• A light data calendar will see markets squarely focused on developments in Greece, with participants at tenterhooks for official comments in advance of a make-or-break EU summit, starting at 6pm GMT, preceded by a Eurogroup finance ministers' meeting earlier in the afternoon. While the ECB's extraordinary unscheduled extension of the Emergency Liquidity Assistance to Greek banks on Friday  - with another call scheduled for later today - sets the scene for a possible agreement, the onus nevertheless remains on the convergence of sufficient political will from all sides, with event risk high.

• In the broader context of that substantial event risk, economic data will play second fiddle to political developments, says Lloyds Bank. May's reading of the Chicago Fed Activity Index will provide a summary statistic of the pace of economic activity against the backdrop of a firm dollar and the soft patch seen in Q1, after a mixed picture seen last week in the Empire State and Philly Fed surveys for June. Meanwhile, US existing home sales in May are expected to pick up somewhat from a soft print in April. 

• "This would chime with improved sentiment already seen in the NAHB housing index for June, taking in its stride the recent choppy outturns seen in housing permits and starts data for May. The sole European data focus will come from advance readings of Eurozone consumer confidence readings for June, with little change expected from the final May readings", according to Lloyds Bank.