ADVFN Newsdesk - Risk Aversion Rules Roost Amid Growth Worries, Greek Crisis

ADVFN World Daily Markets Briefing

Daily world financial news - Supplied by www.advfn.com



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US Market

The major U.S. index futures are pointing to a lower opening on Monday, with
sentiment remaining markedly negative as the Greek debt crisis saps investor
risk appetite. Added to the worry, a report released earlier in the day
showed that the New York region's manufacturing activity unexpectedly
contracted. A separate report showed that industrial production fell in May,
belying expectations for an increase. The twin reports could trigger growth
worries, although fears concerning monetary policy normalization are likely
to subside. Traders could also watch the results of a homebuilder confidence
survey due shortly after the markets open.

U.S. stocks ended mixed in the week ended June 12th, as fears that the
Federal Reserve may find itself ahead of the curve and the eurozone economy
will be dented by the Greek debt crisis rendered the mood lackluster.

Last Monday, the major averages retreated moderately, as overseas risks
weighed on the markets amid a lack of any major domestic triggers. The mood
continued to be lackluster on Tuesday, with the averages closing narrowly
mixed.

Bargain hunting lifted the markets solidly higher on Wednesday, with the
averages ending up over 1 percent each in the session. Stocks closed
modestly higher on Thursday, thanks to a couple of positive economic
reports. Monetary policy fears and the Greek crisis continued to haunt
traders on Friday, sending the major averages moderately lower.

For the week ended June 12th, the Dow Industrials and the S&P 500 Index rose
0.28 percent and 0.06 percent, respectively, while the Nasdaq Composite slid
0.34 percent.

Among the sectors, the KBW Bank Index rose 1.61 percent, while the NYSE Arca
Gold Bugs Index slipped 2.32 percent. The Dow Jones Transportation, the
Philadelphia Semiconductor Index, the NYSE Arca Biotechnology Index and the
NYSE Arca Airline Index fell over 1 percent each.

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US Economic Reports

The FOMC meeting is likely to headline the economic events of the unfolding
week even as several other market moving economic reports are due for the
week. Traders are likely to wait with bated breath for Wednesday's FOMC
statement, the updated FOMC forecasts and the Chair's press briefing, given
the continuing anxiety concerning the timing of the first Fed rate hike.

The results of the June manufacturing surveys by the New York Federal
Reserve and the Philadelphia Federal Reserve, the National Association of
Home Builders' housing market index for June, the Federal Reserve's
industrial production report for May, the Commerce Department's housing
starts report for May and the weekly jobless claims report may also be in
the spotlight.

Some Fed speeches, the Labor Department's consumer price inflation report
for June, the Conference Board's leading economic indicators index for May
and announcements concerning Treasury auctions of 2-year, 5-year and 7-year
notes round up the economic events of the week.

Activity in the New York manufacturing sector unexpectedly contracted in the
month of June, according to a report released by the Federal Reserve Bank of
New York.

The New York Fed said its general business conditions index fell to a
negative 2.0 in June from a positive 3.1 in May, with a negative reading
indicating a contraction in regional manufacturing activity. The decrease
came as a surprise to economists, who had expected the general business
conditions index to climb to a positive 5.9.

Industrial production fell 0.2 percent month-over-month, belying
expectations for an increase

The National Association of Home Builders is set to release its housing
market index for June at 10 am ET. Economists expect the housing market
index to increase to 56 in June from 54 in May.

In May, the housing market index fell 2 points to 54, belying expectations
for an increase to 57. The present sales conditions index declined 2 points
to 59 and the index measuring prospective buyer traffic slid 1 point to 39,
while the futures sales conditions index rose 1 point to 64.

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Stocks in Focus

Standard Pacific and Ryland Group announced an agreement to merge to form a
company with an enterprise value of about $8.2 billion. Standard Pacific is
to implement a 1 to 5 reverse stock split and each of Ryland shareholders
will receive 1.0191 post-split adjusted shares of Standard Pacific for each
Ryland share.

CVS Health Corp. agreed to acquire the in-store pharmacies and clinics
business of discount-store operator Target, Inc. in a deal valued at about
$1.9 billion.

United Technologies said it would pursue the separation of the Sikorsky
helicopter business either through a spin-off or sale. The company also
lowered its 2015 earnings guidance to $6.55-$6.85 per share from $6.85-$7.05
per share, citing one-time separation costs and a decline in operational
expectations for the Sikorsky business due to the weak oil and gas markets.

Coca-Cola and Monster Beverage announced the closing of a previously
announced strategic partnership, which allows the transfer of a 16.7 percent
stake in Monster to Coca-Cola for $2.15 bil .

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European Markets

European stocks are retreating for the second straight session, as no
solution emerged for the Greek debt crisis over the weekend. Greece and its
official creditors ended with no agreement on Sunday. According to media
reports, the talks did not succeed, as there remained a significant gap
between the plans of the Greek authorities and the demands of the
international creditors.

In corporate news, Metro AG announced a deal to sell its department store
chain Galeria Kaufhof in a deal valued at 2.825 billion euros, including
assumed liabilities. The deal is expected to close by the end of September
2015.

French utility Veolia Environment said it has been awarded a 15-year
contract to operate an Irish biomass power plant, valued at 450 million
euros. Hennes & Mauritz reported that its sales, including VAT, rose 10
percent in May.

On the economic front, Rightmove reported that the average asking price of a
house in the U.K. rose 3 percent month-over-month in June following a 0.1
percent dip in May. The rebound was attributed to last month's U.K. election
results.

A report released by Eurostat showed that the eurozone's trade surplus rose
to 24.9 billion euros in April from 14.9 billion euros in the year-ago
period. Exports rose 9 percent year-over-year, while imports rose a more
modest 3 percent.

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Asian markets

The Asian markets retreated, as Greece continued to be an overhang on the
markets. The Chinese, Hong Kong, Indonesian and Singaporean markets were the
worst hit.

Australia's All Ordinaries plunged sharply in early trading but recouped
most of its losses over the course of the session. The index ended down
10.60 points or 0.19 percent at 5,542, off the intra-day low of 5,502.

Energy and utility stocks came under intense selling pressure and most other
sectors also saw weakness, with the exception of financial and utility
stocks.

Japan's Nikkei 225 index also languished below the unchanged line throughout
the session before ending down 19.29 points or 0.09 percent at 20,388.

Construction, food, resource and paper stocks were among the biggest
decliners of the session and export stocks also moved mostly lower, but
retail, real estate, financial, pharma and most utility stocks gained
ground.

China's Shanghai Composite Index lost 103.36 points or 2 percent before
ending at 5,063, with the news of margin tightening and impending IPO
offerings impacting sentiment. Hong Kong's Hang Seng Index closed at 26,862,
down 418.73 points or 1.53 percent.