The European Union will briefly put aside worries about Greece to broaden its relations with China at a summit in Brussels on Monday, hoping for Chinese investment in Europe's new infrastructure fund and support for a global climate deal.
Tags: European Union
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Global financial markets are braced for a wave of contagion from Greece on Monday, with expected heavy losses for southern European government bonds and regional stock markets as investors scramble to discount a possible "Grexit" that most had still assumed was unlikely as late as Friday afternoon.
The S&P 500 closed flat on Friday but ended lower for the week, with investors cautious ahead of a meeting in Europe that could decide whether Greece will default on critical loans.
Greece failed again to clinch a deal with its international creditors on Thursday, setting up a last-ditch effort on Saturday to either avert a default next week or start preparing to protect the euro zone from financial market turmoil.
Oil prices rose above $63 a barrel on Monday in response to new proposals from Greece that the European Union welcomed as a basis for progress at talks to try to stave off a default that could cause turmoil in financial markets.
Surging investment by Chinese companies in U.S. research labs is yielding a fast-growing trove of patents, part of a push to mine America for ideas to help China shift from being the world's factory floor to a driver of innovation.
German business leaders urged Chancellor Angela Merkel to take a tough line with Greece at an emergency summit of euro zone leaders later on Monday, saying only reform concessions from Athens could keep the country in the euro zone.
Greek shares .ATG rose 6.8 percent in morning trade on Monday on hopes that Greece was closer to reaching a deal with its international lenders.
The Greek central bank warned on Wednesday that the country would be put on a "painful course" towards default and exiting the euro zone if the government and its international creditors failed to reach an agreement on an aid-for-reforms deal.
Italian Economy Minister Pier Carlo Padoan said on Tuesday he was confident a deal would soon be found to keep Greece in the euro zone and even if it did exit, the currency bloc was now much better placed to withstand the shock.
