FTSE, CAC, DAX to Open Lower After Greek Auction

European stocks are seen opening slightly lower Tuesday after a Greek CDS auction showed investor sentiment remained negative on the country’s economic situation.


The FTSE 100 is seen opening lower by 12 points, the DAX is called down by 9 points and the CAC 40 lower by 6 points.

The auction to set the payout due to holders of Greek default insurance set a price of 21.5 cents in the euro for Greek bonds.

Holders of credit default swaps will receive a cash payout equal to the difference between the recovery rate and the full face value of Greek debt.

As attention has shifted away from Greece and towards speculation about the solvency of other peripheral nations within the euro zone, Portugal has come out to deny that it will seek any further money or request more time to implement changes.

Finance Minister Vitor Gaspar said high bond yields did not reflect the country’s economic conditions.

Swiss trading firm DKSH makes its debut on the Swiss exchange SIX Group on Tuesday, with the market watching closely for signs of investor appetite for the biggest Swiss IPO in years.

Apple continued to go from strength to strength as it revealed it had sold 3 million of its new iPad tablet over the weekend exceeding the tablet's two previous launches.

The sales report came as the company announced that it will pay a quarterly dividend of $2.65 per share starting in its fiscal fourth quarter, which begins July 1.