Global equity markets were in pause mode overnight as they awaited a decision from European officials on whether Greece would receive a second bailout worth 130 billion euros.

The tone was positive overall, with investors betting policymakers will favour giving the heavily indebted country another loan as opposed watching it default, although trading was light with US participants sitting out the session because of the President's Day.

The deal is far from done though, with several euro zone country's objecting to a bid to increase the bailout package by 8 billion euros, saying Greece must keep its deficit to 120 per cent of gross domestic product.

The Greek rescue announcement, which is expected later this morning, will almost certainly be the major driver of markets today, with risk appetites likely to follow either binary outcome.

The spot price of oil hit a one-year high as the tit-for-tat oil sanctions and embargoes between Europe and Iran put pressure on supplies. Iran is the fifth largest producer of oil in the world.

Locally, the Reserve Bank of New Zealand is scheduled to release its latest survey of inflation expectations, while offshore the release of the Reserve Bank of Australia's latest meeting minutes will take the spotlight, as investors search for hints on the bank's interest rate intentions.

Stocks to watch: PFI, TUR

Colonial Motors has posted a 64 per cent lift in after-tax profits to $5.9 million for the half year to the end of December. That was on the back of pick up in car sales over November and December, with a particularly strong performance from heavy-trucks revenues. CMO shares were unchanged yesterday at $2.90.

Contact Energy, the country's biggest listed electricity company, has reported an interim net profit of $68m, down 18.7 per cent on the same period last year. The result reflects the inability of the company to capitalise on high electricity spot prices to offset the impact of low hydro-lake levels and increased competition in the retail space. CEN shares were unchanged yesterday at $4.78.

Windflow Technology, the embattled wind turbine maker, is set to announce the details of a licensing agreement with a US Fortune 500 company later today. Under the deal the yet-to-be-named company will manufacture turbines for sale in the North American market. WTL shares were unchanged yesterday at 25c on the NZAX.

Equity markets

Australia and New Zealand
NZX 50: +0.8 per cent to 3315.57
S&P/ASX 200: +1.4 per cent to 4256.1                      

US:
Dow: Public holiday
S&P 500: Public holiday
Nasdaq: Public holiday

Europe
FTSE 100: +0.68 per cent to 5945.25
Dax: +1.46 per cent to 6948.25
Stoxx 600: +0.8 per cent to 268.16

Asia
Nikkei 225: +1.0.8 per cent to 9485.09
Hang Seng: -0.3 per cent to 21,424.80

Currency
The New Zealand dollar recently traded at US83.86 cents, down from US84.05c at 5pm on Friday.

Commodities
Gold: US$1733.50 an ounce, up from US$1723.19 yesterday
ICE Brent Crude:  US$119.90 a barrel, down from US$119.95 yesterday
Thompson Reuters Jefferies CRB: Public holiday

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