More equity weakness in store

The New Zealand share market may face some headwinds today, with a drop off in earnings reporting likely to leave it vulnerable to offshore momentum.

US and European equities closed firmly in the red after a slew of ratings agency activity. Overnight Fitch slashed Greece to CCC, and the market was awash with reports that Moody's Investor Service was preparing to downgrade 21 Spanish banks.

That nervousness is likely to flow on through the day until offshore markets open with little in the way of data to present any speed bumps. That said, Facebook's impending IPO tonight could be the catalyst to spur investor appetite for equities.

Stocks to watch:

Investment holding company Guinness Peat Group said it disposed of 11 investments between January 1 and May 17. The company said earnings from its investment holdings for the period amounted to £104 million pounds, giving it a cumulative total of £246m. GPG shares closed at 48.5c yesterday.

Equity markets
Australia and New Zealand
NZX 50: +0.2 per cent to 3521.51
S&P/ASX 200: -0.2 per cent 4157.4

Dow: -1.24 per cent to 12,442.50
S&P 500: -1.15 per cent to 1304.86
Nasdaq: -2.10 per cent to 2813.69

FTSE 100: -1.24 per cent to 5338.38
Dax: -1.18 per cent to 6308.96
Stoxx 600: -1.13 per cent to 241.63

Nikkei: +0.86 per cent to 8876.59
Hang Seng: -0.31 per cent to 19,200.90

The New Zealand dollar recently traded at US76.36 cents, down from US76.71c at 5pm yesterday.

Gold: US$1573.69 an ounce, from US$1539.15 previously
ICE Brent Crude: US$107.07 a barrel, from US$111.65 previously
Thompson Reuters Jefferies CRB: +0.07 per cent to 289.55