On 11 May, 2015 – European markets were mixed on continued concerns over Greece

Stocks were mixed globally with good news — the US employment report and the People’s Bank of China’s policy move — offset by continued concerns about Greece and global growth.
United States
Stocks drifted lower Monday as falling oil prices pulled down energy stocks and investors took a breather after Friday’s gains which were the best in two months. Worries about Greece’s precarious financial condition and slowing growth in China also weighed on sentiment. The Dow Jones industrials lost 0.5%, the S&P declined 0.4% and the Nasdaq retreated 0.1%.
Shares in several oil exploration and production companies including QEP Resources, Murphy Oil and National Oilwell Varco declined. Noble Energy agreed to buy Rosetta Resources for about US$2.1 billion in stock. The deal gives the oil and gas company access to two massive Texas shale formations, immediately boosting its earnings. However, Noble Energy declined on the day. Both Dean Foods and Actavis advanced on better than expected quarterly results. Monster Beverage gained after a broker upgrade.
Gold at the afternoon London fixing was up US$3.25 to US$1,189.25. Copper futures were down 0.5% to US$2.91. WTI spot crude was down 22 US cents to US$59.17. Dated Brent spot crude was down 61 US cents to US$64.78. The US dollar was up against the euro, yen, Swiss franc and the Canadian and Australian dollars. However, it declined against the pound. The Dollar Index slipped 0.2%. The yield on US Treasury 30 year bond was up 13 basis points to 3.03% while the yield on the 10 year note was up 12 basis points to 2.27%. 
Europe
Stocks were mixed. Investor concerns over Greece weighed on sentiment and tempered excitement over another round of Chinese stimulus. The FTSE was down 0.2%, the CAC lost 1.2% and the DAX was 0.3% lower. The SMI added 0.3%.
Greece paid about €750 million to the International Monetary Fund on Monday, a day before it was due according to two Greek finance ministry officials. The payment averts the prospect of default that had shaken financial markets. Despite the payment, Greece’s financial condition remains precarious unless it secures fresh aid from lenders.
The Bank of England left its key record low interest rate at 0.5% and the size of the quantitative easing unchanged at £375 billion amid low inflation and signs of slowdown in the economy. The decision was in line with economists’ expectations. The rate has been at an historic low since March 2009. The previous change in quantitative easing was an increase of £50 billion in July 2012. The announcement of the decision was postponed from last Thursday as it coincided with the general election.
China slashed interest rates for the third time in six months over the weekend in a bid to boost lending to businesses, adding stimulus to a slowing economy. The People’s Bank of China on Sunday cut both benchmark lending and deposit rates by 25 basis points to 5.1% and 2.25%, respectively. The PBoC had cut rates previously on February 28. Prior to that, the Bank lowered its lending rate in November for the first time in more than two years.
Volkswagen, Daimler and BMW were down. Deutsche Lufthansa advanced along with Deutsche Bank and Commerzbank. Airbus dropped after an A400M military transport aircraft crashed soon after takeoff near the Seville airport in Spain Saturday. Royal Mail climbed after its competitor, Whistl, suspended its end-to-end delivery business. Mining stocks including Anglo American, BHP Billiton and Glencore advanced thanks to the further Chinese stimulus measures. Delhaize surged amid reports that Dutch supermarket chain Koninklijke Ahold was in merger talks with the company. Ahold also climbed. Sage Group advanced on a broker upgrade while Aberdeen Asset Management retreated on a downgrade.
Asia Pacific
Stocks here were mixed Friday after heavy selling in the past two trading sessions. Chinese and Hong Kong shares rebounded on bargain hunting after recent sharp losses. Other major markets elsewhere across the Asia-Pacific region followed US shares higher amid an easing of bond yields. Australian shares retreated however, dragged down by energy and mining stocks after iron ore and oil prices declined overnight. Seoul shares also ended slightly lower in response to softer trade data out of China.
Chinese shares ended a choppy session sharply higher as weak data spurred bets for further economic stimulus measures to avert a sharper economic slowdown. The Shanghai Composite added 2.3% while the Hang Seng was up 1.1%. The expectations of further stimulus were rewarded Sunday when the People’s Bank of China once again lowered its one year benchmark rate by 25 basis points to 5.10%. The PBoC last cut rates on February 28 also by 25 basis points. The move was in response to the latest round of weak economic data. The Bank also cut the one year deposit rate by 25 basis points, to 2.25%. For the week, the Shanghai Composite and Hang Seng dropped 5.3% and 2.0% respectively.
The Nikkei rebounded 0.5% from Thursday’s one month low as the global bond market rout slowed and Nintendo posted its first annual profit in four years. Automakers Honda Motor and Mazda Motor gained as the yen weakened to near ¥120 per US dollar. Toyota Motor closed higher before releasing its results after market hours. The company said its annual profit increased 19% from last year to a record US$18.1 billion, helped by strong sales growth in North America. Nintendo shares gained after the company forecast a doubling of its annual operating profit this year and announced a partnership with Universal theme parks to license its characters. Banks also rallied.
Both the S&P and All Ordinaries slipped 0.2% and were down 3.1% and 2.8% respectively on the week. Soft Chinese trade data fanned fears that global growth is losing momentum. The Reserve Bank of Australia lowered its growth and inflation estimates for 2015 and 2016, further dampening investor sentiment. The Kospi was down 0.3% on the day and 2.0% on the week. The Sensex rallied 1.9% Friday and the rupee also rebounded from a 20-month low hit the previous day as a fall in oil prices overnight and an announcement by the Modi government that it would form a panel to resolve a tax dispute with foreign investors triggered heavy short covering in most depressed stocks. On the week, the index edged up 0.3%.
Global Stock Market Recap

Please remember, the value of investments and the income from them can do down as well as up. Funds that invest in overseas markets may be subject to currency fluctuations. Investments in small and emerging markets can be more volatile than other overseas markets. Reference in this document to specific securities should not be construed as a recommendation to buy or sell these securities, but is included for the purposes of illustration only.
Looking forward*
Australia posts March home loans. India releases April consumer prices and March industrial production. The US reports March industrial production. In the US, March JOLTS and April NFIB small business optimism index will be released along with the April Treasury budget. 
*Note — all releases are listed in local time