European stocks are seen opening higher on Monday after Greece struck a tenuous agreement for a four-month extension of its bailout funding program, ending weeks of uncertainty about the country's future inside the currency block.
The temporary economic lifeline would help Greece avoid an economic crash out and bridge the time for discussions on a possible follow-up arrangement to bring back the country to a financial stability.
After the meetings in Brussels, Greece finance minister Yanis Varoufakis has pledged to honor all debts and continue with painful reforms. Greece's new government will present a first list of reform measures today, which would be assessed and if found sufficient, could be the catalyst for a successful conclusion of the review.
The review will be carried out Tuesday by representatives from the European Central Bank, International Monetary Fund and European Commission.
Asian stocks are mostly higher after Wall Street shares surged to record highs on Friday, buoyed by the Greek debt deal. Oil prices are little changed, with Brent crude futures hovering near $60 a barrel as key producer Libya resumed oil exports from the eastern port of Zueitina after an almost year-long suspension.
In economic releases, investors await German business confidence as well as U.S. existing home sales data later in the day for further clues on the outlook for monetary policy. The Ifo Institute's business climate index is forecast to increase to 107.6 in February from 106.7 in January. The current conditions index is estimated to rise to 112.7 from 111.7 while the expectations index is forecast to climb to 103 from 102.
Federal Reserve Chair Janet Yellen gives two days of testimony to Congressional finance committees on the economy and interest rates starting tomorrow, with investors looking for hints about when the central bank plans to begin raising interest rates.
In corporate news, Shire Plc announced the successful completion of the tender offer for all of the outstanding shares of NPS Pharmaceuticals, Inc. and the subsequent acquisition of NPS Pharma.
Mourad Raji, a sales analyst at French bank Societe Generale SA, has filed a sexual discrimination lawsuit against his former boss for harassing and ridiculing him for being gay.
Real estate lender Aareal Bank Group said that it agreed to acquire all of the shares of Westdeutsche ImmobilienBank AG, which specializes in commercial property financing.
The European markets ended mixed on Friday as investors awaited developments on Greek debt negotiations amid hopes that a deal will eventually be reached. The German DAX and the U.K.'s FTSE 100 both rose by 0.4 percent, but France's CAC 40 edged down marginally.
U.S. stocks rose on Friday after Greece agreed not to roll back austerity measures and draw up a list of financial reforms it was prepared to make by the end of April under the EU debt deal. The Dow rose 0.9 percent and the S&P 500 gained 0.6 percent to close at fresh record highs, while the tech-heavy Nasdaq added 0.6 percent to reach its best level since early 2000.
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Business News
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.