We've told you what could go wrong, and who could get slammed, if and when Greece defaults. But there are specific companies, governments, and institutions exposed to a default that will have to handle the losses if it comes to pass, according to Barclays research.
It is interesting to note that the world's participation in the Greek bailout series has left countries and international institutions the most exposed. Banks, while having significant exposures, are not holding all the cards this time.
There are, however, some significant bank names here. Notably Deutsche Bank (#25), ING (#27), and HSBC (#35) hang outside the top table.
Barclays conclusion is that, because so much of Greek debt is owned by the public sector, and voluntary rollover may be possible, and successful.
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The 20 Institutions Most Exposed To A Greek Default
10 Things You Need To Know This Morning
Good morning. Here's what you need to know.
- Asian indices were mostly down in overnight trading with the Bombay Stock Exchange falling 2.04%. Major European indices are in the red and U.S. markets are now in the green.
- Eurozone finance ministers have delayed €12 billion in loans to Greece without which the country will default on its sovereign debt in mid-July. The move is expected to pressure the Greek government to pass €28 billion in spending cuts and tax increases. Meanwhile Greek prime minister George Papandreou is set to face a confidence vote in Parliament tomorrow. Refresher: Here's who gets slammed if Greece restructures >
- Moody's threatened to downgrade Italy's Aa2 credit rating in next 3 months, on concerns that the Greek crisis may push up interest rates in the eurozone and hurt Italy's recovery. Don't miss: The 21 countries most likely to default >
- Wages and salaries in the Eurozone were up 2.3% in Q1 2011 from a year ago, but the wage increase was lower than the 2.7% increase in consumer prices, which showed that real wages in the region continued to stay low.
- Moody's has pushed Tepco's credit rating to junk status. Tepco's long-term issuer rating was cut to B1 from Baa3, and its senior secured rating was lowered to Ba2 from Baa2 on account of rising costs from the nuclear disaster at its Fukushima Daiichi plant. Now here are images of devastation in Japan a month after the earthquake >
- PNC Financial Services Group Inc has agreed to buy Royal Bank of Canada's U.S. retail bank operations for $3.45 billion. The deal would add about 420 branches to PNC's operations and help it expands its presence in the Southeast of the country. Check out the 16 strongest banks in the world >
- Brazilian airline TAM is buying engines worth $2.2 billion from Rolls Royce for Airbus A350s. Rolls Royce has also signed a 12-year agreement to provide the airline operator with its service support.
- Boeing has secured a $1.7 billion deal to provide Qatar with six 777 jets. Rival Airbus however is expected to announce a bigger $2.4 billion deal for 30 A320neo planes to Scandinavian airline SAS at the Paris Air Show today.
- Bankrupt bookstore chain Borders Group Inc. is expected to name its bidder on July 1st. The bankruptcy court is expected to hold an auction on July 19 and a sale hearing by July 22. It has however reached a deal with GE Capital to keep 51 of its stores open.
- Goldman Sachs cut its Q2 GDP growth outlook to 2%, from 3%, on weak manufacturing data and high unemployment. The news was a blow to the U.S. economy which was expected to be on its way to a recovery.
- BONUS: Megan Fox is reported to have offended Steven Spielberg when she said director Michael Bay wanted to be like Adolf Hitler. The comment got her fired from Transformers 3.
Greek loan delay drags down European shares
European flag floating in front of the European Commission building in Brussels
* Italian underperforms after Moody's threat
* Banks drop after Greek decision delay
* For up-to-the minute market news, click on
By Joanne Frearson
LONDON, June 20 (Reuters) - European shares fell on Monday, led by banks after euro zone finance ministers delayed a decision on extending emergency loans to Greece and ratings agency Moody's threatened to cut Italy's credit rating.
Investor appetite for riskier stocks fell, with the Euro STOXX 50 volatility index , one of Europe's main gauges of investor anxiety, rising 11 percent to its highest level in three months.
Banking stocks, which have been declining since February, featured among the worst performers after the ministers said Greece would need to introduce harsh austerity measures before it received a 12 billion euro ($17.07 billion) loans tranche.
The STOXX Europe 600 Banks index was down 1.5 percent, while the Thomson Reuters Peripheral Banks index lost 2.8 percent.
A Moody's threat that it might cut Italy's credit ratings over increased borrowing costs as a result of the Greek crisis, intensified fears that the problems of the euro zone's peripheral countries would spread.
