Stock Market Today - Greek Talks Fail, European Markets Fall

NEW YORK ( TheStreet) -- Talks on trying to rescue Greece from a default on its debt broke down yet again, with the Greek team walking out after a proposal of reforms was rejected by negotiators in Brussels. A spokesman of the European Commission said the differences between the two positions were too high and there was no more time to reach common ground before a meeting of eurozone finance ministers scheduled for Thursday. Greek stocks lost more than 6% in early trading on Monday, with all European markets down.

  • The operator of Saks Fifth Avenue, Hudson's Bay Company (HBC), will buy Germany's Galeria Kaufhof from retailer Metro in a deal worth $3.19 billion, the Wall Street Journal reports. It is the first foray into Europe by Toronto-based HBC.
  • Boeing (BA) is exploring a niche market of more than 1,000 jets but it has not yet decided whether to invest in new aircraft, the company's head of sales said.
  • Saudi Arabia has opened its $560 billion stock market to foreign investors, allowing access to its stocks to big asset managers with more than $5 billion under management starting Monday. The Tadawul market is expected to be upgraded to emerging market from frontier market within less than two years, which would boost liquidity and encourage more funds to invest in Saudi Arabia.
  • U.K. asking house prices hit a new record high after the election, with average prices in the red-hot London property market rising above 600,000 pounds ($930,000) for the first time, data from property website Rightmove show.

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