US - Wall Street was in reverse gear on Friday as investors took a rest from woes over Greece and worried about Italy instead, after credit ratings agency Moody’s placed Italian banks and government-related institutions on review for a possible negative downgrade. Meanwhile, some better-than-expected economic news-flow failed to lift the mood. In company movements, memory chipmaker Micron was unwanted amid weak demand for PCs.
Europe - European bourses retreated on Friday, as concerns over the debt crisis were re-ignited. European Union leaders conditionally pledge funds to Greece provided the Greek parliament pass a package of austerity measures next week. Meanwhile, in stocks news, software consultancy Cap Gemini was a notable performer after peer Accenture, lifted its full-year revenue and earnings guidance.
Asia/Emerging Markets - Asian markets remained subdued on Friday amid concerns over Greek debts. Notable fallers included Sony Corp. and Toyota, due to exposure to the weakening European market, while Samsung Electronics of South Korea, also fell amid a legal challenge from Apple over patent infringement. On the upside, airline stocks soared after oil prices plunged following an increase in production.
Source: HSBC
