European equities are expected to open lower

European equities are expected to open lower Tuesday as Greece looks set to default on a 1.5 billion euro debt payment due to the International Monetary Fund (IMF).

The FTSE is expected by CNBC to open 40 points lower at 6,580, the German DAX down 96 points at 10,986 and the French CAC down 39 points at 4,830.

Greece will not make the payment to the IMF on Tuesday, according to a Greek official cited by Reuters. Greece's existing bailout program also officially expires on Tuesday.

Reuters reported early Tuesday that European Commission President Jean-Claude Juncker made a last-minute offer to Athens in a bid to reach a bailout agreement before the deadline expires on Tuesday.

The EUR reached the bottom in response to the events of the weekend and then rose to 1.1190. The CHF remained unchanged from market intervention by the Swiss central bank. The dollar remained stable between 122.42 - 122.11 JPY.

At 09:00 it was published German Retail Sales (MoM) (May) with a level 0.5% above expectations of 0.2%, which will support European assets, in anticipation of the German Unemployment Change (Jun) an hour.

Markets are speculative and cautious. It expected high volatility.