Indian shares are seen opening lower on Monday, tracking extremely weak Asian cues as concerns increased that Greece may not be able to meet its bailout targets. Greece's troika of international creditors - the European Commission, the European Central Bank and the International Monetary Fund - will meet in Athens tomorrow to determine whether Athens has implemented all agreed reforms and budget cuts as per the bailout terms of its international agreement.
Investors are also concerned about China after an adviser to the nation's central bank forecast the country's expansion may slide to 7.4 percent this quarter. The dollar is rising against major global currencies after indebted region Valencia said it would apply for a bailout.
Closer home, Reliance Industries will be in focus after the energy giant announced its first-quarter results post market hours on Friday. The company reported its third consecutive drop in quarterly profit on the back of weak refining margins and falling gas output.
Meanwhile, former finance minister Pranab Mukherjee was elected the 13th President of India, winning the race with a huge margin. He will take oath on Wednesday.
U.S. shares lost ground on Friday, weighed down by worries about Europe and amid lingering concerns about the outlook for the global economy. Investors also digested the latest batch of quarterly results from tech giants Microsoft and Google. The Dow fell 0.9 percent, the tech-Nasdaq slid 1.4 percent and the S&P 500 dropped a percent.
European stocks also fell sharply on Friday, with the major averages such as the German DAX and France's CAC 40 falling about 2 percent each, as a rise in Spain's five-year borrowing costs to new euro-era highs exacerbated concerns about Europe's debt crisis and corporate earnings.
U.S. crude futures snapped a seven-day winning streak to end down over a percent at $91.44 a barrel on the New York Mercantile Exchange on Friday due to anxiety over Europe's debt problems. Crude prices are extending declines to below $91 a barrel in Asian trading today.
by RTT Staff Writer
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