Commerzbank AG (CBK) declined after first-quarter profit missed analyst estimates. ING Groep NV (INGA) rose 2.4 percent. Holcim Ltd. (HOLN) gained after the world’s second-largest cement maker said it will announce cost-cutting measures.
The Stoxx 600 lost less than 0.1 percent to 250.4 at 8:24 a.m. in London. The gauge tumbled 1.7 percent yesterday, extending its retreat from this year’s high on March 16 to 8 percent. Standard & Poor’s 500 Index futures slid 0.4 percent today, while the MSCI Asia Pacific Index (MXAP) lost 1.3 percent to the lowest since Jan. 20.
“There are some signs of stability in Europe at the open,” Ian Williams, a London-based strategist at Peel Hunt, wrote in a note to clients. Overnight “the S&P 500 dipped to a one-month low but the overall performance was notably more resilient than the other global benchmarks.”
Europe’s benchmark Stoxx 600 (SXXP) yesterday dropped to the lowest level since Jan. 13 after Antonis Samaras, the leader of Greece’s biggest political party, failed to reach an agreement on a new government and the mandate passed to left-wing leader Alexis Tsipras, who opposes austerity measures required for the nation’s financial rescue.
The euro extended its longest losing streak in 3 1/2 years today before Tsipras today meets with leaders of New Democracy and Pasok, the two Greek parties that supported austerity.
Political Stand-off
Tsipras yesterday squared off with political leaders before talks on forming a coalition, handing them an ultimatum to renounce support for the European Union-led rescue if they want to enter government.
The stand-off since the inconclusive May 6 election has reignited concerns over Greece’s ability to hold to the terms of its two bailouts negotiated since May 2010. With Parliament split and policy makers in Berlin and Brussels urging Greece to stay the course, the country is again facing the risk of an exit from the euro.
Commerzbank dropped 1.3 percent to 1.51 euros after reporting first-quarter net income of 369 million euros ($479 million) that missed the average analyst estimate of 437 million euros. Germany’s second-largest lender also said uncertainty from Europe’s debt crisis will continue to challenge revenue.
ING, Holcim
ING advanced 2.4 percent to 5.12 euros. The biggest Dutch financial-services company posted a 51 percent drop in first- quarter net income to 680 million euros after a charge for a potential settlement of a U.S. probe offset a gain on the sale of its U.S. online bank. That compares to the average 1.11 billion-euro estimate of 11 analysts surveyed by Bloomberg.
Shares of Holcim rose 0.6 percent to 55.45 Swiss francs after reporting earnings before interest, taxes, depreciation and amortization of 776 million Swiss francs ($838 million), falling short of analysts’ average estimate of 778.2 million francs.
The cement maker said it will unveil details of its cost- cutting plan next week which will “significantly” improve operating profit.
Carlsberg AG (CARLB) gained 2.9 percent to 486 kroner. The world’s fourth-biggest brewer reported a 43 percent drop in first- quarter operating profit, excluding some items, to 574 million kroner ($100 million) as it sold less beer in Russia. That missed the average analyst projection for 845 million kroner.
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