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LONDON (Alliance News) - London markets set to open higher Monday, after an agreement was reached on Greece's debt programme at Friday's Eurogroup meeting of finance ministers.
"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.
IG indicates the FTSE 100 to open 27 points higher at 6,942.8. The index closed up 0.4% at 6,915.2 on Friday, as investors still awaited the outcome of the meeting between the Mediterranean country and its European creditors.
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 USD60.15 a barrel Monday, and US benchmark West Texas Intermediate is quoted at USD58.58 a barrel. Gold is quoted early Monday at USD1,203.20 an ounce.
In the corporate calendar Monday, HSBC Holdings (at 0815 GMT), Bovis Homes, Bunzl, Unite Group, Audioboom, XP Power, Greencoat UK Wind and Tritax Big Box will issue full year results. Dechra Pharmaceuticals will release half-year results, while Associated British Foods will provide a trading update.
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
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