Mounting Problems For EU Summit

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As we approach the start of the EU Summit tomorrow, traders’ belief in a successful outcome at this meeting is gradually waning, resulting in increased downside risks for the Euro. The continued opposition to common Euro-area bonds by the German Chancellor has shifted focus on her meeting with the French President later today. Following yesterday’s rising yields at the Spanish and Italian bond auctions, today’s sale of €9 billion in short term debt by Italy is likely to garner increased market attention.

Yesterday, Egan-Jones downgraded Germany rating to ‘A+’ from ‘AA-’, with a negative outlook. At home, data just out indicated that loans for house purchases declined for May.

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Mounting Problems For EU Summit

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