Italy's benchmark index dropped 2.4 percent, significantly underperforming the other peripheries Spain's IBEX 35 was down 1.5 percent, and Portugal's PSI 20 was 1.3 percent lower.
Italian banks were among the worst performers, with Banca Popolare di Milano down 6.5 percent, and Banca Monte dei Paschi di Siena SpA , also affected by the first day of trading of its rights issue, fell 4.9 percent.
By 0846 GMT, the pan-European FTSEurofirst 300 index of top shares was down 1.1 percent at 1,075.13 points, extending losses in early trade after Euronext opened late after a technical glitch.
" They want to make sure Greece is adhering to the package. It is going to be quite a close call if they get the money in time before the country needs funding," said Richard Batty, Global Investment Strategist, Standard Life Investments, which has 157 billion pounds of assets under management.
Investors were also awaiting a confidence vote on Tuesday called for by Greek Prime Minister George Papandreou in a bid to push through the reforms.
" It is not a helpful backdrop we are underweight European equities," Batty said.
DEATH CROSS
The index's 50-day moving average was also poised to break below the 200-day moving average, seen as a strong bearish technical signal called a 'death cross', but the index was likely to find support at around 1,065, its low hit in March.
Nomura analysts said in a note the market could be ripe for a rally, with a potential upside of 18 percent for the rest of the year if Greece avoided a near-term default and the recent soft patch of economic data failed to translate into earnings downgrades.
" If the soft economic data is not followed by EPS (earnings-per-share) downgrades and Greece does not default, the upside for stocks is substantial, 18 percent on our projections to the end of 2011," Nomura analysts said.
Japan PM may set resignation timing on Monday: report
Japanese Prime Minister Kan delivers a speech at a meeting with members of his ruling Democratic Party of Japan in Tokyo
Kan, already Japan's fifth premier in as many years, survived a no-confidence vote earlier this month after promising critics in his own party he would quit but declined to say when. Opposition parties have declined to cooperate on key bills unless the prime minister keeps his pledge.
Kyodo said that Kan, who has come under fire for his handling of his response to the world's worst nuclear crisis in 25 years, could announce that he would quit on condition of parliament passing a second extra budget and a bill to issue bonds for this year's budget, Kyodo said.
Hopes have risen that Kan's departure would clear the way for a coalition between the DPJ and its rival Liberal Democratic Party that could break the parliamentary logjam as Japan tries to rebuild from the March 11 quake and tsunami that triggered the nuclear accident at Tokyo Electric Power Co's (Tepco) Fukushima Daiichi plant.
In theory, a coalition could also make it easier to tackle longer-term policies including social security and tax reforms, including a sales tax rise, needed to rein in public debt already twice the size of Japan's $5 trillion economy.
But obstacles to any such coalition remain high, and momentum for the tie-up appears to have diminished of late.
Japanese media have said that Finance Minister Yoshihiko Noda, who backs Kan's calls for fiscal discipline, was a frontrunner to replace Kan in a DPJ leadership race that would be held after the premier steps down.
Other potential contenders include former foreign minister Seiji Maehara, a conservative expert on security issues.
Hong Kong shares drop on property, rising risk of a short squeeze
Hong Kong night skyline
* Tencent rebounds from two-week slide
* Shanghai shares extend decline on liquidity crunch, down 0.8 pct
* RBS analysts recommend buying the dip on China shares (Updates to close)
By Vikram Subhedar
HONG KONG, June 20 (Reuters) - Hong Kong shares fell to a nine-month low on Monday as the property sector slid on fears of more government tightening measures, pushing the benchmark deeper into oversold territory and raising the risk of a short squeeze.
Optimism over a possible resolution to Greece's debt woes faded and was offset by bearishness on the property sector, by far the biggest underperformer on the day after a top city official warned of growing risks of an asset price bubble.
The Hang Seng fell 0.4 percent, led by property bellwether Cheung Kong Holdings , controlled by billionaire Li Ka-shing, which dropped 3.8 percent.
The property sub-index fell 2.2 percent to its lowest since July last year after Financial Secretary John Tsang's warning.
" Hong Kong's housing sector is unusually strong because of loose monetary policy in advanced markets such as Europe and the United States, ample liquidity, super-low interest rates and strong economic growth," Tsang said in his latest blog.
