LONDON — Financial markets were flat Thursday as investors waited to see whether Greece's request to extend its financial assistance program for six months would win over its creditors in the 19-country eurozone.
KEEPING SCORE: While the volatile main stock market in Athens was up 0.7 percent at 854, Germany's DAX was flat at 10,965. The CAC-40 in France was 0.6 percent higher at 4,826.47 while the FTSE 100 index of leading British share dropped 0.1 percent to 6,889. Wall Street was poised for a modestly lower opening, with both Dow futures and the broader S&P 500 futures down 0.1 percent.
GREECE SENDS REQUEST: Greece sent its European creditors a proposal over its bailout, a move it hopes will unfreeze talks between the two sides and end uncertainty over its future in the euro. The government in Athens offered to extend its rescue loan agreement by six months, as the eurozone had demanded in order to give all sides more time to hash out a more permanent deal. However, it held back on offering to continue in full a series of budget cuts and reforms that the eurozone has required since 2010 in exchange for loans but that Greece blames for devastating its economy. Germany, the most important voice in the eurozone, appears to be skeptical. The 19 finance ministers of the eurozone will meet Friday to discuss the proposals.
ANALYST TAKE: Kathleen Brooks, research director at Forex.com, said the fact the eurogroup is meeting "is a sign that Greece may have shifted its negotiating position to a more Eurogroup-friendly stance." However, she said any excitement should be tempered by the fact that Germany said it would reject the deal proposed by Greece in its current form.
ASIA'S DAY: Most markets in Asia were closed Thursday for Lunar New Year holidays, but Japanese stocks climbed to their highest level in nearly 15 years early in the day after the release of strong trade data. The Nikkei 225 stock index meandered later in the day, gaining 0.4 percent to 18,264.79 as it fell back from an intraday peak of 18,322.50 that was the benchmark's highest level since May 2000. Elsewhere in the region, Australia's S&P ASX/200 lost 0.2 percent to 5,904.20.
ENERGY: Oil prices continued their descent after last week's gains, with the price of benchmark U.S. crude down $2.88 to $49.94 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, a benchmark for international oils used by many U.S. refineries, fell $1.71 to $58.82 a barrel.
CURRENCIES: The U.S. dollar fell to 118.63 against the Japanese yen, from 118.78 on Wednesday. The dollar edged up against the euro, to $1.1436 from $1.1399.
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