Before the open - 27/06

The FTSE saw a second consecutive day of gains yesterday, rising by 63.57 points. The index is now expected to rise on the open after Asian markets were steady overnight.

We're expecting the EU economic summit to kick off today, CMC's Michael Hewson:

The main focus likely to be on the problem of spiralling youth unemployment as well as underemployment and the lack of growth. It's hard to be optimistic that anything tangible that would make a dent in the problem is likely to be forthcoming, but we can live in hope. The EU budget debate is likely to get thrown in for good measure as well.

(CMC Markets)

Finally, if you missed yesterday's Spending Round, check out our full summary of what was there (and scroll to the bottom for all our other content on the subject).

Today's key events:

  • German unemployment data for June at 08.55. The rate is expected to stay flat at 6.9 per cent, with unemployment forecast to rise by 8,000 (down from 21,000 in the previous month). There'll be some Eurozone sentiment data at 10.00
  • UK GDP revisions for the first quarter at 09.30. Economists predict that the quarterly number of 0.3 per cent growth will remain static.
  • A heavy afternoon of US data. We've got personal income and consumption data for May at 13.30, and pending home sales for the same month at 15.00.