European Markets Poised to End Winning Streak, Toshiba Head Quits

European markets edged lower on Tuesday threatening to end a nine-session winning streak as momentum from the Greek bail out ebbed, and attention turned to quarterly earnings season. The big corporate news over night came out of Tokyo, where Toshiba’s President and CEO Hisao Tanaka resigned after the company admitted inflating profits by at least ¥152 billion ($1.2 billion) over several years. A report into the scandal said that Tanaka and his predecessor Norio Sasaki, now Toshiba’s Vice Chairman, were aware of the inflated figures. In Europe, French spirits maker Remy Cointreau was amongst the biggest blue-chip fallers, down 2.3 percent, after like-for-like quarterly sales dipped 9 percent due to weak demand from Russia and China, where Beijing’s ongoing crackdown on corruption continues to hurt luxury goods makers.