ADVFN Newsdesk - Risk Aversion Intensifies as Greek Debt Talks Stall

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 Friday, with
risk aversion intensifying, as the Greek debt crisis precipitates. The
dollar is gaining ground, with the euro reacting negatively to the recent
developments on the Greek debt crisis. The IMF has stepped aside unable to
bear with Greece's lack of resolve in agreeing to the reform proposals and
the European Union has also toughened its stance a day after Germany and
France showed some willingness to negotiate an agreement. A report released
earlier today showed that U.S. producer prices rose more than expected but
the core reading matched estimates. A consumer sentiment reading due shortly
after the market open may also impact sentiment.

U.S. stocks advanced on Thursday, thanks to a couple of encouraging domestic
economic reports. The major averages opened higher but gave back some of
their gains in late morning trading. Thereafter, the average moved roughly
sideways till late trading before closing modestly higher.

The Dow Industrials ended up 38.97 points or 0.22 percent at 18,039, the S&P
500 Index rose 3.66 points or 0.17 percent before closing at 2,109 and the
Nasdaq Composite closed 5.82 points or 0.11 percent higher at 5,083.

Twenty-one of the thirty Dow components closed higher for the session, with
Boeing (BA), Travelers (TRV) and UnitedHealth (UNH) advancing strongly in
the session.

Among the sectors, transportation and biotechnology stocks moved to the
upside, while oil service and gold stocks retreated.

On the economic front, the Commerce Department reported that retail sales
rose 1.2 percent month-over-month in May. There were upward revisions to the
previous two months' sales as well.

Core retail sales, which exclude autos, gas and building materials, were up
a solid 0.7 percent. The gains were broad based, with almost all store
categories benefiting from stronger spending. Auto sales were up 2 percent
and gas station sales were 3.7 percent higher.

Meanwhile, the Labor Department reported that jobless claims rose by 2,000
to 279,000 in the week ended June 6th, while economists had expected a
slight decline to 275,000. The four-week average climbed to 278,750 from
275,000. Continuing claims calculated with a week's lag rose 61,000 to 2.265
million in the week ended May 30th.

A separate Labor Department report showed that import prices climbed 1.3
percent month-over-month in May after declining in each of the previous 10
months. The higher import prices reflected strong growth in fuel prices.
Export prices were up 0.6 percent, reversing the 0.7 percent drop in April.

Business inventories at the end of April rose 0.4 percent month-over-month
in March and were 2.6 percent higher from a year ago, according to a report
released by the Commerce Department.

At the same time, business sales increased 0.6 percent compared to the
previous month, while sales were down 2.3 percent year-over-year. The
business inventories to sales ratio came in at 1.36 compared to 1.29 in the
year-ago period.

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US Economic Reports

Producer prices in the U.S. rose by slightly more than anticipated in the
month of May, according to a report released by the Labor Department, with
the price growth reflecting a substantial rebound in energy prices.

The Labor Department said its producer price index for final demand rose by
0.5 percent in May following a 0.4 percent drop in April. Economists had
expected prices to increase by 0.4 percent. Excluding food and energy
prices, core producer prices inched up by 0.1 percent in May after falling
by 0.2 percent in the previous month. The modest uptick in core prices
matched economist estimates.

The University of Michigan is due to release its preliminary consumer
sentiment report for June at 10 am ET. The consensus estimate calls for an
increase in the consumer sentiment index to 91.2 from 90.7 in May.

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Stocks in Focus

Twitter (TWTR) announced that its CEO Dick Costolo will step down, effective
July 1st. The company also announced the appointment of co-founder and
Chairman Jack Dorsey as CEO on an interim basis.

Bob Evans (BOBE) announced that its board has authorized the company to
pursue a strategic transaction for a select portion of its restaurant
properties, either in the form of a sale-leaseback or a tax-free REIT
conversion and spin-off.

Staples (SPLS) announced that it has received clearance from China's
Ministry of Commerce for the acquisition of Office Depot (ODP). The company
continues to seek clearance from regulatory agencies in the U.S., the EU,
Canada, and Australia

Korn/Ferry International (KFY) reported better than expected fourth quarter
results and issued upbeat guidance for the first quarter.

Pacific-Ethanol (PEIX) and Aventine Renewable Energy announced that their
shareholders have approved the proposed merger of the two companies. The
merger is expected to be completed by July 1st.

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European Markets

European stocks are retreating notably after a 2-session rally, as the Greek
debt talks have proved to be inconclusive.

On Thursday, the International Monetary Fund decided to withdraw its
negotiating team from table due to a lack of progress in talks.

The stance of the European Union also seems to have hardened, with EU
President Donald Tusk warning that there is no more time for gambling and
that the game may be over soon. Pension, tax reforms and financing seem to
be the areas of contention.

On the economic front, Eurostat reported that euro area industrial
production climbed 0.1 percent month-over-month in April, slower than the
0.4 percent increase expected by economists. Output was up 0.8 percent
year-over-year, while economists had estimated a 1.1 percent increase.

A report released by the Office for National Statistics showed that
construction output fell 0.8 percent month-over-month in April, belying
expectations for a 0.1 percent increase. Annually, construction output rose
1.5 percent, faster than the 0.5 percent increase expected by economists.

German wholesale prices continued to drop in May, according to a report
released by the U.K. Office for National Statistics. Wholesale prices were
down 0.4 percent year-over-year compared to the 0.9 percent decline expected
by economists.

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Asian markets

The major Asian markets went about in a lackluster manner before closing
mixed, with the subdued mood reflecting concerns about a potential U.S. rate
tightening and the unresolved Greek debt crisis.

Notwithstanding the choppy trend, the Japanese market ended higher for the
second straight session. The Nikkei 225 Index see-sawed its way throughout
the session before ending up 24.11 points or 0.12 percent at 20,407.

Pharma, electrical and electronic machinery makers, banking and insurance
stocks gained ground, while export stocks saw mixed sentiment.

Meanwhile, Australia's All Ordinaries languished below the unchanged line
throughout the session before ending down 10.50 points or 0.19 percent at
5,552.

Most sectors moved to the downside, with material stocks leading the
declines. On the other hand, defensive utility, real estate and healthcare
stocks gained ground.

Hong Kong's Hang Seng Index rallied 372.69 points or 1.39 percent before
ending at 27,281, and China's Shanghai Composite Index ended at 5,166, up
44.76 points or 0.87 percent.

On the economic front, final estimate released by Japan's Ministry of
Economy, Trade and Industry showed that industrial production in Japan rose
1.2 percent month-over-month in April, upwardly revised from the 1 percent
increase estimated earlier. This reversed the 0.8 percent drop in March. The
growth in shipments was also revised to 0.6 percent from 0.4 percent.