European markets look to open mix today as the Greek financial crisis worrying investors. The Greek parliament approved further austerity cuts and a 2013 budget that might save them from bankruptcy.
The FTSE is down 10 points in pre-market trading, the DAX is up 16 points and the CAC is up 8 points.
The Greeks passed a budget that will slash €3.4 billion from pensions and will enact further wage cuts. This follows a different vote on last week’s austerity measures. Passing of both bills was critical if Greece has any hope to receive the next tranche in aid money from the ECB and IMF. Eurozone ministers are set to meet today to discuss this bailout. It is highly unlikely they will finalize the bailout plan for the debt burdened country.
Also, Austria will be joining the U.K. and France to veto budget talks. The European Commission is currently demanding a 6.8 percent increase in the 2014 budget. Britain want s large budget cut and France and Austria oppose any cuts to agriculture/farming subsidies.
In Italy, Banca Poplare di Spoleto and tire maker Pirelli will release Q3 earnings today. The following companies out of England will also release earnings: Bovis Homes (BVS.-LN) and Gem Diamonds (GEMD-LN).
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