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UK 100 called to open +30pts after US markets shrugged off persistent uncertainty regarding Greece and its second bailout & debt restructuring thanks to better than expected US macro data (Jobless ,Philly Fed) suggesting its recovery could be gaining traction. UK 100 reports suggested bailout approval would be reached when Eurozone finance ministers meet on Monday (delayed from last Wednesday, and ahead of G20 meeting later in week) and that the ECB is to swap its Greek bonds in order to help with the debt deal, however, ahead of another weekend should we be long of this (click here)? While mostly positive, this hasn’t stopped the usual barrage of conflicting headlines to keep things interesting, however, little by way of anything concrete either way. Overnight, Asian markets buoyed by US rally and sentiment skewed to the upside helped by Chinese MNI Flash Business Survey improving as well as German Producer Price Inflation coming in stronger than expected. EUR stronger on Greek sentiment, denting dollar and thus benefiting commodities.
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