" The risk of a bubble is increasing by the day."
The weak property sector pushed the Hang Seng's relative strength index down to 15.1, the lowest level since January last year and well below the threshold level of 30 that indicates whether a security is technically oversold.
" If you look at the short selling ratio in Hong Kong, you're sitting at 9.6 percent on a four-week average. That's the highest level we see in two years so there's clearly risk of a short squeeze in the Hang Seng market," said Laurence Balanco, a technical analyst at CLSA in Reuters television interview.
" That should provide some relief from these oversold conditions," said Balanco.
Bucking the weaker trend were shares of China's dominant Internet firm Tencent Holdings which ended 4.3 percent higher, recouping some of their slide in recent weeks.
Tencent shares are still down 11.5 percent this month on concerns around its e-commerce payment platform Tenpay following uncertainties over the " variable interest entity" ownership structure used by many Chinese Internet firms.
SHANGHAI WEAK AS TIGHT LIQUIDITY CRIMPS STOCKS
On the mainland, the Shanghai Composite continued to slide, dropping 0.9 percent as tight conditions in the interbank market continued to trump attractive valuations.
The index's close for a second day below a cluster of supports around 2,660-2,680 from where it staged a sharp rally in January suggested it could face overhead resistance at those levels.
Short-term money market rates spiked to 8 percent, primarily as a result of the latest hike in banks' reserve requirements that was effective on Monday.
The liquidity squeeze in China's money market makes brokerages, fund managers and wealthy personal investors unable to obtain sufficient cash for investments in stocks.
A Hong Kong-based trader said that rates are likely to stay elevated for a little while longer, partly due to quarter-end demand for funds from institutions as well as strict monitoring of loan-to-deposit ratios.
That could be negative for smaller, leveraged banks such as China Citic Bank , which lack fee income, said the trader. China Citic Bank fell 1.5 percent.
The extended slide in Chinese shares that have seen the benchmark retreat about 15 percent in the past two months have pushing valuations to attractive levels, prompting analysts to recommend that investors position for a rebound.
" After the two, short-lived rallies in the MSCI-China in Sept-Oct 2010 and March-Apr 2011, investors are a bit gun-shy, in our view," said Wendy Liu, head of China and Hong Kong research at RBS in Hong Kong.
But Liu, who projects a strong rebound in July on the back of easing worries about a hard landing in China, suggested investors raise exposure to China " to the max" over the remainder of June.
Gold, Silver and Crude Oil Report
The Overall Fundamentals
Commodities look like they driven by the events taking place in Greece Wednesday, and the resulting Euro weakness and USD strength.
Reports that the Greek PM would step down to make way for a unity government, sent some waves through the markets including the commodities markets it seems.
August Gold finished higher by 0.1% to 1526.40 oz, and July Silver dipped 0.4% to close at 35.28 oz.
Both metals pushed North this morning in the wake of worse-than-expected economic data, in a flight to safety. But, later the strength in the USD eventually forced the precious metals lower.
Gold traded back to the flat line and finished just in the Green, and Silver fell into negative territory, where it closed just in the Red.
Total Crude Oil and petroleum products stocks fell for the first time in 4 weeks, by -0.62 mmb to 1062.31 mmb in the week ended June 10.
Crude stockpile jumped -3.41 mmb to 365.56 mmb during the week with stock-build recorded in 3 out of 5 PADDs. Cushing stocks rose for the 3rd week, by -1.14 mmb to 37.76 mmb. Utilization rate slipped -1.1% to 86.1%.
Gasoline inventory rose +0.57 mmb to 215.07 mmb although demand rose +2.26% to 9.37M bpd and imports slipped -3.71% to 1.12 M bpd. Production, however, climbed +0.24% to 9.47 M bpd. Distillate inventory dropped -0.11 mmb to 140.82 mmb although demand contracted -5.21% to 3.60M bpd. Both imports and production dropped, by -19.35% and -2.62% respectively.
WTI Crude Oil price rebounded sharply as Crude inventory declined more than expected.
The Overall Technicals
Comex Gold (GC)
As noted before, the recovery from 1462.5 may have finished with 3 waves up to 1555 already. The fall from 1555 is tentatively treated as the 3rd wave of the consolidation from 1577.4.
Intra-day bias remains on the Southside for a test on 1462.5/1471 1 support Zone first.
