22nd Jun 2015 05:58
LONDON (Alliance News) - UK stocks are called to open higher Monday ahead of yet another emergency summit of eurozone leaders addressing Greece's debts.
Over the weekend, Greek Prime Minister Alexis Tsipras presented new proposals to European leaders aimed at ending his country's debt crisis. EU cabinet chief Martin Selmayr said the new proposals from Greece have been received by EU Commission President Jean-Claude Juncker and provide a "good basis" for a special summit of eurozone leaders on Monday.
Also to be discussed at the summit is an extension of the European Central Bank's emergency liquidity assistance for Greek banks as they deal with accelerated withdrawals. Greek media reported on Saturday that between EUR1.7 billion to EUR2 billion flowed out of bank accounts in Greece on Friday alone. The ECB raised its ELA for Greek banks on Friday, but the Financial Times reported that it was less than the EUR3 billion increase in assistance requested by the Bank of Greece.
IG says futures indicate the FTSE 100 to open higher at 6,732.2. The index closed flat at 6,710.45 points Friday.
On Wall Street Friday, the DJIA ended down 0.6%, the S&P 500 closed down 0.5%, and the Nasdaq Composite ended down 0.3%.
In Asia Monday, the Nikkei in Tokyo is up 1.0% and the Hang Seng trades up 0.3%. The Shanghai market is closed to celebrate Dragon Boat Festival Holiday.
Canadian investment giant Borealis Infrastructure is considering a GBP5 billion approach for Severn Trent, two years after the FTSE 100 water company rejected an earlier takeover attempt, The Sunday Times reported. The newspaper, citing "sources close to the situation", said it is understood that the two sides opened talks last month, and discussions are at an early stage with no certainty a deal.
In the corporate calendar, the only scheduled corporate releases are from Polar Capital Holdings which releases full-year results and JZ Capital Partners, which has already issued an interim management statement saying its net asset value rose in the three months to the end of May, its financial first quarter.
There is also very little in the economic calendar, the Chicago Federal Reserve national activity index is at 1330 BST. At 1500 BST there are US existing home sales and preliminary eurozone consumer confidence data.
By Neil Thakrar; [email protected]; @NeilThakrar1
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Polar CapitalJz CapitalSevern Trent