(Updates futures prices, adds company news)
LONDON, July 8 (Reuters) - European shares headed for a higher open on Wednesday, mirroring gains on Wall Street, after euro zone members gave Greece until the end of the week to come up with a proposal for sweeping reforms in return for loans.
Under a timetable agreed by the 19 leaders of the common currency area, Greece will submit on Wednesday a formal request for a two-year loan programme, with a first list of reform commitments to be spelled out in greater detail on Thursday. French President Francois Hollande said the European Central Bank would ensure that Greek banks had the minimum necessary liquidity to stay afloat until Sunday.
“The Europeans last night set the framework around which potential progress can be achieved over the next few days. Whether the Greek side is prepared to accept this remains an open question,” Deutsche Bank said in a note. “The future of Greece’s position in the euro zone is likely to be decided by the end of the week.”
Futures for the Euro STOXX 50 index, Germany’s DAX, France’s CAC and Britain’s FTSE 100 were 0.2 to 0.6 percent higher by 0609 GMT.
The pan-European FTSEurofirst 300 closed 1.6 percent lower in the previous session, while the euro zone’s blue-chip Euro STOXX 50 index fell 2.1 percent.
However, U.S. stocks ended higher after a choppy session on Tuesday, as a rebound in U.S. oil prices helped offset concerns about a slowdown in China and the Greek debt crisis.
Commodity stocks will be in focus after Asian shares slipped to a 1-1/2-year low on Wednesday as Chinese stocks struggled to pull out of a tailspin. The drop in China extended a correction that has clipped 30 percent off Chinese shares since mid-June, threatening a new blow to the country’s already slowing economy despite a slew of market support steps from Beijing.
In Britain, Finance Minister George Osborne, fresh from May’s election victory, will say later in the day how he plans to reshape the economy by chopping welfare spending, easing the tax bill for workers and tackling some of the biggest challenges facing the recovery.
The Swiss drugmaker won U.S. approval for its keenly awaited new heart failure drug Entresto earlier than expected, boosting hopes for a medicine tipped by analysts to reap billions of dollars in annual sales.
The French catering, facilities management and vouchers group lowered its annual sales goal on Wednesday, blaming a more difficult economic climate in Latin America and Europe, but maintained its profit growth goal.
Barclays said Chief Executive Antony Jenkins was to leave, with its chairman John McFarlane taking over executive duties, after the board decided new leadership was required to take the bank forward.
Consumer watchdog Public Citizen said it petitioned U.S. health regulators to withdraw approval of Sanofi’s Seprafilm and order a recall, saying the surgical implant has been associated with side effects including death.
Separately, the French pharmaceutical maker will carry out further clinical trials of two potential malaria treatments developed in a partnership with non-profit organisation Medicines for Malaria.
Monsanto believes offering a higher break-up fee to Syngenta if its $45 billion takeover approach does not go ahead would be counterproductive, Chief Executive Hugh Grant told a Swiss newspaper.
Ferrari SpA, the luxury car unit being spun off by Fiat Chrysler Automobiles , has picked UBS Group AG to help manage its initial public offering in New York this year, Bloomberg reported, citing people familiar with the matter.
Separately, Fiat Chrysler and tractor manufacturer CNH Industrial signed a four-year labour deal for workers in Italy on Tuesday, in a sign of improving relations with unions.
The board of Societe d‘Edition de Canal Plus (SECP) is recommending shareholders tender their shares after Vivendi raised the price of its public tender offer to 8 euros from 7.60 euros.
Sports betting and gaming company GVC Holdings Plc has offered to buy bigger rival Bwin.Party Digital Entertainment Plc for about 900 million pounds ($1.39 billion), the Financial Times reported on Tuesday.
German insurers on Tuesday welcomed moves by the EU insurance watchdog to lower hurdles on infrastructure investments but said stronger action was needed to smooth the financing of projects such as roads, pipelines and wind farms.
Chinese conglomerate Fosun International Ltd said on Wednesday it has offered to buy unlisted German bank Hauck & Aufhaeuser Privatbankiers KGaA (H&A) for up to 210 million euros ($231.17 million), aiming to boost its services in Europe.
German property and public investment lender Deutsche Pfandbriefbank (PBB) said it still aimed to float its shares on the stock exchange, undeterred by market turmoil, setting the price range for its initial public offering (IPO) at between 10.75 euros and 12.75 euros.
A French court on Tuesday fined Bouygues Travaux Publics (TP), part of French construction group Bouygues BOUY.PA, 25,000 euros ($27,370) for employing undeclared foreign workers on the construction site of the EPR nuclear reactor at Flamanville in Normandy.
Rio Tinto said on Wednesday it was looking to lift its market share in North America and the Asia-Pacific region after revamping its Kitimat aluminium smelter in western Canada to produce nearly 50 percent more metal.
Spanish power group Iberdrola will set out a new proposal for its $3 billion takeover of U.S. firm UIL Holdings, the two companies said on Tuesday, as they seek to address objections raised by a Connecticut antitrust watchdog.
Royal Dutch Shell Plc’s icebreaker vessel Fennica returned to the Dutch Harbor in Alaska with a small breech in the hull, raising concerns about the company’s plan to resume drilling in the Arctic later this month.
State-run Ghana Gas Company has shut down its Atuabo gas processing plant due to an unexpected disruption of gas supplies from the offshore Jubilee field operated by Tullow Oil, the plant’s director said on Tuesday.
Swiss chocolate maker Barry Callebaut on Wednesday reported a 7.6 percent year-on-year rise in nine-month sales revenue and maintained its mid-term targets.
Q2 2015 Alcoa Inc
1100 US Mortgage Market Index ------------------------------------------------------------------------------ > Asian shares plunge on China rout, yen rallies > Wall Street ends stronger after volatile session > Nikkei falls to 7-wk low as China market rout fans economy concerns > Greece worries push yields to five-week lows > Dollar and yen lifted, euro hands back gains as Asian stocks slide > Gold struggles near 4-month low on lack of safe-haven bids > London copper swings off 6-year low in volatile trade > Oil prices fall as China share crisis worsens
Reporting by Atul Prakash