Chubu Electric Power Co., based in Nagoya in central Japan, plunged 10 percent after Japanese Prime Minister Naoto Kan asked it to close its Hamaoka nuclear plant. Tohoku Electric Power Co. lost 2.1 percent after the Asahi newspaper reported it may post a loss. Toyota Motor Corp. (7203), the world’s largest carmaker, slid 0.5 percent. Yamaha Corp. (7951), a musical instruments maker, tumbled 5.8 percent after forecasting profit will drop, citing the March 11 quake impact.
European stocks retreated after officials agreed to review the terms of Greece’s bailout and Standard & Poor’s downgraded the nation’s credit rating, reigniting concern about the sovereign-debt crisis.
The yield on Greek two-year government bonds gained 25 basis points to 25.58 percent today. Credit-default swaps on Greece rose 30 basis points to a record 1,371, according to CMA, signaling a 68 percent probability of default within five years.
National Bank of Greece SA (ETE) led a selloff in financial shares, dropping 4.1 percent as the cost of insuring Greek debt climbed to a record. Centrica Plc (CNA) led utilities lower after saying increased taxes will hurt earnings. MAN SE (MAN) advanced 1.5 percent after Volkswagen AG (VOW) increased its stake in the truckmaker.
U.S. stocks advanced, sending the Standard & Poor’s 500 Index higher for a second straight day, as commodity prices rebounded from the biggest drop since 2008 and McDonald’s Corp. (MCD) rallied after sales topped estimates.
Newmont Mining Corp. (NEM) and Halliburton Co. (HAL) added at least 2 percent as oil halted a five-day retreat and metal prices climbed. McDonald’s, the world’s biggest restaurant chain, increased 1.3 percent as smoothies and McCafe beverages drew U.S. customers in April. Dollar Thrifty Automotive Group Inc. (DTG) surged 13 percent as Hertz Global Holdings Inc. (HTZ) made a $2.08 billion offer. Citigroup Inc. (C), the most-traded U.S. stock in 2011, slumped 2.6 percent following a 1-for-10 reverse split.