A group of wealthy northern European states is pushing for a smaller recovery fund, and is seeking to limit how payouts are split between grants and repayable loans
Traders work at their desks while screens show market data at CMC Markets in London, Britain, on December 13 2018. Picture: REUTERS/HENRY NICHOLLS
Bond markets also cheered the progress, with the risk premium investors pay for holding Italian government debt over Germany's — the bloc's benchmark — falling to 162 basis points, the lowest level since March 27. A group of wealthy northern European states pushed during the summit for a smaller recovery fund and sought to limit how payouts are split between grants and repayable loans.
“The euro has gained on the likelihood that they do come up with some solution at this meeting,” said Marshall Gittler, head of investment research at BDSwiss Group. Chinese markets rose more than 2% after regulators raised the equity investment cap for insurers and encouraged mergers and acquisitions among brokerages and mutual fund houses.
South Korea’s Kospi pared gains to fall 0.1%. Japan's Nikkei was also down 0.1% after data showed the country's exports suffered a double-digit decline for the fourth month in a row in June.
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