The German market is moderately lower in afternoon trading Wednesday, ahead of a crucial meeting between Greece's Prime Minister Antonis Samaras and Eurogroup chief Jean-Claude Juncker.
Samaras is expected to seek at the meeting a two-year extension for the country's fiscal adjustment program. He will also visit French President Francois Hollande and German Chancellor Angela Merkel later this week.
Meanwhile, Samaras told German daily Bild that Greece needs more time to implement the reforms and spending cuts requisitioned by the country's international creditors.
The Euro Stoxx 50 index of eurozone bluechip stocks is falling 0.68 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is losing 0.71 percent.
The DAX index is currently losing 0.83 percent.
Infineon Technologies and Fresenius Medical Care are declining 1.8 percent each.
Daimler, BMW and Volkswagen are moderately lower.
Commerzbank is losing 0.4 percent while Deutsche Bank is gaining 1.4 percent.
Commerzbank cut GFK to "Hold" from "Buy." The stock is advancing modestly.
Elsewhere in Europe, the French CAC 40 is falling 0.73 percent and the UK's FTSE 100 is losing 1.05 percent. Switzerland's SMI is losing 0.50 percent.
Across Asia/Pacific, markets ended mostly lower, after Japan posted a wider-than-expected trade deficit for July. Australia's All Ordinaries slid 0.2 percent, China's Shanghai Composite Index fell 0.50 percent and Hong Kong's Hang Seng retreated 1.1 percent. Japan's Nikkei 225 slid 0.3 percent.
In the U.S., futures point to a lower open on Wall Street. In the previous session, stocks turned lower over the course of the trading day after failing to sustain an early upward move. The Dow fell 0.5 percent, the Nasdaq slipped 0.3 percent and the S&P 500 dropped 0.4 percent.
In the commodity space, crude for October delivery is losing $0.16 to $96.68 per barrel and December gold is adding $0.9 to $1643.8 a troy ounce.
by RTT Staff Writer
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