Greece could be facing disaster; World markets react
Global stock markets are reacting to a collapse of the talks between cash-strapped Greece and its creditors. The events over the weekend mean that it is looking more likely that the country will default on debt repayments with a possible exit from the Eurozone. The break-up of talks have weighed heavily on world stock markets so far Monday. In Asia all major markets have closed with losses with Shanghai down 2 per cent as low sentiment was further punished by a tightening of margin financing and short selling regulations in China. European indexes are, not surprisingly, down so far.
US stock futures are trending lower. Oil is trending lower (Brent $62.91, WTI $59.21 at 6.10am ET). Gold is trending lower.
Empire State manufacturing survey at 8.30am ET
Industrial production at 9.15am ET
Housing market index at 10am ET
Treasury international capital at 4pm ET
Elite Pharmaceutical, Motorcar Parts and Sunvalley Solar are among the companies reporting results today.
German retailer sells stores to Hudson’s Bay
The German retail group Metro is selling its Galeria Kaufhof chain of department stores in Germany and Belgium to Canadian firm Hudson’s Bay. The deal will cost HBC U$3.17 billion including the real estate portfolio of the stores. CNBC reports that HBC says the deal will deliver value to its shareholders and is expected to close in the fall.
US homebuilders set to merge
Standard Pacific Group and Ryland Group are set to merge and become the fourth-largest home builders in the US. Reuters says that the combined firm would own or control 74,000 home sites across the country and an enterprise value of $8.2 billion.
Alibaba aims to be the Asian Netflix
The huge e-commerce firm Alibaba has announced plans to follow Netflix and Amazon into the streaming entertainment space. The Chinese giant has announced plans to boost its entertainment offer having bought stakes in video and other content companies. CNN reports that the sector could be worth as much as $218 billion by 2018 according to PricewaterhouseCoopers.