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Greek lenders are down to their last few days of cash and the
European Central Bank has tightened the noose on funding,
putting pressure on Greek Prime Minister Alexis Tsipras to
persuade the bloc's other 18 leaders to open negotiations fast.
The summit begins at 1600 GMT (12 noon EDT) in Brussels.
* It is unclear how much Tsipras' new proposal would differ from
others rejected in the past. Failure to reach a deal would
increase the likelihood of Greece leaving the single currency.
* U.S. stocks had closed lower in a volatile session on Monday
as the Greece crisis continued to weigh and as China implemented
emergency measures to stop a selloff in Shanghai's market.
* European stock markets steadied ahead of the summit, but Asian
shares fell after further losses in China despite the emergency
measures.
* In the United States, expectations that the economy was
stronger in the second quarter is likely to be hit by data
showing the trade gap widened to $42.6 billion in May from $40.9
billion in April. The data is due at 8:30 a.m. ET.
* A stronger dollar has slowed foreign demand for U.S. goods,
while imports have gone up. The dollar index was up 0.6 percent
at $96.86, its highest level in a month.
* Advanced Micro Devices shares slumped 13 percent to $2.15
premarket after the chipmaker cut its quarterly revenue forecast
citing weaker-than-expected PC demand.
* Horizon Pharma was up 5.5 percent at $36.44 after it made a
hostile bid to buy Depomed in a deal valued at about $3 billion.
Depomed was unchanged at $20.64.
* Shake Shack fell 3.4 percent to $57 after Morgan Stanley cut
its rating on the stock to underweight according to
theflyonthewall.com.
(Reporting by Tanya Agrawal; Editing by Savio D'Souza)
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