The Traderszone Network

Squawk Box Live will keep you updated on the all the Greek developments and major market movements.

Greece and its creditors are staring down the barrel of a gun Friday.

Britain’s biggest supermarket chain Tesco (TSCO.L) said sales had declined less than expected in its first quarter, suggesting a tentative recovery in its key home market could be starting to move onto a stronger footing. Tesco, which endured a horrendous 18 months marred by profit warnings, a record statutory loss and an accounting scandal, said on Friday sales at British stores open for more than a year fell 1.3 percent over the 13 weeks to May 30, compared with forecasts of a decline of between 1.6 percent and 3 percent by analysts polled by Reuters.

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Japan and the United States are likely to resolve outstanding bilateral issues so that a 12-nation Trans-Pacific Partnership (TPP) deal can be struck at a multilateral ministerial meeting expected in July, a senior Japanese official said on Friday. A deal between the United States and Japan, the world’s largest and third-largest economies, is vital to clinching the multilateral TPP pact, which would cover 40 percent of the world economy. The deal is a key part of U.S. President Barack Obama’s strategic rebalance to Asia in the face of a rising China.

When Mangshi opened its airport two decades ago, the small tropical city on China’s border with Myanmar was served by few airlines. China’s recent travel boom has changed that – seven carriers brought in more than 1 million visitors last year. “We had a hard time attracting airlines in the early days,” Li Ping, deputy chief of the airport’s expansion steering committee, told Reuters.

Asian stocks headed south on Friday, with China’s Shanghai Composite index sinking more than 7 percent.