European Factors to Watch-Futures rise on Greek hopes
LONDON, June 22 (Reuters) - A glimmer of hope for some kind of progress over Greece's debt crisis sent European equity futures higher on Monday, with new proposals from Athens over the weekend already buoying Asian shares as well as the euro.
EuroStoxx 50 futures were up 2.7 percent at 0645 GMT, with French equity futures up 2.8 percent and German futures up 2.4 percent. UK FTSE futures lagged slightly, rising 0.9 percent.
"European equities are set to get a pop higher on the open as traders cautiously welcome developments in Greece," Jonathan Sudaria, a dealer at Capital Spreads, said in a note.
Expectations of more corporate deal-making in the telecoms sector were also likely to brew, with French operator Numericable-SFR announcing it had made an offer for rival Bouygues Telecom ; Bouygues shares were expected to jump at least 5 percent at the open. UK media group Sky was also seen rising on a UK newspaper report talking up takeover approaches.
The pan-European FTSEurofirst 300 index is down 7.5 percent since hitting 15-year highs earlier this year, with fears over Athens and expectations of a U.S. interest-rate hike slightly dampening the enthusiasm that greeted the European Central Bank's launch of a bond-buying scheme to lift economic growth.
"(Monday) promises to be a crazy trading session, although it's also interesting to see that no-one is really buying volatility today," said IG strategist Chris Weston. "From this point of view things are quite sanguine."
71 percent of all open trading positions held by IG clients are bets the German DAX index will rise, said Weston.
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