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Greek stock market stays closed until Monday
The Greek stock market will remain shut for the rest of the week and on Monday, July 13, the Hellenic Capital Market Commission said Thursday morning. The move reflects the finance ministry’s decision on Wednesday to extend the current bank holiday and capital controls to Monday as the Alexis Tsipras-led Greek government makes a last-ditch attempt to reach a deal with lenders at an EU emergency summit on Sunday. Greece is to present a credible set of reform proposals by Thursday midnight, which will be used as a basis for the bailout discussion on Sunday. If no deal is reached at the summit, Greece risks falling into bankruptcy and leaving the eurozone. The Greek stock market and banks have been closed since June 28 to stem potential deposit flight and turmoil in the country’s financial markets.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
China stocks seesaw amid fresh rescue measures
HONG KONG (MarketWatch) — Chinese stocks swung between gains and losses Thursday morning after a previous heavy sell-off, with the Shanghai Composite Index starting down 2.1% and falling as hard as 3.8% in the first few minutes, but then turning higher and rebounding 0.5%. The Chinese central government and the People’s Bank of China (PBOC) unveiled a bunch of new measures to stem market rout, including the PBOC providing loans to the state-backed margin financing entity — China Securities Financing Corporation, the top securities regulator banning large shareholders from reducing their stakes on stock markets within six months, and the police department launching a joint investigation with the securities regulator against “malicious short-selling of stocks.” In Hong Kong, the benchmark Hang Seng Index staged a strong rebound after a previous 5.8% loss, up 3.8%. The mainland-China-tracking Hang Seng China Enterprises also bounced back 3.4%. Chinese brokerage firms mostly soared, with Southwest Securities International Securities Ltd. soaring 34%, Guotai Junan International Holdings Ltd. surging 16.3%, Shenwan Hongyuan H.K. Ltd. spiking 14.3%, and Citic Securities Co. Ltd. leaping 12.3%. Chinese property stocks also shined, as Poly Property Group Co. Ltd. jumped 10%, index component China Overseas Land & Investment Ltd. climbed 8.7%, and China Resources Land Ltd. , also a Hang Seng constituent, gained 5.3%. Among other market movers, Bourse operator Hong Kong Exchanges & Clearing Ltd. advanced 8.7%, index heavyweight and Chinese online major Tencent Holdings Ltd. rose 7.4%, and telecoms giant China Mobile Ltd. snagged a 5.3% gain.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
WD-40 quarterly report misses Wall Street expectations
WD-40 Co. on Wednesday said it earned $11 million, or 75 cents a share, in the fiscal third quarter, compared with $10.4 million, or 69 cents a share, a year ago. Sales reached $92.5 million in the quarter, down from $95.65 million a year ago. A stronger U.S. dollar hurt sales, the company said. Analysts had expected WD-40, which makes the lubricant with the same name and other products, to post earnings of 78 cents a share on sales of $99.4 million. Immediately after results, shares fell nearly 5%, but were recently flat after ending the day up 1.8%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
Yahoo gambles with daily fantasy sports
Silicon Valley stalwart Yahoo is moving into daily fantasy sports, a growing field that gives consumers the nearest thing to online sports gambling most states allow. Yahoo, which is a popular destination for season-long fantasy sports, will take a 10% cut of the money that players put in to wager that their lineup of players will perform better than competitors’ in that night’s action. Yahoo Sports Daily Fantasy — which will compete with startups like DraftKings and FanDuel — will begin with Major League Baseball games, and plans to offer NFL action as well. Yahoo cited a study in its news release that said 56 million people in the U.S. and Canada played daily fantasy sports in 2014, up 40% from the year before. The games will be available in 45 states that allow daily fantasy sports.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
Yahoo gambles with daily fantasy offering
Silicon Valley stalwart Yahoo [s:yhoo] is moving into daily fantasy sports, a growing field that gives consumers the nearest thing to online sports gambling most states allow. Yahoo, which is a popular destination for season-long fantasy sports, will take a 10 percent cut of the money that players put in to wager that their lineup of players will perform better than competitors’ in that night’s action. Yahoo Sports Daily Fantasy — which will compete with startups like DraftKings and FanDuel — will begin with Major League Baseball games, and plans to offer NFL action as well. Yahoo cited a study in its news release that said 56 million people in the U.S. and Canada played daily fantasy sports in 2014, up 40 percent from the year before. The games will be available in 45 states that allow daily fantasy sports.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
ECB bond market purchases have ‘contained’ Greek crisis, OFR says
WASHINGTON (MarketWatch) – The government agency tasked with analyzing financial markets said Wednesday that the European Central Bank’s bond-buying program was a major reason for the “fairly contained” financial market reaction to the recent breakdown in the talks to solve the Greek debt crisis. The Office of Financial Research, which is part of the Treasury Department, said reforms in the eurozone periphery and a reduction in private sector exposures to Greece were also factors. While there was a market reaction, “overall trading activity was relatively orderly and there have been no signs of aggressive de-risking or significant funding strains,” the agency said in its monthly review of market developments. Still “a more disorderly outcome in Greece than market participants expect may test the stability of broader euro area markets,” OFR concluded.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
U.S. budget surplus was $51 billion in June, CBO estimates
WASHINGTON (MarketWatch) — The federal government ran a budget surplus of $51 billion in June, the Congressional Budget Office estimated on Wednesday. The surplus is $20 billion less than the same month a year ago. Receipts were $343 billion in June, up $20 billion from last year. Spending was $293 billion, or $39 billion more than a year ago. For the fiscal year to date, the deficit is $314 billion, or $52 billion smaller than the year-ago period. The goverment’s budget year runs from October to September.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
Fed’s Williams still eyes two rate hikes this year
San Francisco Fed President John Williams said Wednesday that he still favors two interest rate hikes this year despite developments in Greece and China, according to a report on Reuters. China’s stock market meltdown was not a “main issue” for the U.S. and what matters most on the Greek debt crisis is the reaction of financial markets, he said.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News