Not Much Expected from Asian Equities

Asian stocks appear set for a mixed open on Wednesday, tracking unclear global cues as Greece’s debt crisis boils on.  Following the emergency euro zone summit in Brussels on Tuesday, the Greek government has until Friday morning to present detailed reform proposals to allow a bailout deal by a Sunday summit, according to a Reuters report citing two EU officials.

Failure to reach a deal would make a “Grexit” – Greece’s exit from the euro zone – more likely.  Japan’s Nikkei 225 may see a tepid start ahead of the release of May current account data. Chicago and Osaka futures traded at 20,440 and 20,270, bracketing the index’s previous close of 20,376.

The data, scheduled for release before the market open, will likely log its eleventh straight monthly current account surplus. According to a Reuters poll, the surplus probably widened to 1.542 trillion yen ($12.52 billion) in May, from 1.326 trillion yen in the preceding month.