Consulting firm estimates lost about a $1 billion in wasted work the week leading up to the Super Bowl.
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European shares jump after upbeat U.S. employment data. Banks are among the top gainers. January Euro zone Purchasing Managers Index 50.4 vs. 48.3 in December. Greek bailout may have to be $19.7 billion higher. Switzerland probes 12 U.S., European and Japanese banks over lending rates. Greece's 2011 budget deficit will come in smaller than expected. With Yra Harris, Praxis Trading, and Kevin Ferry, Cronus Futures Management.
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US stock index futures pointed to a higher open for Wall Street after better than expected data in the euro zone and the UK and ahead of crucial nonfarm payroll data. European stocks reversed a negative trend after UK services PMI jumped to a 10-month high while in the euro zone the private sector snapped four months of decline and advanced.
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S&P 500 futures suggest Wall Street will start the day with a fractional gain after European shares are up slightly due to better than expected UK January services PMI data. Investors await U.S. jobs data for indications of the strength of the recovery in the world's biggest economy. Asian shares closed mixed on Friday as a dip in figures on China's non-manufacturing sector helped dampen financial markets optimism.
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Markets in Europe rally near the U.S. open, mostly on comments from the German finance minister. He also says there will be no more public aid for Greece. Bernanke testifies in front of the House Budget Committee, says inflation is expected to remain below the 2 percent target for the next few years. Europe has monetary union and fiscal disunion, he adds. The U.S. needs to manage fiscal issues, says Bernanke, to keep investor confidence. And it must address health care costs if it's going to develop a long-term debt solution.
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Weaker than expected earnings from heavyweights such as Deutsche Bank, Shell, Unilever and Sony have turned European stocks flat and offset the more positive results out of Spanish and French bond auctions and merger talks between miner Xstrata and commodities trader Glencore. The FTSE Eurofirst 300 index of top European shares was down 0.1 percent at 1,056.47 points, having been as high as 1,061.25 earlier.
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US futures point to a mixed picture on Wall Street after strong gains yesterday. European shares turned negative as some weaker-than-expected results from heavyweights such as Unilever offset the benefits of merger talks between miner Xstrata and commodities trader Glencore. However Asian shares ended higher as encouraging manufacturing data soothed fears about the global economic fallout from the euro zone debt crisis.
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The market moves higher as positive manufacturing data continues. ADP says January private sector jobs were up 170,000. Ford and Chrysler see sales growth in January. Seagate expects unit shipments top jump by nearly a third this quarter. Northrop Grumman 4th quarter profit more than doubles. And Whirlpool provides optimistic commentary for the year. Meanwhile, Amazon guidance disappoints the Street and the company's stock takes a 9 percent hit.
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Markets in Europe end the day at a 6-month high on renewed hopes for Greece. Markets are boosted by data showing German manufacturing growth. Banks and Chemical companies among day's top gainers. European regulators block NYSE/Deutsche Boerse merger. Yields fall at Portugal auction of 3- and 6-month debt. And iBM reportedly plans to cut 8,000 jobs in Germany. With Jeff Carter, independent trader, on MF Global.
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US stock index futures indicated a sharply higher open for Wall Street, with spirits lifted by a possible announcement of an IPO by Facebook and ahead of various data on unemployment. In Europe, shares are higher, led by banks and after China's manufacturing sector data showed an upturn in production.
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US futures point to Wall Street opening higher today, while European shares extended gains as investor sentiment was boosted after manufacturing data out of the UK and China came in better-than-expected. However Asian stock markets struggled as weaker U.S. data dampened recent optimism that the world's largest economy may escape the gloom from the euro zone debt crisis, while Chinese manufacturing surveys failed to break the cautious mood.
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U.S. markets lose early gains after a surprise drop in consumer confidence. Homebuilders are down today after home prices fall again. RadioShack shares plunge after the company severely lowers its Q4 forecast. And the bull run in gold appears to remain intact.
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European shares trim early gains on U.S. economic data, but close mostly higher. Portugal stocks underperform peers on worries about possible default. Euro zone unemployment hits highest level since currency was introduced. The euro reverses course, loses ground after early gains. Tomorrow, 27 EU commissioners vote on NYSE-Deutsche Boerse merger. Greek public sector haircuts possible: Eurogroup's Juncker.
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