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FTSE, DAX, CAC Seen Lower, Greek Deal Delayed

European markets were called down Friday morning, despite the Greek government finally agreeing a deal for its second bailout, after euro zone finance ministers withheld approval for the deal.

Close-up of a pen on stock price chart
Close-up of a pen on stock price chart

The FTSE 100 was called lower by 13 points, the DAX down by 13 points, and the CAC 40 down 11 points.

Asian markets and the euro pulled back on Friday, amid concerns about the new Greek deal, as Greece prepared for a two-day national strike.

The Eurogroup of euro zone finance ministers said they won’t approve the much-anticipated 130 billion euro ($172.6 billion) bailout deal until the Greek parliament approves new austerity policies and a package of economic overhauls.

Eurogroup Chairman Jean-Claude Juncker said Thursday that a further 325 million euros of spending cuts must be found by next Wednesday, when the Eurogroup meets.

Weak import and export data from China on Friday also spooked the markets. China's exportsin January were down 0.5 percent from a year earlier, the official Xinhua news agency reported on Friday, below market expectations for a rise of 4.8 percent. Imports were 15.3 percent lower in January than in January 2011, the lowest level since August 2009.

Companies reporting today include Barclays – which will announce a cap on bonuses according to the Wall Street Journal - Alcatel Lucent, Total and Michelin.