Last checked at 
LONDON (Alliance News) - London markets set to open higher Monday, after Greece and its European creditors reached an agreement on the country's debt programme at Friday's Eurogroup meeting of finance ministers.
The Mediterranean country is expected to submit a final detailed list of economic reform proposals on Monday, after a draft list was submitted by the SYRIZA-led government on Sunday to its international creditors, to secure a four-month extension of its bailout.
"The agreement of a temporary four month extension or 'bridge' obtained by Greece now needs to be backed up today by a list of reforms, to replace the other 30% of measures that it didn?t agree with as part of its current program", says Michael Hewson, chief analyst at CMC Markets UK.
The reforms include privatizations and structural reforms in tax and public administration - with the goal of combating tax evasion, corruption and streamlining its civil service, according to sources cited by dpa.
"While markets will no doubt greet Friday?s events with relief, anyone thinking that this is the end of the matter had better think again. While the fear of a Greek exit has been avoided for now, it is by no means off the table, and to all intents and purposes nothing much has changed, in Greece, or anywhere else for that matter", adds Hewson.
IG indicates the FTSE 100 to open 26 points higher at 6,941.5. The index closed up 0.4% at 6,915.2 on Friday, as investors still awaited the outcome of the Eurogroup meeting.
Wall Street also ended higher Friday. The DJIA closed up 0.9%, the S&P 500 ended up 0.6%, and the Nasdaq Composite was up 0.6%.
In Asia on Monday, the Japanese Nikkei 225 closed up 0.7%, and the Hang Seng is trading flat. Shanghai remains closed until Tuesday for New Year.
Brent crude is quoted at around USD60.14 a barrel Monday, and US benchmark West Texas Intermediate is quoted at USD50.64 a barrel. Gold is quoted early Monday at USD1,203.04 an ounce.
Associated British Foods Monday said it still is expecting a marginal decline in adjusted earnings per share for the full year, following lower profit in the half year to February 28, as declining profit in its sugar business and the strong pound more than offset growth from its Primark retail chain.
In a trading update, the group said sales at its low-cost fashion retail chain Primark are expected to be some 16% ahead of last year at constant currency rates, driven by an 11% increase in new space and very high sales densities in new stores. However, at actual rates, due to the strength of sterling, sales will be up around 12%. It said its first-half operating profit margin is lower than last year, due to a higher level of mark-down.
Antofagasta lowered its cash cost guidance for 2015 by about 10 cents a pound, bringing it in line with its cash costs in 2014, saying that input costs were now more favourable. The copper and gold miner said it now expects net cash costs for 2015 to be USD1.40 per pound thanks to lower oil prices and the drop in the Chilean peso.
Still in the corporate calendar Monday, HSBC Holdings will release full year results at 0815 GMT.
Bovis Homes Group, Bunzl, Unite Group, Audioboom Group, XP Power, Greencoat UK Wind and Tritax Big Box issued full year results, while Dechra Pharmaceuticals released half-year results.
In the economic calendar Monday, German IFO surveys for February will be released at 0900 GMT, while UK CBI Distributive Trades Survey is due at 1100 GMT. In the US, Chicago Fed National Activity Index is at 1330 GMT and Existing Home Sales will be at 1500 GMT, while the Dallas Fed Manufacturing Business Index will be released at 1530 GMT.
By Daniel Ruiz; danielruiz@alliancenews.com
Copyright 2015 Alliance News Limited. All Rights Reserved.