On the Upside: in the case of another rise, I expect the Key resistance at 1577.4 to limit the upside and to bring another fall to extend the consolidation.
The Big Picture: a short term top is at least made at 1577.4 after Gold hits medium term rising channel resistance. But, here is no indication of long term trend reversal yet. A deeper pull back could come back into 1309.1/1432.5 support Zone. I would anticipate Strong support from medium term channel, now at 1420, to contain downside and finally bring up-trend resumption through 1600, the Psych mark, after the consolidations. But, sustained trading below the 1400 mark will raise the possibility of trend reversal and will turn focus back to 1309.1, the Key support, for confirmation. Stay tuned…
Comex Silver (SI)
The Intra-day bias in Silver is still cautiously on the Southside for a tap at 32.30, Key support. A clear break there will confirm resumption of fall from 49.82 and should target 30, the Psych mark, next.
In case of another recovery, I will still stay Bearish as long as 39.47, the Key resistance, holds. But, a clear break of 39.47 will augur that correction from 49.82 has completed at 32.30, and a stronger rally could be seen to retest the high.
The Big Picture: the steep selloff from 49.82 indicates to me that a medium term Top formed there, ahead of 50, the Psych mark. Silver should now be correcting the whole 5 wave sequence from 14.65 19.845, 17.735, 31.275, 26.30, 49.82. The correction will likely extend into the 26.30/31.275 support Zone before completion. But, I still anticipate 1 more rising wave before Silver completes the 5 wave up-trend from 8.4 the Y 2008 low, and finally make an important Top. Stay tuned…
Nymex Crude Oil (CL)
The recovery from 96.13 delayed the Bearish case, but I and still anticipating a Southside breakout in here and it may have come Wednesday. And the break 96.13 turns the bias to the Southside and targets 61.8% projection of 114.83 to 94.63 from 102.44 at 89.96, which is close to 90, the Psych mark.
On the Upside: in case of another recovery, the upside should be limited by 102.44, the Key resistance, and bring on resumption of the fall from 114.83.
The Big Picture: as noted before, the medium term rebound from 33.2 is treated as the 2nd leg of consolidation pattern from 147.24. The break of 96.22, the Key support, now serves as the 1st alert of medium term reversal after Crude Oil failed 100% projection of 33.2 to 83.95 from 64.23 at 114.98.
The focus is now on next Cluster Support at 83.85, 61.8% retracement of 64.23 to 114.83 at 83.65, 38.2% retracement of 33.2 to 114.83 at 84.10. And a clear and sustained break there affirms the case of a medium term reversal, and turns my outlook Bearish for 64.23, Key support, and below. But, a, strong rebound above this Cluster Support mark will retain the medium term Bullish outlook and bring on another rise to above 115 level IMO. Stay tuned…
US current account deficit up 6.3% in Q-1
US current account deficit up 6.3% in Q-1
US current account trade deficit edged up 6.3% to US$119.3B in Q-1 of this year after a 9.7% decline in the previous Quarter, reported the Commerce Department on Thursday.
In the 4th Quarter Y 2010, US current account deficit was revised to US$112.2B
Current account is the broadest measure of foreign trade as it measures not only trade in goods and services, which are tracked by the government on a monthly basis, but also investment flows between countries.
The report revealed that the current account deficit in the January-March period mainly reflected spiking global energy prices which pushed up the import petroleum value.
The deficit on goods rose to US$182.5B in Q-1 this year from US$159.2B in Q-4.
The US surplus on services increased to US$41.7B in Q-1 this year from US$40.5B in the 4th Quarter.
23% of foreign investment in China went into Real Estate
23% of foreign investment in China went into Real Estate in Y 2010
A total of 23% of foreign investment in China went into the Real Estate sector last year, the country’s foreign exchange regulator said on Thursday.
The ratio of foreign investment in the property sector remained well above 10% over the past 10 yrs, with such investment growing rapidly since Y 2006, said the State Administration of Foreign Exchange (SAFE) in its Y 2010 Annual Report.
No sizable speculative money inflows were detected, but there were small volumes of “Hot Money, ” which stole into China mainly under the cover of trade, the report said.
The Forex regulator said it will strengthen monitoring and the pre-warning system for cross-border capital flows to prevent large in-and-out flows of “Hot Money.”
