US futures were marginally higher first thing, and coupled with the broad strength out of Asia marked the European Bourses higher on the open, mainly on optimism that the EU summit over the next couple of days would bring some credible plan to solve the Eurozone crisis.

In the past half an hour, reports out suggest a German Government source as saying that a banking union will not be decided at the summit and no detailed decisions will be decided upon, all of which has led the Euro being sold off and again testing the critical 1.245 level and with it risk off for Equities, with European indices trading 0.5-1% lower.

 

Posted by Philip Ball | Sales and Trading