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10 things you need to know today
REUTERS/ Alkis Konstantinidis Greek Prime Minister Alexis Tsipras, front right, and members of the government after a vote of confidence at the parliament in Athens early Wednesday.
Here are the 10 most pressing things you need to know in markets on Wednesday.
The Eurogroup is holding its emergency meeting. The eurozone's finance ministers meet Wednesday with the intention of discussing Greece's tense political and financial situation. Any indication whether they will agree to a bridging loan, which would tide the Greek government over for six months, is likely to be a big market mover.
Greek Prime Minister Alexis Tsipras easily won a parliamentary vote backing his stance. Tsipras, who controls 149 lawmakers from his leftist Syriza party, won the backing of 162 deputies in the 300-seat parliament for his pledge never to allow Greece to return to the era of austerity and bailout programs .
Germany takes the hard line. German finance minister Wolfgang Schaeuble, who is likely to be leading opposition to a new deal, says "it's over" and Greece "can't negotiate something new," according to Bloomberg.
The Greek market is getting slammed. Greece's ASE index is down by 3.6%.
Most markets are down. In Europe, Britain's FTSE 100 is down 0.4%, France's CAC 40 is down 0.7%, and Germany's DAX is down by 0.4%. Japan's Nikkei finished 0.3% lower, and Hong Kong's Hang Seng closed down 0.8%. US equity futures are down modestly.
Pepsi had a good quarter. PepsiCo earned $1.12 per share in the fourth quarter, beating expectations for $1.08 per share. Global beverage volume climbed by 1%, while snack volume increased by 2%. Management also announced a $12 billion plan to buy back shares.
Here's a reminder that geopolitics will drive big companies nuts. On Tuesday, Venezuela announced a new currency system, which many expect will come with a major devaluation of the bolivar. This is a huge risk for big multinational companies like Pepsi, which was forced to address it in its earnings announcement: "Significant uncertainty exists regarding the exchange mechanisms in Venezuela. In February 2015, the Venezuelan government indicated it would implement further changes to the three existing exchange mechanisms. Any further devaluation of the bolivar or change in the exchange mechanisms could adversely affect our financial results, including resulting in further charges or impairment of our non-monetary assets or a higher-than-expected unfavorable impact of foreign-exchange translation."
Samsung is spending $3.6 billion (£2.36 billion) on a new production line. Samsung Display, a subsidiary of the South Korean tech giant Samsung, said on Wednesday it would invest 4 trillion won ($3.6 billion) in a new organic light-emitting diode (OLED) display panel production line in South Korea . The line will make medium and small-size OLED displays for consumer-electronics devices like smartphones.
One of China's top central bankers says the country's economy is more sustainable now. China's economy is now more sustainable, and domestic consumption is steadily rising, Chinese Central Bank Vice Governor Yi Gang told a G20 meeting of finance officials earlier this week.
Quiet day. No major US economic reports are scheduled for release on Wednesday.
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