The UK indexes slid and crude oil was in focus as the European markets turned cautious as Greek negotiations dragged on. Retail sales in the United Kingdom eased in January. BP quarterly net soared 38% and GlaxoSmithKline swung to profit.
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AGCO fourth quarter net surged to $285.2 million and Anadarko fourth quarter net loss swung to $358 million. Emerson Electric first quarter net slumped 23% to $371 million. Coca-Cola fourth quarter net declined 71% to $1.65 billion.
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The U.S. indexes fell on the ongoing euro zone debt crisis and protracted Greek negotiations. Tensions rose in the Middle East as Western nations accelerate spy activities in Syria and the U.S. freeze Iranian sanctions. Coca-Cola quarterly earnings slumped 71% and Toyota lifted its annual view.
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Stocks in Japan traded sideways after Japan Tobacco lifted its annual outlook and Dainippon Screen Manufacturing indicated weak orders in the current quarter. After the close, Toyota Motor reported better than expected unit sales and rising revenues.
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European markets edged lower after Greece sold €812.5 million of 6-month bills at lower yields. Glencore and Xstrata reached an agreement to create a $90 billion natural resources group. ArcelorMittal quarterly loss widened.
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German production declined, Norwegian manufacturing production rose and French trade deficit increased in December. Swiss foreign exchange reserves drop and Swedish deficit was higher than expected in January.
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Reserve Bank of Australia left its key lending rate on hold as the mining sector revs up spending and inflation remains within the target range. The Australian dollar rose to a record high against the euro and 27-year high against the UK pound. Cochlear jumped on lower than expected annual loss.
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U.S. stocks edged lower in a cautious trading as politicians in Europe struggle to devise Greek debt restructuring. President Barack Obama ordered a freeze on all assets controlled by Iranian government and financial institutions. Oil fell a fraction.
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U.S. index declined after Greek negotiations worries overwhelmed earnings reports. Fidelity National offered to acquire casual restaurant chain O’Charley’s. Video rental services provider Coinstar and Verizon formed a streaming service joint venture.
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European markets eased as all eyes were focused on the Greek negotiations. Political leaders of France and Germany pressed Athens for quick actions and said time is running out as Greek politicians held firm on labor reforms. Xstrata and Glencore are expected to announce a deal as early as tomorrow.
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