Azernews.Az

By Bloomberg

European index futures climbed, after stocks extended a four-month low, as the region’s leaders set a Sunday deadline for Greece to submit proposals to win more aid.

Contracts on the Euro Stoxx 50 Index expiring in September rose 0.7 percent to 3,309 at 7:07 a.m. in London. The Stoxx Europe 600 Index slid for a fourth day on Tuesday, extending its decline since an April record to 9.98 percent. Benchmark indexes of western-European markets including France, Spain and Italy entered corrections on Monday after Greek voters rejected austerity measures in a referendum.

European leaders at a Brussels summit yesterday ordered Greece to present economic proposals to win aid or face expulsion from the euro. The Sunday deadline looms as the culmination of a five-year battle to contain Greece’s debts. The Greek stock market will remain closed on Wednesday.

Some U.K. stocks may be active as Chancellor of the Exchequer George Osborne delivers the first budget of a Tory- majority government in almost two decades. At a presentation at 12:30 p.m. in London, he may press ahead with plans to slash a further 12 billion pounds ($19 billion) from welfare costs.

Mining shares may be active after metal prices fell. Shares in China, the world’s biggest consumer of commodities, tumbled to a three-month low on concern that measures to stabilize equities are failing to halt a bear-market rout.

Barclays Plc may move after saying chief executive officer Antony Jenkins will leave. John McFarlane will be Executive Chairman, while the company searches for a replacement for Jenkins. The changes will be effective July 17.