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Market Update

Euro Faces Greek Discount, Stocks Turn Lower in Europe

Author: Nigel Thomas
Last Update: 10:42 AM ET July 14 2015

4:00 PM Frankfurt – European currency markets are increasingly looking for Greek discount on the euro. Carillion guided higher revenues. Johnston Press declined on weak sales outlook. Kuehne & Nagel profit jumped 4%. Michael Page said gross profit in the second-quarter climbed 6%.

European markets edged lower after a day of rallying on the hopes that parliaments in the euro zone will approve the latest accord between lenders and Greece.

However, bond market investors are increasingly factoring higher rates for Spain, Portugal and Italy and Greece is likely to face significant hurdles in implementing unpopular reforms.

Also, currency markets in Europe and in New York are looking for Greek discount on the euro and the currency is expected to face more headwinds in the next few months as Greece lags in implementing reforms and may head for another election as early as December.

In London trading, FTSE 100 index fell 0.4% or 23.55 to 6,714.40 and in Frankfurt the DAX index decreased 0.4% or 40.52 to 11,443.86.

In Paris, CAC 40 index slid 0.3% or 12.71 to 4,985.39.

32Red Plc soared 5.1% to 67.24 pence after the U.K.-based online casino and sports betting operator agreed to acquire its rival Roxy Palace Casino, online casino games provider for about £8.4 million in cash and stocks.

Carillion Plc rose 0.7% to 354.10 pence after the U.K.-based construction services provider forecasted revenue in the first-half ending in June to increase around 96% with earnings ‘in-line with expectations.’

The company added order pipeline remained strong at about £17 billion.

Separately, today the company awarded a contract worth about £80 million from BP to build the operational base and accommodation complex for its Khazzan gas project.

Johnston Press Plc tumbled 18.5% to 115.75 pence after the U.K.-based print and online publication company estimated total revenue and advertising revenue in the first-half ending on July 4 each to decline by 5%.

The media company said revenue in circulation is expected to drop 5.5% and profits are likely to be marginally below last year.

Kuehne & Nagel International AG increased 2.4% to 129.40 Swiss francs after the Switzerland-based logistics services provider said revenues in the first-half ending in June slipped 3.2% to 8.22 billion francs from 8.50 billion francs in a year ago period.

Net profit in the period jumped 4.2% from a year ago to 326 million francs compared to 313 million francs and diluted earnings per share increased to 2.71 francs from 2.57 francs.

Michael Page International Plc slipped 2.6% to 540.50 pence after the U.K.-based professional staffing services provider reported gross profit in the second-quarter ending in June climbed 6% to £145.3 million from £137.1 million in a year ago period.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc