Greek Bond Holders Agree to Swap: Morning News

Greek Bond Holders Agree to Swap: Morning News
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Greek Bond Holders Agree to Swap: Morning News

Every morning ValueWalk puts out a news report with the latest news in global stock markets, company news, and global economic news.

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  • US:  Dow Futures: 12837.00 (0.71%), S&P 500 Futures: 1358.70 (-0.15%), NASDAQ Futures: 2630.25 (-0.10%)
  • Europe: CAC: 3471.94 (-0.18%), DAX: 6844.10 (0.14%), FTSE: 5851.38 (-0.14%).
  • Asia-Pacific:Australia: 4212.00 (0.98%),China: 2439.46 (0.79%),Hong Kong: 21086.00 (0.88%),India: 5333.55 (2.17%), Japan: 9929.74 (1.62%).
  • Metals: Gold: 1700.00 (0.08%), Silver: 33.86 (0.09%), Copper: 3.81 (0.53%)
  • Energy: Crude Oil: 106.82 (0.23%), Natural Gas: 2.30 (1.41%)
  • Commodities: Corn: 6.38 (0.51%), Soya Bean: 13.53 (1.08%), Wheat: 6.38 (0.63%)
  • Currency: EUR/USD: 1.3220 (-0.41%), GBP/USD: 1.5783 (-0.30%), USD/JPY: 81.8100 (0.32%)
  • 10 year US Treasury: 2.010% (-0.002)


Market News Update


U.S. stock futures point to a lower open: Stock index futures pointed to a slightly lower open for equities on Wall Street on Friday, with futures for the S&P 500, the Dow Jones and the NASDAQ 100 falling up to 0.2 percent. The Labor Department releases its February employment report at 1330 GMT. Economists forecast 210,000 jobs were created during the month, compared with 243,0000 new jobs in January. The unemployment rate is seen at 8.3 percent, a repeat of the January rate.


European stock erase gains: European stocks erased gains, halting a two-day rally, as Greece’s private creditors agreed to a debt swap and investors awaited the U.S. government’s monthly jobs report. U.S. index futures were little changed, while Asian shares rose. The Stoxx Europe 600 Index (SXXP) was unchanged at 264.17 as of 10:14 a.m. in London after Greece announced the results of the private-sector involvement in its debt restructuring. The gauge is headed for a 1.2 percent drop this week.


Greece passes bond swap: Greece has pushed through the bond swap offer which is key to its 130 billion euro ($172 billion) bailout deal with bondholders representing 83.5 percent of the value of its bonds taking part. The troubled country has been surrounded by speculation this week that it might not be able to get enough bondholders signed up to the deal – the largest debt restructuring in history – to get it through. Holders of around 5 percent of the bonds rejected the deal.


Asia ends higher: Japanese stocks drove a rally in Asian markets for a second straight day Friday, with exporters leading the charge against the backdrop of the yen’s recent losses, a decline in Chinese inflation and optimism over Greece’s debt restructuring. The Nikkei Stock Average, after jumping 2% Thursday, rose 1.6% to finish the day at 9929.74, its highest close since Aug. 1. Earlier in the day, the benchmark had briefly topped 10000, also for the first time since Aug. 1. Elsewhere in the region, Hong Kong’s Hang Seng Index rose 0.9% to 21086, Australia’s S&P/ASX 200 index gained 1% to 4212.0, South Korea’s Kospi advanced 0.9% to 2018.30 and Taiwan’s Taiex climbed 0.4% to 8016.01. China’s Shanghai Composite advanced 0.8% to 2439.46 after data showed inflation slowing in February from its January pace.


Crude rises for the third consecutive day: Oil rose for a third day in New York on speculation that rising U.S. payroll numbers and an easing European debt crisis will spur demand for crude. Futures climbed as much as 0.7 percent after Greece reached its target in the biggest sovereign debt restructuring in history. Crude for April delivery advanced as much as 74 cents to $107.32 a barrel in electronic trading on the New York Mercantile Exchange.