Why Greece is a Non-Issue
In Paris, Zhu Min, a special advisor to the IMF’s managing director, said the Fund was deeply concerned by the latest political turmoil in Greece but stood ready to help if the government could win consent for its austerity plan. However, The International Monetary Fund is expected to pay its share of Greece’s latest aid tranche quickly to buy the European Union more time to finalize a package to keep Greece afloat through 2012 and beyond, sources said on Thursday.
Earlier this week, euro zone finance ministers failed to agree on how to involve private investors in a second financial rescue for Greece. Senior EU officials said a deal was now unlikely to be reached at a summit next week and was likely to be delayed until mid-July or even later.
The Eurogroup of euro zone finance ministers meets on Sunday and Monday prior to an EU leaders’ summit at the end of next week.
Although a headline grabbing event, the global importance of Greece has been exaggerated, Europe will intervene to avoid any event that maybe be catastrophic for the Euro, even though they are making the most of an artificially weak Euro.
Singapore Stocks Look Oversold
In Singapore yesterday the benchmark Straits Times Index closed at 3,020.13, down 1.14 per cent, or 34.69 points. New private home sales in Singapore fell 13 percent in May from a month ago, the city-state’s land planning authority said on Wednesday, signalling greater caution among buyers amid new government measures to cool the housing market.
The best buys today will be those oversold in yesterdays session, Property and bank stocks. CapitaLand fell 5 cents to S$2.82, City Developments declined 22 cents to S$10.20, DBS moved down 14 cents to S$14.12, and UOB ended 30 cents at S$18.66.
Mapletree Investments said it plans to launch three property funds worth US$2 billion over the next few years.
The funds will invest in commercial and mixed-use properties in China, Vietnam and Japan.
Mapletree, the real estate arm of Temasek Holdings, also announced a 90 per cent increase in its profit after tax to S$747 million for the full year ended March 31, driven by higher rental contributions from its assets.
Mapletree Investments hopes to attract institutional investors into its three new Asian property funds. The firm said that investors are looking at annual internal rate of returns of between 12 and 22 per cent from these funds.
For the Japan Fund, Mapletree will use US$300 million to US$500 million to buy more office properties in the outskirts of Tokyo city centre as well as Osaka and Nagoya.
Three of such properties are already present in the fund as seed assets. The firm is targeting a 12 per cent rate of return from the fund and it is expected to launch this year.
A similar amount will be used for the Vietnam Fund, which focuses on mixed retail, office and serviced apartment projects in major Vietnamese cities. It is expected for launch in 2013.
Mapletree Investments counts a retail and serviced apartment property in Hanoi and an upcoming retail and serviced apartment project in Ho Chi Minh City. It is targeting an annual rate of return of 22 per cent.
Mapletree will also use US$500 million to US$1 billion for its new China fund. The fund’s assets will be in first and second tier Chinese cities. The fund will acquire mixed developments with residential components in China.
Time to Buy Equities
There has been sell off this month based on a dip in USA consumer sentiment and the ongoing concerns over high USA unemployment, and Greece, for what ever reason has impacting global markets.
In my opinion the impact of these factors is being over rated by investors. While the US people are big consumers, there are growing consumer numbers in other parts of the world. Unemployment, while a serious social problem in the USA becomes a little insignificant on the global scale.
To the unemployed, unemployment is a tragedy, one they feel that the government should do something about. To us economists, looking at the big picture, unemployment is of course a necessity, and a certain amount of unemployment is essential to maintain a healthy economy.
However, like most things that impact the economy, is not all bad when the total economic system (macroeconomics) is studied. For instance, from the viewpoint of an employer, a high unemployment rate creates an advantage it gives them a wide range of applicants for any job opening that they have available, and it also helps decrease the amount of wages that an employer has to pay their employees. In economic lingo, high unemployment creates a labor surplus.
This is overdue in the USA, workers have been protected from competing with the global market with trade barriers like the ongoing low USD policy.
The big factor is globalization is here to stay, manufacturers are free to choose the country which best suits them to manufacture in, and Asia is winning that race. There will be an employment lag as the USA moves from non-skilled labor jobs to high-skilled labor jobs, regardless of what the White House of the day does, the USA can no longer compete for unskilled labor work. This will of course impact the consumer sentiment, however how much of a factor is that in real terms to the market?
