Major European bourses are initially seen trading narrowly lower Monday, as an air of caution is exercised ahead of this week’s European Union (EU) summit. Stock markets and the euro have drifted lower in Asian trade Monday amid doubts that there will be any significant breakthrough at the EU summit, which takes placee this Thursday and Friday. Equity markets are expected to trade on a range-bound basis in the run-up to the summit, with various issues expected on the agenda such as a possible renegotiation of Greece’s bailout terms, and proposals to create a fiscal and banking union. Some form of growth stimulus is also expected to be announced, although market participant’s expectation levels remain pretty low.
* FTSE-100 is currently seen opening 10 points lower, around 5501-5507
* Xetra-Dax is currently seen opening 18 points lower, around 6243-6249
* CAC-40 is currently seen opening 6 points lower, around 3081-3087
* Stoxx 50 is currently seen opening 8 points lower, around 2175-2181

StockMarketNews Research Team