European Stocks Seen Up Marginally

By Josie Cox 

        European stocks were seen opening marginally higher Monday, after another weekend of Greek negotiations that strategists said had brought some progress, despite failing to yield a solution to the country's debt crisis.
        Traders and brokers saw Germany's DAX, France's CAC 40 and London's FTSE 100 all opening slightly higher, building on Friday's strong gains.
        "While a conclusive solution to the Greek debt crisis remains elusive, developments over the weekend were encouraging," said Mark Haefele, global chief investment officer at UBS Wealth Management.
        He said that although challenges still need to be overcome, he can "now see clear signs that negotiations are finally moving in the right direction."
        A meeting of European leaders in Brussels Sunday, and into Monday morning, edged closer to a new bailout deal for Greece that would require a near-total surrender of the government of Prime Minister Alexis Tsipras to creditors' demands.
        But a statement prepared by the currency union's finance ministers before the summit, reviewed by The Wall Street Journal, said negotiations on a new rescue couldn't start until the Parliament in Athens had passed pension overhauls and sales-tax increases, along with further financial-policy measures.
        The statement said the parliamentary votes would have to happen by Wednesday.
        Greece's stock market is set to stay closed again on Monday. Along with the country's banks, it has been shut since June 29, the first trading day after Mr. Tsipras' shocked European policy makers by announcing the country will hold a referendum on whether to accept the terms of Greece's creditors to unlock desperately needed financial aid.
        The euro was 0.2% lower against the dollar in early trade, at $1.113.
        In commodity markets, Brent crude was down 3.2% at $56.85 a barrel. Gold gained 0.2% to $1,160 a troy ounce.
        Write to Josie Cox at josie.cox@wsj.com
        (END) Dow Jones Newswires

        July 13, 2015 02:26 ET (06:26 GMT)

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