Risk appetite has improved significantly this morning and is likely to continue in this trading session, following positive news flow from the EU Summit. European leaders have apparently agreed upon a plan to establish a single financial supervisory mechanism for the region and have relaxed conditions for repayment of emergency loans to Spanish banks. In the US, Chicago manufacturing PMI and consumer confidence data, due later today, is expected to be overshadowed by optimism surrounding the EU Summit.
At home today, markets await Mervyn King’s press conference before the release of the latest Financial Stability Report, for hints on monetary stance at the next policy meeting.
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