Global markets await Greek rescue package

Excerpts from Power Breakfast on CNBC-TV18 Watch the full show »

By Gautam Broker, Research Analyst at CNBC-TV18

**Eurozone Ministers are close to passing the € 130 billion Greek rescue package; formal announcement awaited

Reports suggest both sides have closed in on a debt/GDP target of 124% by 2020

Negotiations are on; it will achieve original target of 120%; measures suggested by Troika being considered

Talks are also on with IIF to finalize haircut; reports of a 70% cut 

Expect a press conference anytime in the next 4-5 hours

**Markets in pause mode; await deal clearance

US markets were shut yesterday on president's day

On Friday: US markets closed flat: Dow Jones was up 0.4% at 12,950; S&P 500 Index rose 0.2% at 1,361; Nasdaq Composite was down 0.3%

There was a positive newsflow on Greece; China RRR cut aided sentiment in Europe yesterday 

European markets closed higher on Monday; DAX was up 1.5%; CAC went up 1%; FTSE gained 0.7%

Asia today

PBOC cuts RRR by 50 basis points effective February 24 yesterday; it confirms easing stance to counter growth slowdown

Asia was flat today ahead of deal announcement 

Straits Times and Nikkei were up 0.2%

Hang Seng, Kospi and Taiwan Weighted were flat  

Currencies

Euro saw 1.327 to the dollar yesterday

Euro is close to 1.321 this morning; delay in deal announcement weighing

Dollar Index was at 79.1

Commodities

Crude saw a high of USD 121.15/barrel yesterday, led by geopolitical issues; Iran halts supply to Britain and France

China RRR cut was also supportive

Brent crude settled at just above USD 120/barrel on Monday - first time since June last year 

WTI crude saw a high of close to USD 105/barrel

CFTC data showed speculative activity on the rise

Copper extended yesterday's gains on China move; LME Copper is up 0.8% today above USD 8300/tonne

Gold was holding at USD 1730/ounce

Cues today

US Chicago Fed National Activity Index

UK public sector net borrowing (January)