FTSE 100 preview: Footsie to open higher on hopes of Greek resolution

on Feb 11, 2015

The FTSE 100 is expected to open higher this morning as investors await the outcome of a eurozone leaders meeting today, where Greece’s financial needs will be deliberated. The country’s Finance Minister Yanis Varoufakis is expected to detail new reform proposals at the meeting amid speculation that the European Commission (EC) could be ready to table a compromise on Greece’s bailout programme and propose a six-month extension to the country’s €240 billion bailout, which is due to end on February 28.

Britain’s benchmark index declined for the third straight day yesterday as Greek uncertainty eroded investor confidence, while markets were dampened further by some poor economic data out of China and the UK. However, gains from British retailers helped markets to trim losses in afternoon trade, with the FTSE 100 finishing the session down just 0.1 percent at 6,829, bouncing off an intraday low of 6,777.89 reached early on.

According to trading platform IG, the Footsie will open today’s session four points higher at 6,833. The day’s corporate calendar includes full-year results announcements from chip designer ARM Holdings (LON:ARM), consumer goods maker Reckitt Benckiser (LON:RB) and energy group Tullow Oil (LON:TLW).
US stocks closed higher yesterday as investors shook off early negative news out of Greece on hopes of a resolution. The Dow Jones Industrial Average ended the session 0.79 percent, or 139.5 points, up at 17,868.76, while the S&P 500 closed 1.07 percent, or 21.85 points, better off at 2,068.59. The Nasdaq gained 1.30 percent, or 61.63 points, to 4,787.64.
Asian markets have been trading lower so far today. By 06:00 GMT, the MSCI’s broadest index of Asia-Pacific shares outside Japan had declined 0.09 percent, or 0.53 points, to 577.10. Meanwhile, Japan’s Nikkei 225 was 0.33 percent, or 59.25 points, down at 17,652.68.

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