Futures Point Towards Rally, Banks Stocks in Focus on Tuesday

Stock futures are pointing upward early on Tuesday, looking to erase loses from Friday and Monday brought about by the tug-o-war between Greece and private creditors. Overseas markets are primarily advancing as of 5 AM ET on several pieces of news, including a new pact in the Eurozone. Late Monday, news came from the summit in Brussels that 25 of the 27 European Union states endorsed a stricter fiscal discipline plan and agreed upon a permanent rescue fund. Exact details as to the size of the fund package was not released, but the topic will be revisited upon the next meeting in March.

Ultimately, the agreement will mean that European banks will head back to the European Central Bank (ECB) for another dose of funds, giving hope to the struggling banks that have been weighing heavily on financial stocks worldwide. In December, banks borrowed 489 billion euros ($644.4 billion) as part of the ECB’s emergency funding operation.

Commentary also came from senior officials on the much-discussed Greek debt swap, saying that they expect a deal in coming days. Investors have been jittery in waiting for some type of advancements with the debt swap negotiations to help debt-laden Greece.

Other influential news came from Japan as industrial production, which fell 2.7 percent in November, perked back-up with a 4 percent increase in December.

Banks and resource plays have been pacing gainers early in trading. Almost all indices throughout Asia and Europe moved/are moving forward with the DAX gaining 60.25 points (+0.92%), FTSE adding 39.70 points (+0.70%), Hang Seng up 230.08 points (+1.96%), Nikkei growing 9.46 points (0.11%) and the Shanghai Composite rising 7.57 points (0.33%).

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