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European shares were called to open lower on Monday after world leaders backed keeping Greece in the euro zone on Saturday and vowed to take all steps necessary to combat financial turmoil while revitalizing a global economy increasingly threatened by Europe's debt crisis.
The UK’s FTSE was seen 8 points lower at 5260, Germany’s DAX was expected to open 8 points lower at 6263 while France’s CAC was called 18 points lower at 2990.
A summit of the G8 leading industrialized nations came down solidly in favor of a push to balance European austerity—an approach long driven by German chancellor Angela Merkel—with a new dose of U.S.-style stimulus seen as vital to healing ailing euro-zone economies.
But it was clear that divisions remained.
Those divisions were becoming clearer over the weekend as French President Francois Hollande and like-minded euro zone leaders were expected to promote the idea of mutualized European debt at an informal summit in Brussels this week, increasing pressure on the German chancellor to drop her opposition to the proposal.
Senior EU and U.S. officials told Reuters that Hollande raised the topic of euro area bonds—bonds jointly underwritten by all euro zone member states—during the G8 talks and would again push the idea when EU leaders meet in Brussels on May 23.
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