Below is a list of the Top 100 companies in the world, 20 years ago that list was 80% USA owned and operated, but as you can see that is no longer the case. The Dow is now a reflection of the world economy and no longer a measure of the health of the USA economy alone. Reactions on the Dow to USA Jobs, Housing and other national data is far less important now than it was 20 years ago, buying into these “false sell offs” is very much worthwhile.
By no means do I think the USA economy is dead, but it is changing, and that change will cause serious disruption to the people of the USA. IF you are not doing so already, take a good look at how the companies you are investing in are managing globalization. But make no mistake, you do want to be buying into this market.
“It’s never paid to bet against America. We come through things, but its not always a smooth ride.” Warren Buffett
| Rank | Company | Country | Sales | Profits | Assets | Market Value |
|---|---|---|---|---|---|---|
| 1 | 
JPMorgan Chase |
United States | $115.5 B | $17.4 B | $2,117.6 B | $182.2 B |
| 2 | 
HSBC Holdings |
United Kingdom | $103.3 B | $13.3 B | $2,467.9 B | $186.5 B |
| 3 | 
General Electric |
United States | $150.2 B | $11.6 B | $751.2 B | $216.2 B |
| 4 | 
ExxonMobil |
United States | $341.6 B | $30.5 B | $302.5 B | $407.2 B |
| 5 | 
Royal Dutch Shell |
Netherlands | $369.1 B | $20.1 B | $317.2 B | $212.9 B |
| 6 | 
PetroChina |
China | $222.3 B | $21.2 B | $251.3 B | $320.8 B |
| 7 | 
ICBC |
China | $69.2 B | $18.8 B | $1,723.5 B | $239.5 B |
| 8 | 
Petrobras-Petróleo Brasil |
Brazil | $121.3 B | $21.2 B | $313.2 B | $238.8 B |
| 8 | 
Berkshire Hathaway |
United States | $136.2 B | $13 B | $372.2 B | $211 B |
| 10 | 
Citigroup |
United States | $111.5 B | $10.6 B | $1,913.9 B | $132.8 B |
| 11 | 
BNP Paribas |
France | $130.4 B | $10.5 B | $2,680.7 B | $88 B |
| 11 | 
Wells Fargo |
United States | $93.2 B | $12.4 B | $1,258.1 B | $170.6 B |
| 13 | 
Banco Santander |
Spain | $109.7 B | $12.8 B | $1,570.6 B | $94.7 B |
| 14 | 
AT& T |
United States | $124.3 B | $19.9 B | $268.5 B | $168.2 B |
| 15 | 
Gazprom |
Russia | $98.7 B | $25.7 B | $275.9 B | $172.9 B |
| 16 | 
Chevron |
United States | $189.6 B | $19 B | $184.8 B | $200.6 B |
| 17 | 
China Construction Bank |
China | $58.2 B | $15.6 B | $1,408 B | $224.8 B |
| 18 | 
Wal-Mart Stores |
United States | $421.8 B | $16.4 B | $180.7 B | $187.3 B |
| 19 | 
Total |
France | $188.1 B | $14.2 B | $192.8 B | $138 B |
| 20 | 
Allianz |
Germany | $142.9 B | $6.7 B | $838.4 B | $62.7 B |
| 21 | 
Bank of China |
China | $49.4 B | $11.9 B | $1,277.8 B | $143 B |
| 22 | 
ConocoPhillips |
United States | $175.8 B | $11.4 B | $156.3 B | $109.1 B |
| 22 | 
Sinopec-China Petroleum |
China | $284.8 B | $10.9 B | $148.7 B | $107.7 B |
| 24 | 
Volkswagen Group |
Germany | $168.3 B | $9.1 B | $267.5 B | $70.3 B |
| 25 | 
