By msnbc.com news services
Wall Street is gearing up for a lower open Monday as political turmoil in Italy sparks worry the euro zone debt crisis could consume the region's third largest economy.
Benchmark Italian government bond yields rose to their highest levels since 1997, approaching levels seen as unsustainable, ahead of a crunch vote on public finance in parliament on Tuesday.
Italian Prime Minister Silvio Berlusconi has one day left to win over undecided members of parliament and stop a group of party rebels threatening to bring down his government in a backlash over its failure to adopt reforms to defuse a debt crisis.
European bond and stock markets were boosted as two journalists close to Berlusconi said he could resign as early as Monday. However, Berlusconi said on his Facebook page that rumors of his resignation were unfounded.
Greek political leaders were set to choose who will lead a new coalition on Monday after Prime Minister George Papandreou sealed a deal with the opposition on a coalition to approve an international bailout.
With a light U.S. economic calendar this week and earnings season winding down, the euro zone debt crisis was expected to garner the bulk of investor attention this week.
In corporate news, consumer electronics chain Best Buy Co Inc is buying British partner Carphone Warehouse Group Plc for $1.3 billion and scrapping plans for a chain of European megastores.
The Associated Press and Reuters contributed to this report.
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