Disappointing corporate earnings and concerns over Spanish debt

<p>Disappointing corporate earnings and concerns over Spanish debt triggered a sell off in the US session on Friday dragging wall street down about 120 points. […]</p>

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  • Disappointing corporate earnings and concerns over Spanish debt triggered a sell off in the US session on Friday dragging wall street down about 120 points. The cost to finance Spanish 10 year debt has increased to 7.50% as two indebted regions of Spain seek financial aid from the Spanish government. There is also concerns that Greece may not receive further financial assistance from the IMF.
  • Taking all of the above into consideration we have not had the best start to the week.
  • Nikkie finished down 161 – Hang Seng down 587 (3%) FTSE – 95 @ 5557 – DAX – 90 6540 CAC is down 50 3141 and the US futures are currently down 100.
  • Aviva is todays biggest faller down 4.75% after JPMorgan analysts cut their price target.
  • Economic data is pretty thin today – looking ahead we have manufacturing data from china over night and Euro zone tomorrow morning. On Wednesday we are looking at UK GDP figures.
  • The most recognizable companies to report their earnings today are McDonalds and Coca-Cola.
See the City Index Economic Calendar and Companies Reporting Dates page for latest economic news and company events that are likely to impact the markets today.

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