Agricultural Bank of China |
China | $49.4 B | $9.5 B | $1,298.2 B | $134 B |
| 26 | 
Nestlé |
Switzerland | $112 B | $36.7 B | $117.7 B | $181.1 B |
| 27 | 
Vodafone |
United Kingdom | $67.5 B | $13.1 B | $236.6 B | $148.2 B |
| 28 | 
ENI |
Italy | $130.5 B | $8.4 B | $176.1 B | $96.8 B |
| 29 | 
American Intl Group |
United States | $77.3 B | $7.8 B | $683.4 B | $67.1 B |
| 29 | 
GDF Suez |
France | $113.1 B | $6.2 B | $245.5 B | $85.2 B |
| 31 | 
Telefónica |
Spain | $81.3 B | $13.6 B | $166.5 B | $113.3 B |
| 31 | 
IBM |
United States | $99.9 B | $14.8 B | $113.4 B | $198.1 B |
| 33 | 
Samsung Electronics |
South Korea | $133.8 B | $13.7 B | $119.3 B | $112.9 B |
| 34 | 
China Mobile |
Hong Kong-China | $71.8 B | $17.7 B | $129.3 B | $192.1 B |
| 35 | 
Procter & Gamble |
United States | $79.6 B | $11.2 B | $134.3 B | $172.2 B |
| 36 | 
Pfizer |
United States | $67.8 B | $8.3 B | $195 B | $155.7 B |
| 37 | 
Goldman Sachs Group |
United States | $46 B | $8.4 B | $911.3 B | $90 B |
| 38 | 
E.ON |
Germany | $124.6 B | $7.9 B | $205.1 B | $64 B |
| 39 | 
ING Group |
Netherlands | $149.2 B | $4.3 B | $1,665.3 B | $46.8 B |
| 40 | 
UBS |
Switzerland | $49.8 B | $7.7 B | $1,403 B | $70.8 B |
| 41 | 
Barclays |
United Kingdom | $63.9 B | $5.6 B | $2,328.3 B | $58.3 B |
| 42 | 
Hewlett-Packard |
United States | $127.2 B | $9.1 B | $119.9 B | $90.3 B |
| 43 | 
Daimler |
Germany | $130.9 B | $6 B | $178.7 B | $70.5 B |
| 44 | 
Société Générale |
France | $85.4 B | $5.3 B | $1,518.7 B | $46.9 B |
| 45 | 
Siemens |
Germany | $103.5 B | $5.3 B | $135 B | $110.2 B |
| 46 | 
Banco Bradesco |
Brazil | $70.1 B | $6 B | $373.5 B | $63.3 B |
| 47 | 
Apple |
United States | $76.3 B | $16.6 B | $86.7 B | $324.3 B |
| 48 | 
AXA Group |
France | $162.4 B | $3.7 B | $981.8 B | $46.4 B |
| 48 | 
Nippon Telegraph & Tel |
Japan | $108.9 B | $5.3 B | $193.8 B | $70.3 B |
| 50 | 
Microsoft |
United States | $66.7 B | $20.6 B | $92.3 B | $215.8 B |
| 51 | 
Banco do Brasil |
Brazil | $68.9 B | $7.1 B | $488.7 B | $48.5 B |
| 52 | 
Mitsubishi UFJ Financial |
Japan | $51 B | $4.2 B | $2,177.4 B | $74.5 B |
| 53 | 
Vale |
Brazil | $50.1 B | $18.1 B | $127.8 B | $162.5 B |
| 54 | 
Ford Motor |
United States | $129 B | $6.6 B | $164.7 B | $54.3 B |
| 55 | 
ENEL |
Italy | $96.5 B | $5.9 B | $217.4 B | $54 B |
| 55 | 
Toyota Motor |
Japan | $202.8 B | $2.2 B | $323.5 B | $137.8 B |
| 57 | 
Johnson & Johnson |
United States | $61.6 B | $13.3 B | $102.9 B | $163.3 B |
| 58 | 
Rio Tinto |
United Kingdom | $56.6 B | $14.3 B | $112.4 B | $131.6 B |
| 59 | 
Credit Suisse Group |
Switzerland | $53.9 B | $5.2 B | $1,097.1 B | $50.7 B |
| 60 | 
Statoil |
Norway | $90.4 B | $6.5 B | $110.3 B | $83.8 B |
| 61 | 
General Motors |
United States | $135.6 B | $6.2 B | $138.9 B | $49.8 B |
| 62 | 
Deutsche Bank |
Germany | $61.2 B | $3.1 B | $2,556.5 B | $59.6 B |
| 62 | 
Novartis |
