U.S. stock futures edge up on hopes for Greek deal
By Lisa Twaronite
TOKYO (Reuters) - U.S. stock futures rose in early Asian trading on Tuesday, bolstered by hopes that Greece's latest budget proposals would stave off a debt default and lead to a deal with lenders later this week.
European Council President Donald Tusk called the Greek proposals "a positive step forward," and said the aim was to have Eurogroup finance ministers approve a cash-for-reform package on Wednesday evening, and put it to euro zone leaders for final endorsement on Thursday morning.
Still, some cautioned that steps in a positive direction did not guarantee an eventual solution to Greece's debt crisis.
"Although momentum appears to have turned positive, if there is no progress on negotiations for a programme extension before the 30 June deadline, the ECB may have to increase haircuts on Greek assets, which could, in turn, precipitate the need for capital controls," strategists at Barclays said.
The euro EUR= was steady on the day at $1.1343, still shy of its one-month high of $1.1440 hit on Thursday. The dollar was also nearly flat on the day against the yen at 123.36 JPY=.
U.S. stock futures ESc1 rose about 0.1 percent after Wall Street marked solid gains on Monday, with the Nasdaq Composite .IXIC closing at a record high.
The Nikkei futures NIYU5 contract in Chicago was trading about 0.2 percent higher.
Stocks gained even as upbeat U.S. data backed the view that the U.S. Federal Reserve is on track to raise interest rates as early as September, Continued...