AFP - The euro and European stocks rallied strongly on Wednesday and pressure on Spain eased, but the eurozone debt crisis weighed heavily with a credit watch for Portugal and Germany struggling to sell bonds.
The euro and European stocks rallied strongly on Wednesday and pressure on Spain eased, but the eurozone debt crisis weighed heavily with a credit watch for Portugal and Germany struggling to sell bonds.Leading EU figures warned that financial markets were underestimating the will of EU leaders and institutions to defend the euro and the eurozone.But in a new sign of the extent of anxiety among investors, a German bond issue was undersubscribed.
Marc Chandler submits:Ideas that at its meeting tomorrow the ECB may take additional measures to stem the financial crisis that has threatened this week to spread outside the periphery and toward countries like Belgium, are prompting some position adjustment in both the foreign exchange and fixed income markets.
Hong Kong (AFP) - Asia maintained a global stocks rally on Wednesday while the euro held on to healthy gains as hopes grow that Greece will be able to hammer out a debt deal with its European partners.
With Alcoa kicking off the earnings season with numbers there were in line and slightly better on the outlook (as usual), attention will largely shift to micro data and disappointing cash flows over the next two weeks, even as the countdown clock to the debt ceiling "drop dead" D-Day begins ticking with as little as 35 days left until debt ceiling extension measures are exhausted and creeping government shutdowns commence.