Switzerland | $50.6 B | $9.8 B | $123.3 B | $125.2 B |
| 64 | 
Verizon Communications |
United States | $106.6 B | $2.5 B | $220 B | $101.3 B |
| 65 | 
Westpac Banking Group |
Australia | $37.8 B | $6.1 B | $596.4 B | $69.3 B |
| 66 | 
BBVA-Banco Bilbao Vizcaya |
Spain | $43.4 B | $6.3 B | $734.1 B | $52.3 B |
| 67 | 
BHP Billiton |
Australia | $52.8 B | $12.7 B | $84.8 B | $231.5 B |
| 68 | 
China Life Insurance |
China | $48.2 B | $4.8 B | $179.6 B | $96.6 B |
| 68 | 
Royal Bank of Canada |
Canada | $31.8 B | $5.6 B | $720.9 B | $87.2 B |
| 70 | 
Commonwealth Bank |
Australia | $34.3 B | $4.8 B | $544.8 B | $79.2 B |
| 71 | 
Lukoil |
Russia | $86.1 B | $9 B | $84 B | $59.2 B |
| 72 | 
BMW Group |
Germany | $80.2 B | $4.3 B | $146.1 B | $51 B |
| 73 | 
BASF |
Germany | $85.5 B | $6.1 B | $78.2 B | $74.2 B |
| 74 | 
France Telecom |
France | $60.9 B | $6.5 B | $120.5 B | $56.7 B |
| 74 | 
UniCredit Group |
Italy | $68.8 B | $2.4 B | $1,318 B | $47.3 B |
| 76 | 
Intesa Sanpaolo |
Italy | $49.9 B | $4 B | $889 B | $41.2 B |
| 77 | 
National Australia Bank |
Australia | $36.9 B | $4.1 B | $662.2 B | $54 B |
| 77 | 
Rosneft |
Russia | $46.1 B | $10.4 B | $93.9 B | $85 B |
| 79 | 
Zurich Financial Services |
Switzerland | $67.8 B | $3.4 B | $375.7 B | $39.9 B |
| 80 | 
Honda Motor |
Japan | $91.8 B | $2.9 B | $122.2 B | $73.2 B |
| 81 | 
Morgan Stanley |
United States | $38 B | $4.7 B | $807.7 B | $43.8 B |
| 81 | 
Sanofi-aventis |
France | $40.7 B | $7.3 B | $110.3 B | $89.2 B |
| 83 | 
MetLife |
United States | $52.7 B | $2.8 B | $730.9 B | $48.4 B |
| 84 | 
TD Bank Financial Group |
Canada | $25.8 B | $4.9 B | $616.2 B | $75.5 B |
| 85 | 
ANZ Banking |
Australia | $32.2 B | $4.4 B | $514.1 B | $60.5 B |
| 86 | 
PepsiCo |
United States | $57.8 B | $6.3 B | $68.2 B | $102.6 B |
| 87 | 
Cisco Systems |
United States | $42.4 B | $7.6 B | $82 B | $99.2 B |
| 88 | 
América Móvil |
Mexico | $49.2 B | $7.3 B | $69.7 B | $110.1 B |
| 89 | 
Roche Holding |
Switzerland | $50.8 B | $9.3 B | $62.9 B | $120.9 B |
| 90 | 
ArcelorMittal |
Luxembourg | $78 B | $2.9 B | $130.9 B | $53.6 B |
| 91 | 
Coca-Cola |
United States | $35.1 B | $11.8 B | $72.9 B | $148.7 B |
| 92 | 
Deutsche Telekom |
Germany | $83.6 B | $2.3 B | $164.6 B | $60.7 B |
| 93 | 
Intel |
United States | $43.6 B | $11.5 B | $63.2 B | $114.5 B |
| 94 | 
Generali Group |
Italy | $118 B | $2.3 B | $564.6 B | $33.4 B |
| 95 | 
Saudi Basic Industries |
Saudi Arabia | $40.5 B | $5.7 B | $84.3 B | $81.2 B |
| 96 | 
Anheuser-Busch |
Belgium | $36.8 B | $4.1 B | $113.8 B | $90.6 B |
| 96 | 
Sumitomo Mitsui Financial |
Japan | $33.1 B | $2.9 B | $1,310.3 B | $49 B |
| 98 | 
Bank of Nova Scotia |
Canada | $24.2 B | $4.4 B | $541.1 B | $63.6 B |
| 99 | 
Crédit Agricole |
France | $88.9 B | $1.7 B | $2,130.8 B | $38.6 B |
| 100 | 
EDF Group |
France | $87.2 B | $1.4 B | $319.9 B | $78.2 B |