Japanese Stock Futures Little Changed on Greek Debt Stalemate
Japanese stock futures and Australian equities were little changed as Greek politicians struggled to meet the conditions of a bailout, reviving concern the debt- stricken nation may default.
American depositary receipts of Canon Inc., a Japanese camera maker that gets 31 percent of its sales in Europe, fell 0.4 percent from the closing share price in Tokyo. Those of Mitsubishi UFJ Financial Group Inc., Japan’s biggest lender, slid 0.6 percent. BHP Billiton Ltd. lost 0.5 percent after a union leader said workers at a copper mine in Chile run by the world’s No. 1 mining company are preparing a lawsuit over a bonus dispute.
Futures on Japan’s Nikkei 225 Stock Average expiring in March closed at 8,910 in Chicago yesterday, compared with 8,900 in Osaka, Japan. They were bid in the pre-market at 8,890 in Osaka at 8:05 a.m. local time. Australia’s S&P/ASX 200 Index was little changed today. New Zealand’s NZX 50 Index fell 0.1 percent in Wellington.
“The market is nervous about the outcome of negotiations over Greece’s debt haircut,” said Fumiyuki Nakanishi, a strategist at SMBC Friend Securities Co. in Tokyo. “They are also expected to discuss if Greece will be able to rebuild its finances.”
Futures on the Standard & Poor’s 500 Index rose 0.1 percent today. The index was little changed in New York yesterday as European leaders stepped up pressure on Greek politicians to meet the conditions of a 130 billion-euro ($171 billion) bailout, saying time was running out.
Greek Stalemate
French President Nicolas Sarkozy met German Chancellor Angela Merkel as Greek interim Prime Minister Lucas Papademos planned to confer with the so-called troika of international lenders. A gathering of Greece’s political leaders was delayed by a day until today as they struggled for a unified response.
The MSCI Asia Pacific Index gained 9.7 percent this year through yesterday, compared with a 6.9 percent advance by the S&P 500 and an 8.1 percent increase by the Stoxx Europe 600 Index. Stocks in the Asian benchmark are valued at 13.8 times estimated earnings on average, compared with 12.9 times for the S&P 500 and 10.9 times for the Stoxx 600.
Of 303 companies listed on the Asian benchmark index that have reported earnings since Jan. 9, 172 missed analysts’ estimates while 74 beat expectations, according to data compiled by Bloomberg.
Sohu.com Inc. tumbled the most in two years, and an index of Chinese U.S.-traded stocks dropped from a five-month high, as the owner of China’s third-biggest search engine posted an unexpected drop in profit. The Bloomberg China-US 55 Index of the most-traded Chinese shares in the U.S. dropped 2.1 percent to 104.26 yesterday in New York, the biggest daily decline since Dec. 12.
To contact the reporters on this story: Yoshiaki Nohara in Tokyo at ynohara1@bloomberg.net; Toshiro Hasegawa in Tokyo at thasegawa6@bloomberg.net
To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net
Rate this Page