The Squawk on the Street team have the rundown on the European markets as the trading session closes, including the looming deadline today for Greece's debt swap deal, the euro hitting session highs against the dollar, and the Italian and Spanish ten-year yields; with Bill Herr, Trader Wealth Management.
European markets end the day down across the board, on concerns about Greece. SocGen, Unicredit lead European banking shares lower. The IIF says a disorderly Greek default would cost the euro zone $1.3 trillion. The Greek Finance Minister says the bond swap offer is final. And euro zone economic output was down .3 percent in Q4 compared to Q3. With Dan Greenhaus, BTIG chief global strategist.
European shares fall on renewed worries about Greek debt swap. BP shares rise on news of a $7.8 billion Gulf oil spill settlement. Euro zone retail sales rise .3 percent in January from December. Russia's Putin wins another Presidential term. Daimler says Mercedes-Benz sales up 20 percent in February vs. last year. With John Ryding, RDQ Economics.
European markets finish the week with a mixed results. Bank stocks are among the best performers. Analysts say ECB liquidity injection has eased fears, but the ECB's Draghi warns not to expect further injection of funds into banks. Spain intends to base 2012 budget on higher deficit target than stated earlier. With Jim Bianco, Bianco Research and Diane Swonk, Mesirow Financial.
CNBC's Mandy Drury reports on the U.S. markets giving up earlier gains, led lower by materials and energy stocks. Bernanke mentions job market far from normal. GDP expands at 3 percent pace. GM and Peugeot Citroen agree to form alliance. And James Murdoch steps down as executive chairman of News International.
European shares lose early gains as Wall Street turns negative. The ECB lends 503 billion euros to about 800 banks at low rates. Euro zone inflation eases to a 2.6 percent annual rate in January. The Euro touches a 3-mionth high vs. the U.S. dollar. Also, the euro comes off session highs and moves lower after the ECB's LTRO. France says it's going to investivte Google's new privacy policy. With Yra Harris, Praxis Trading.
U.S. stock index futures pointed to a higher open on Wall Street on Wednesday, after a higher-than-expected take up of the European Central Bank's second long-term refinancing operation. European banks bought 529.5 billion euros ($713 billion) of the cheap loans. European stocks rose on Wednesday morning, as investors bet that a second wad of cheap, long-term funds from the European Central Bank would further ease tension in the banking sector and boost confidence in the wider market.
US markets are poised to open higher with the Dow Jones 28 points to the upside. European stocks climbed early on Wednesday, keeping their 2-1/2 month rally alive as investors bet the European Central Bank's new funding operation will ease tensions in the banking sector and boost appetite for risky assets such as equities. Asian stocks ended mostly higher for the same reason.