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UK 100 called to open -20pts after US markets continued to struggle for traction, posting more muted gains as investors maintained wait-and-see attitude to Greece with deal struck with lenders about what needs to be done, but fears among traders and politicians alike over implementation of pledges. Next deadline set by Eurozone finance ministers (the lenders) is 6 days to find €300 more savings. Banks declined after regulators announced a $40bn deal on bad foreclosures. Overnight, Asian markets weak after China posted a sharp decline in imports in January fuelling concerns about whether the fragile global economy can count on China as a bastion of growth. India also posted a slowdown in December Industrial production which will concern those looking for help from emerging markets. Lacking confidence in Greece saw Euro weaken and Dollar strengthen, with the usual pull back by commodities, exacerbated further by the Chinese and Indian data. This morning it looks like results from Barclays were below expectations.
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