Europe seen higher after Greek debt deal

European equities are expected to open higher on Monday following a deal to extend Greece’s bailout by four months, but the country now has to deliver on reforms.

Greece’s left-wing government led by Prime Minister Alexis Tspiras was given a lifeline on Friday when the Eurogroup of European finance ministers reached a deal to extend the country’s bailout by four months. To secure the financial lifeline, however, Greece must present a list of reform proposals on Monday.

Some in Greece have accused the new government of back-tracking from election promises to scrap the country’s bailout, overseen by the European Central Bank, International Monetary Fund and European Commission.

In Asia, markets mostly rose on the first trading day of the Year of the Sheep, buoyed by a bailout deal in Greece. However, trading volumes remained light with China, Taiwan and Vietnam still closed for the Chinese New Year holiday.

In other news, Ukraine said on Sunday it feared unrest could spread beyond territory held by pro-Russian separatists, after an explosion killed two people at a memorial rally in an eastern city far from the front line, Reuters reported.

Investors will keep a close eye on HSBC’s full-year earnings on Monday, which are expected to show a $21 billion pre-tax profit in 2014, according to Reuters. The bank faced scrutiny lately following allegations that its Swiss private bank helped some clients to evade tax.

Elsewhere, earnings are expected from PostNL, Bankia, Bovis Homes and Bunzi. There are no major data releases Monday

 Varchev Traders

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