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European shares were called to open flat to slightly lower on Monday with Spain at the forefront of investors’ minds as it was expected to formally ask its euro zone partners for up to 100 billion euros ($125 billion) to recapitalize its banks.
The FTSE was seen opening 5 points higher at 5513
the DAX was expected to open 23 points lower at 6240 and the CAC 40 was seen opening lower by 8 points at 3082.
Spain’s request for aid opens a week of international diplomacy that will conclude with a European Union summit at the end of the week to address the region’s ongoing sovereign debt crisis.
European leaders will discuss specific steps towards a cross-border banking union, closer fiscal integration and the possibility of a debt redemption fund at the summit.
The meeting will not be attended by new Greek prime minister Antonis Samaras who is recovering from an eye operation.
Greece will still put forward proposals aimed at easing the terms of its bailout but international lenders have had to postpone a first meeting with the team.
A French proposal for euro zone bonds is also likely to be on the agenda. The proposal put forward by new French president Francois Hollande is expected to meet stiff opposition from German chancellor Angela Merkel who has shown little sign of budging from her position on the issue.
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