European Factors-Shares set to recover from U.S. data gloom
LONDON Aug 10 (Reuters) - European futures pointed to a higher open for equities on Monday, with traders citing a positive ripple effect from late Wall Street trading and Asian markets despite ongoing jitters over the impact of an expected U.S. interest-rate rise later this year.
Greece was also back in focus as hopes grew for a speedy wrap-up to bailout talks designed to keep the country from financial ruin.
Euro STOXX 50 index futures were up 0.7 percent at 0618 GMT, with benchmark futures in London, Paris and Frankfurt performing broadly in line.
European equities ended last week on a downbeat note after U.S. jobs data reinforced expectations of a U.S. interest rate rise soon. Traders said Monday would see some catch-up gains in Europe following a late recovery on Wall Street and a slight push higher in Asia, where China's stock markets got a lift on investor expectations of yet another round of policy stimulus.
"The gut reaction to the (U.S.) non-farm payrolls was to sell, but...we saw U.S. markets pare back a significant portion of their initial losses and we're seeing that filter into today's open," Jonathan Sudaria, a trader at London Capital Group, told clients.
There was also an injection of optimism over Greece, which according to an official hopes to conclude negotiations with international creditors by early Tuesday at the latest.
"Growing optimism amongst EU officials would appear to suggest that Greece had made significant concessions with respect to new austerity measures," CMC Markets analyst Michael Hewson said.