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With US markets mainly closed for the next couple of days, it is worth looking ahead to the weekend and important data due from China. Market observers in the past have noted that South Korean inflation data has been closely linked to that of China, who are due to release June CPI on Monday.

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Asian markets higher for choice this morning, with the Hang Seng being the outperformer, up 1.2%, playing catch up after being closed yesterday.

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Weaker than expected ISM manufacturing data out of the US, with a reading 49.7 (vs 52 expected). Equities weaker initially on the headline with the DOW now trading 60 points lower, European bourses still in positive territory.

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Reports that the Dutch finance minister says that Holland will decide on ESM bond purchases on a case by case basis and are still opposed to bond buying, have led to profit taking in the Euro having previously traded up at 1.267

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Asian markets mixed this morning, Japan and China pretty much flat, Australia almost 1% better, with manufacturing indicators in Japan and China both beating forecast. The Euro has given up some of Fridays gains this morning to trade around 1.262.

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The Euro makes fresh highs on the session trading around 1.268 on continued optimism from the EU summit. European stocks trade in tandem with the move with the broad Eurostoxx index trading over 3% higher. US futures indicate markets stateside will open around 1.5% better.

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EU leaders have agreed to ease repayment rules for emergency loans to Spanish banks and potential help for Italy, with concessions from Merkel and Germany.

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Market volumes remain somewhat lighter than average but there are a few fundamental and technical concerns which have come to light today.

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German finance minister urges Eurozone members to use the EFSF to buy bonds and use all tools to facilitate such, Euro reclaims 1.245 level and Equities rally off lows

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Italian debt auction update, 2.5bn Euros of 5 year debt sold at 5.84% and 2.923bn Euros of 10 year at 6.19%, highest such yields in 6 months. Risk off remains in play with Euro breaking the 1.245 level, trading towards 1.24 and European Equities trading lower again. Next key datapoint being US Q1 GDP at 1.30pm BST (consensus 1.9%).

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In bonds, Spanish debt continues to be sold with the 10 year yield trading above 7%. US and German bonds are well bid. Watch out for the results of 2 reasonable sized auctions out of Italy for 5 and 10 year debt.

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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.

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Earlier this morning in Asian trade the Euro firmed up against the Dollar to trade above 1.25, and with it Asian equity markets were broadly firmer. One exception to that was the Shanghai composite which closed down almost 1%, and more importantly is now down for the year.

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Not a great deal of excitement to report from Tuesday, another marginal recent low for EUR/USD noted, while USD/JPY continued to slip back from its recent highs.

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Risk aversion seeping back in Asia afternoon, after more stable morning markets despite the lower US stocks, as Spain downgraded 28 banks, Cyprus bailout request.

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