Euro falls: The euro fell on Friday after a relatively successful Greek bond swap that should avert a disorderly default was largely priced in, with investors reluctant to hold the currency as worries over other euro zone debt markets persisted. The euro fell against the dollar after the announcement and extended losses into early European trade to $1.32122, down around 0.4 percent for the day.


Gold edges up: Gold edged up on Friday, rising in tandem with other commodities and equities, after a lower-then-expected inflation rate out ofChina suggested more monetary easing could be on the way, while a rebound in the dollar kept gains in check.U.S. gold gained 0.4 percent to $1,704.70.


Company News Update


  • United Parcel Service Inc. (UPS) is nearing an agreement to buy TNT Express NV (TNTE),Europe’s second- largest package-delivery company, after an initial 4.9 billion euro ($6.5 billion) offer was rejected, people familiar with the matter said.
  • Texas Instruments (TXN) on Thursday lowered its earnings and revenue targets for the first quarter due to lower-than-expected demand for its wireless chips, and its shares fell in late trade. The company which makes chips for a wide range of products including cellphones, consumer electronics and industrial equipment, said the reductions are due to lower demand for wireless products.
  • Time Warner Inc. (TWX)’s publishing division hired consultant Bain & Co. to advise on reviving growth as two executives depart.  Steve Sachs, an executive working on consumer marketing and sales, and Chief Marketing Officer Stephanie George will leave in June, according to an internal memo from Time Inc. Chief Executive Officer Laura Lang.
  • Regulators’ approval of Wal-Mart Stores Inc. (WMT)’s purchase of a stake in Massmart Holdings Ltd. complied with the law, a South African appeal court ruled, dismissing a lawsuit filed by labor unions and three ministries.
  • Starbucks (SBUX) said Thursday it will soon sell a single-cup coffee machine that lets people brew lattes and other coffee drinks at home. The Seattle-based coffee chain says the Verismo will go on sale online and at some Starbucks cafes this fall. It’s keeping the price of the machine a mystery for now.
  • European planemaker Airbus reshuffled its order book but sold no previously unassigned aircraft in February and remains well behind Boeing (BA) since the start of the year, company data showed on Friday.
  • Body Central Corp. (BODY), the women’s clothing retailer forecast 2012 revenue of $348 million at most, falling short of the average analyst estimate of $355 million in a Bloomberg survey.
  • Heckmann Corp. (HEK), the provider of water treatment and disposal services reported fourth-quarter revenue of $51.7 million, missing the average analyst estimate of $54.5 million. The company also said it will acquire Thermo Fluids Inc. for $245 million in cash and stock.
  • Ziggo NV owners including Warburg Pincus LLC and Cinven Ltd. plan to raise as much as 744.6 million euros ($986 million) in an initial public offering that will rival to beEurope’s largest this year.
  • Teen clothing retailer Aeropostale Inc (ARO) forecast spring-quarter profits below estimates, sending its shares down 1.8 percent in afterhours trade. Aeropostale sells more affordable clothes than its peers Abercrombie & Fitch and American Eagle Outfitters Inc .
  • London Stock Exchange Group Plc (LSE) rallied the most in more than eight months after agreeing to buy a majority stake in LCH.Clearnet Group Ltd. for 463 million euros ($613 million).  Shares in the owner ofEurope’s oldest independent bourse climbed 7.8 percent to 968 pence at9:10 a.m., the biggest increase since June 30, valuing the exchange at 2.63 billion pounds ($4.2 billion).
  • Dassault Aviation SA (AM) is confident that an accord to supply at least 126 Rafale combat planes to India will cross all hurdles as the French company intensifies negotiations to clinch the first-ever export deal for the jet.
  • Dairy Crest Group Plc (DCG.L) said it was looking to sell its French branded spreads business, St Hubert, in a deal that analysts expect could fetch the dairy foods company about 300 million pounds.


Economic Calendar for Friday, March 09, 2012:


08:30 A.M. ET:    Nonfarm Payrolls

08:30 A.M. ET:    Nonfarm Private Payrolls

08:30 A.M. ET:    Unemployment Rate

08:30 A.M. ET:    Hourly Earnings

08:30 A.M. ET:    Average Workweek

08:30 A.M. ET:    Trade Balance

10:00 A.M. ET:    Wholesale Inventories

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