European markets head for negative open as EU leaders fail to agree over recovery fund

  • London's FTSE is seen opening 10 points lower at 6,278, Germany's DAX is seen 30 points lower at the open at 12,903, France's CAC 40 is seen 6 points lower at 5,059 and  Italy's FTSE MIB 53 points lower at 20,298, according to IG.
  • EU leaders failed so far to agree on the size and composition of a proposed 750 billion euro ($857 billion) recovery fund. Talks that started in Brussels on Friday over the fund, and the next long-term EU budget, continued over the weekend and are now expected to resume Monday.

European stocks are expected to open lower Monday after European Union leaders meeting at the weekend failed to come to an agreement over a multibillion-euro recovery fund for the region to help it recover from the coronavirus crisis.

London's FTSE is seen opening 10 points lower at 6,278, Germany's DAX is seen 30 points lower at the open at 12,903, France's CAC 40 is seen 6 points lower at 5,059 and  Italy's FTSE MIB 53 points lower at 20,298, according to IG.

European markets will be digesting the latest news from the region this weekend with EU leaders having failed so far to agree on the size and composition of a proposed 750 billion euro ($857 billion) recovery fund. Talks that started in Brussels on Friday over the fund, and the next long-term EU budget, continued over the weekend and are now expected to resume Monday.

President of the European Council Charles Michel reportedly reminded EU leaders present at the summit that now over 600,000 people have died from the coronavirus worldwide.

The pandemic remains a focus for markets as coronavirus cases rise at an alarming rate in some parts of the world. Data compiled by Johns Hopkins University showed more than 70,000 cases were confirmed in the U.S. on Saturday, marking two straight days of at least 70,000 new infections being confirmed.

Stocks in Asia Pacific mostly tumbled on Monday as China maintained its benchmark lending rate for the third straight month. Meanwhile, U.S. stock futures declined in early Monday trading, paring earlier gains as investors tried to build on last week's solid performance.

Earnings come from Philips and Julius Baer Monday; there are no major data releases.

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