Investing.com - U.S. stock futures pointed to an upbeat open on Monday, tracking European equities higher after Greece’s parliament approved fresh austerity measures required to secure a second bailout and avert a messy sovereign debt default.
Ahead of the open, the Dow Jones Industrial Average futures pointed to a gain of 0.55%, S&P 500 futures signaled a 0.7% increase, while the Nasdaq 100 futures indicated a rise of 0.75%.
Global equities received a lift after Greek lawmakers approved on Sunday a set of spending and wage cuts needed to secure the country’s EUR130 billion bailout package and avoid a sovereign debt default.
The deeply unpopular austerity measures were approved by a 199-74 vote, with 27 lawmakers abstaining from the vote, according to reports.
Attention now shifts to a meeting Wednesday of euro zone finance ministers, who will discuss the approval of the debt-laden country’s second bailout before a March 20 deadline.
Greece has a EUR14.5 billion bond repayment due on March 20 and requires the bailout funding in order to be able to make that payment and avoid a messy default.
Shares in the financial sector were boosted, as fears over a Greek default eased. Bank of America saw shares gain 1.15%, investment bank Morgan Stanley climbed 1.75%, while U.S.-listed shares of Deutsche Bank and Barclays rose 2.55% and 1.95% respectively.
Shares in consumer electronics giant Apple tacked on 1.2% after the company asked a federal court in California to block Samsung from selling its new Galaxy Nexus smartphones, alleging four patent violations.
Meanwhile, U.S. listed shares of Vodafone Group were expected to be active after saying it was evaluating an offer for U.K.-based Cable & Wireless Worldwide.
With no economic data on the calendar for Monday and the earnings calendar rather light, any developments surrounding Greece were likely to remain in focus.
U.S. equities suffered their worst day of the year on Friday as concerns over a chaotic default grew after Greek media reported that a junior member of the country’s three-party ruling coalition refused to back the austerity measures and offered to resign.
Across the Atlantic, European stock markets were higher, boosted by strong gains in the financial sector. The EURO STOXX 50 rose 0.55%, France’s CAC 40 added 0.45%, Germany's DAX climbed 0.75%, while Britain's FTSE 100 surged 0.95%.
During the Asian trading session, Hong Kong's Hang Seng Index advanced 0.5%, while Japan’s Nikkei 225 Index added 0.6%, with market participants largely shrugging off data showing Japan’s economy contracted by a greater-than-expected 0.6% in the last three months of 2011.
Later Monday, U.S. President Barack Obama was to present his annual budget, including a USD4 trillion plan to create jobs while narrowing the federal budget deficit.
Ahead of the open, the Dow Jones Industrial Average futures pointed to a gain of 0.55%, S&P 500 futures signaled a 0.7% increase, while the Nasdaq 100 futures indicated a rise of 0.75%.
Global equities received a lift after Greek lawmakers approved on Sunday a set of spending and wage cuts needed to secure the country’s EUR130 billion bailout package and avoid a sovereign debt default.
The deeply unpopular austerity measures were approved by a 199-74 vote, with 27 lawmakers abstaining from the vote, according to reports.
Attention now shifts to a meeting Wednesday of euro zone finance ministers, who will discuss the approval of the debt-laden country’s second bailout before a March 20 deadline.
Greece has a EUR14.5 billion bond repayment due on March 20 and requires the bailout funding in order to be able to make that payment and avoid a messy default.
Shares in the financial sector were boosted, as fears over a Greek default eased. Bank of America saw shares gain 1.15%, investment bank Morgan Stanley climbed 1.75%, while U.S.-listed shares of Deutsche Bank and Barclays rose 2.55% and 1.95% respectively.
Shares in consumer electronics giant Apple tacked on 1.2% after the company asked a federal court in California to block Samsung from selling its new Galaxy Nexus smartphones, alleging four patent violations.
Meanwhile, U.S. listed shares of Vodafone Group were expected to be active after saying it was evaluating an offer for U.K.-based Cable & Wireless Worldwide.
With no economic data on the calendar for Monday and the earnings calendar rather light, any developments surrounding Greece were likely to remain in focus.
U.S. equities suffered their worst day of the year on Friday as concerns over a chaotic default grew after Greek media reported that a junior member of the country’s three-party ruling coalition refused to back the austerity measures and offered to resign.
Across the Atlantic, European stock markets were higher, boosted by strong gains in the financial sector. The EURO STOXX 50 rose 0.55%, France’s CAC 40 added 0.45%, Germany's DAX climbed 0.75%, while Britain's FTSE 100 surged 0.95%.
During the Asian trading session, Hong Kong's Hang Seng Index advanced 0.5%, while Japan’s Nikkei 225 Index added 0.6%, with market participants largely shrugging off data showing Japan’s economy contracted by a greater-than-expected 0.6% in the last three months of 2011.
Later Monday, U.S. President Barack Obama was to present his annual budget, including a USD4 trillion plan to create jobs while narrowing the federal budget deficit.