LONDON (ShareCast) – Dow Futures declined following the collapse of talks between Greece and the Eurozone. The Mediterranean country was pressured by finance ministers on Tuesday to remain a part of the EU after the new Greek government rejected a bailout offer from the Eurozone late Monday night.
The nation’s credit line expires in 10 days and Eurozone members now fear that if further bailout negotiations fail to come to terms, Greece will exit the EU.
In the US, the market reopens after President’s Day with the agenda including the release of a report on the housing sector and a speech from Federal Reserve official Charles Plosser on monetary policy in Philadelphia.
A report showed manufacturing in the New York area grew at a slower pace in February. The Federal Reserve Bank of New York’s general activity index fell to 7.78 from 9.95 in January, compared to estimates of 9.
In company news, Halliburton (Hanover: HAL.HA – news) advanced following reports ValueAct Capital Management LP has purchased a new stake in the company of about 3.5%.
SunEdison (NYSE: SUNE – news) gained after David Einhorn’s Greenlight Capital and Daniel Loeb’s Third Point LLC reported increased stakes in the solar company.
West Texas Intermediate crude rose 0.59% to $ 61.77 per barrel, according to the ICE, as the International Energy Agency warned of supply risks in the Middle East.