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Market Preview is published daily an hour before trading kicks off on the London Stock Exchange, giving investors a roundup of macroeconomic and corporate news that is likely to move the markets along with the expected opening level of the FTSE 100.
MARKET PREVIEW: FTSE 100 seen higher on Greece optimism
UK stocks are expected to edge higher this morning amid cautious optimism that Greek policymakers will agree on a new round of austerity measures and secure the much needed €130 billion bailout from its official sector lenders.
The FTSE 100 is set to open at 5,900, up eight points (0.15 percent) from Monday’s close.
Prime Minister Lucas Papademos and other leaders of the ruling coalition were expected to reach a deal yesterday, allowing the EU, the ECB and the IMF – collectively known as Troika – to finalise the new package of financial aid for the debt ridden country.
However, no agreement was reached on Monday and the policymakers are set to resume negotiations today.
“Although Greek politicians are scheduled to meet later today, we would not be surprised if there is yet another delay,” said chief market strategist at IG Group Chris Weston.
“However, given the catastrophic effects a disorderly default could have on markets, there is an underlying expectation that a deal will be reached.”
Today’s macroeconomic calendar is very thing. In Europe, traders will have German industrial production data for December to digest, while no notable updates are scheduled to be released across the Atlantic.
Stocks on Wall Street were in decline yesterday. The Dow Jones Industrial Average (DJIA) fell 17 points (0.15 percent) to 12,845 and the broader S&P 500 index fell 0.5 points to close at 1,322.
In Asia, Japan’s benchmark Nikkei 225 index stood 11.5 points (0.15 percent) lower at 8,917 and China’s Shanghai Composite Index slipped 47.5 points (2.05 percent) to 2,283 just before close of play.
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