European stock markets were steady Tuesday as the recent Greek relief rally comes to an end and as the latest U.S. corporate earnings reporting season gears up.
KEEPING SCORE: In Europe, Germany's DAX was flat at 11,732 while the CAC-40 in France rose 0.1 percent to 5,145. The FTSE 100 index of leading British shares was also flat at 5,787. U.S. stocks were poised for a subdued opening, with Dow futures and the broader S&P 500 futures largely unchanged.
GREECE RETREAT: For weeks, the Greek crisis has been the main driver in financial markets but now that discussions over a third bailout are set to begin, fears over the country's exit from the euro have faded — for a while at least.
ANALYST TAKE: "Not too long ago traders were sick of hearing about Greece, but now they look back on the frenzied activity of those weeks with a wistful sigh," said David Madden, market analyst at IG.
EARNINGS OUTLOOK: Now that the Greek crisis is fading from view and China's stock market plunge has abated, investors are taking the pulse of the global economy in the form of second-quarter corporate results. The main earnings release later will be from Apple, but that will come after markets close. "The stock is lingering only a few dollars away from its all-time highs, and could easily surpass that record if Apple announces the kind of dazzling figures it is more than capable of," said Connor Campbell, financial analyst at Spreadex.
TOSHIBA TROUBLES: During Asian trading hours, the main focus was on Japanese technology company Toshiba after its CEO and eight other executives resigned to take responsibility for doctored books that inflated profits by 152 billion yen ($1.2 billion) over several years. Still, Toshiba shares ended up 6 percent, recovering recent losses, as investors took the resignations as a sign the company might use the opportunity to clean up its act.
ASIA'S DAY: Japan's Nikkei 225 added 0.9 percent to close at 20,841.97 and South Korea's Kospi gained 0.5 percent to 2,083.62. Hong Kong's Hang Seng rose 0.6 percent to 25,536.43. The Shanghai Composite Index in mainland China rose 0.6 percent to 4,017.67, though in a sign of continuing volatility it weaved in and out of positive territory. Australia's S&P/ASX 200 climbed 0.4 percent to 5,706.70.
ENERGY: Benchmark U.S. crude was flat at $50.15 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, a benchmark for international oils used by many U.S. refineries, fell 10 cents to $56.55 in London.
CURRENCIES: It was a similarly subdued feel in foreign exchange markets. The euro was up 0.3 percent at $1.0864 while the dollar was steady at 124.34 yen.