European markets are mostly down on Monday ahead of a European Union (EU) summit this week as investors' fears of slumping global growth add to the anxiety. There's much within the Eurozone to be concerned about including the potential renegotiation of Greece's bailout terms, the creation of a banking union, and the hope that further stimulus measures will be introduced. Meanwhile, Spain has made a formal request for financial assistance from the EU.
In Asia, markets are also lower as doubt swirls that the EU summit scheduled to take place June 28-29 will produce any real resolutions to the problems plaguing the region. Previous summits have failed to deliver a solution to the Eurozone's debt crisis.
Prior to the TSX open, here's what you should know:
*U.S. futures point to a lower open with futures for the S&P 500, the Dow Jones and the Nasdaq 100 down 0.6 to 0.8 per cent.
*Oil rose above US$80 a barrel on Monday. Benchmark oil for August delivery was up 48 cents at $80.24 a barrel while Brent crude for August delivery was up 36 cents at $91.34 per barrel.
*Spot gold added $1.70 to $1,573.14 an ounce. U.S. gold for August delivery rose $7.30 to $1,574.20 an ounce.
*The Canadian dollar gained 0.45 of a cent at close last Friday to trade at 97.60 cents US.
*On the U.S. economic data calendar for Monday, new home sales for May and a Dallas Fed Manufacturing Survey of Texas-based manufacturers are due.