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UK 100 called to open +40pts after Greece

UK 100 called to open +40pts after Greece helped Asian markets kick off the week on a positive note thanks to its Parliament voting, despite violent protests, in favour of the tough but necessary austerity measures required by lenders (EU, IMF, ECB) if it is to secure its second bailout and steer the economy away from the prospect of a hard and messy default in March. Beware, however, that Eurozone finance ministers, having sent their Greek counterpart home on Friday to find more savings and get the measures approved by the nation, have still to approve the release of funds on Wednesday. Furthermore, markets also sceptical of implementation of agreed measures and we still don’t have deal with Greece and its bondholders about how much of a hit they are willing to take in order to ease the nation’s debt burden (official proposal expected Friday). Overnight, macro data a little disappointing with Japan missing GDP estimates, but German wholesale prices better than expected. Greek deal helping EUR – weaker USD helping commodities.

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