United States markets were lower in early trading on Monday, led by declines in the energy sectors as the price of oil fell again.þþEuropean stocks were lower after several days of tense rhetoric between Greece and its creditors.þþKEEPING SCORE The Dow Jones industrial average fell 0.08 percent and the Standard & Poor’s 500-stock index was down 0.07 percent. The Nasdaq composite index dropped 0.12 percent. Among Dow stocks, Chevron fell 0.8 percent.þþEUROPEAN MARKETS In Germany, the DAX fell 0.5 percent and in France, the CAC 40 lost 0.6 percent. The FTSE 100 was flat in Britain.þþGREEK FEARS The talks between Greece and its creditors have been deadlocked since late last week, when tghe Greek prime minister, Alexis Tsipras, rejected as unacceptable a proposal made by the three institutions overseeing the country’s bailout — the European Central Bank, International Monetary Fund and European Commission. Talks are set to resume but time is running out. A solution is needed by June 30, when Greece’s bailout program ends and the remaining 7.2 billion euros ($8.1 billion) in rescue loans will no longer be available. Without the funds, Greece is unlikely to be able to repay its debts and could end up crashing out of the euro. Jitters over Greece’s financial future have been a cloud over markets in recent days, notably in Germany where the DAX is down more than 10 percent from its April peak — officially, a correction.þþANALYST’S TAKE “Once again, the ongoing uncertainty over Greece continues to weigh on sentiment,” said Fawad Razaqzada, an analyst at Forex.com.þþDEUTSCHE BANK One German stock bucking the trend was Deutsche Bank, which saw its share price rise by around 6 percent Monday after the company said its co-chief executives, Anshu Jain and Jüergen Fitschen, would step down early. The rise follows Sunday’s statement from Germany’s biggest bank that Mr. Jain will depart at the end of this month while Fitschen will follow next May. Their successor will be the British banker John Cryan, initially as co-chief executive officer, with Mr. Fitschen and then in sole charge. Mr. Cryan is currently a member of the company’s supervisory board.þþCHINA WORRY In addition to Greece, investors are worried about the pace of growth in China, the world’s second-largest economy. Figures Monday showed Chinese exports contracting 2.8 percent from a year earlier in May while imports shrank 18.1 percent. China’s economy expanded 7 percent in the first quarter, the slowest quarterly growth since the global financial crisis in 2008. The latest data adds to pressure on Beijing to avoid a sharp slump.þþASIA’S DAY The Nikkei 225 declined 0.1 percent in Japan, while in Hong Kong, the Hang Seng gained 0.2 percent. The Shanghai Composite Index jumped 2.2 percent in China. The Kospi ended down 0.1 percent in South Korea. Southeast Asian benchmarks were lower. Australia’s stock market was closed for a holiday.þþENERGY Benchmark United States crude oil dropped 56 cents to $58.57 a barrel on the New York Mercantile Exchange following OPEC’s decision to keep its oil output target on hold. Brent crude, a benchmark for international oil used by many American refineries, fell 29 cents to $63.02 a barrel in London.þþCURRENCIES The dollar slipped to 125.24 yen from 125.61 yen on Friday. The euro strengthened to $1.1181 from $1.1113.
Source: NY Times
