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European Stock Index Futures Point to Dip at Open

European stock index futures pointed to a lower open on Monday, adding to the previous session's sharp sell-off, on mounting worries over the health of the global economy and concerns over Greece's debt crisis.

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Adam Gault | OJO Images | Getty Images
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Futures for Euro STOXX 50, for Germany's DAX and for France's CAC were flat to down 0.2 percent. Britain's FTSE 100 index is seen opening down 3-8 points, or 0.2 percent on Monday, according to financial bookmakers, tracking weaker showings in Asia following sharp falls on Wall Street on Friday after further downbeat data added to concerns about the global economy

London’s FTSE closed down 90.54 points on Friday to 5765.80, the DAX was down 89.76 points to 7069.90 and the CAC40 in Paris closed down 73.56 points at 3805.09.

In the US, stocks closed near session lows Friday with the Dow falling below the 12,000 mark to finish lower for the sixth-consecutive week amid further signs of a global economic slowdown.

In Asia, stocks slipped on Monday as weak Chinese datafuelled concerns that the global economy is slowing and concerns over euro zone debt heightened investors’ aversion to risk.

The FTSE CNBC Asia 100 Index , which measures markets across Asia, dropped 0.9 percent, while in Japan stocks fell due to a surprise fall in domestic machinery orders.

The euro edged up against the dollar on Monday, bouncing back from an earlier drop on doubts over the terms of a second Greek bailout and reduced expectations for euro zone rate hikes.

Eurogroup chairman Jean-Claude Juncker told London’s Telegraph newspaper that there must be participation of private creditors in any “soft” restructuring of Greek debt, but that it must be voluntary.

His comments came as German and French banks seemed to be leaning towards contributing to a Greek rescue, even as it remained unclear how they could do so without triggering a default.

Turkish general election results will be announced on Monday, with the ruling AK Party headed by current Prime Minister Recep Tayyip Erdogan expected to win a third term in office.

Preliminary results show Erdogan’s party won about 50 percent of the seats in Sunday’s vote.

European Central Bank president Jean Claude Trichet will be in London to give a talk at the London School of Economics on the recent financial crisis and the role of the ECB.

Economic data out on Monday includes industrial production data from Italy for April, which will be available from 9:00 London time.

Corporate releases include BAA Airport traffic data for UK airports and wine retailer Majestic will release its preliminary results.

Markets in Germany and France will be open on Monday despite national holidays in both countries, but the Swiss market will be closed.

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Contact Europe: Economy

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