European stocks were called to open higher on Tuesday after European Union heads of government backed plans for greater fiscal integration in Europe at the first major summit of 2012.
The FTSE is called 19 points higher, the DAX in Frankfurt is expected to be up by 32 points and the CAC 40 is called higher by 19 points.
At a summit in Brussels on Monday, all but two EU member states voted in favor of a German-led fiscal pact proposed by France and Germany last December. The UK and the Czech Republic were the only EU members to reject the plans which include tough measures for countries that breach new EU budget deficit conditions due to be enshrined into national law.
In Asia overnight, shares and the euro recovered early session losses on news from Greece that a deal with private bondholders could be reached this week. Following the European leaders' summit and a separate meeting with ECB and EU officials, Greek Prime Minister Lucas Papademos said early Tuesday that "significant progress" had been made in negotiations with private investors.Page 1 of 3 | Next Page