EU summit statement
Merkel: Leaders reached important decisions last night
Italy and Spain get their way at EU summit - Der Speigel
Merkel faces backlash in Bundestag. SPD has called special meeting of budget committee to explain "180 degree turn" on ESM. Merkel set to speak at 5pm in the Bundestag
ECB's Draghi: EU summit has produced long-term commitment and tangible short-term measures
Euro zone officials: Flexible use of EFSF/ESM to stabilise markets decided by euro leaders means both primary and secondary bond market internetions are possible. Choice of EFSF/ESM instrument to be made when country applies for euro zone support, to best suit needs
Germany press: Over 12,000 lawsuits against ESM, fiscal compact - MNI
German banking association; Supports joint supervision for banks getting ESM aid
German official: No direct recapitalization without common bank oversight
Finland PM: Will ask for collateral for use of EFSF for Spain bank rescue
BOE's Financial Policy Commitee: UK financial stability outlook has deteriorated
BOE's King: Uncertainty and tighter credit conditions have acted as strong headwinds to UK recovery
China's PBOC: Reiterates will fine tune monetary policy
German prelim May retail sales -0.3% m/m, -1.1% y/y, weaker than Reuter's median forecasts flat, +1.0% respectively
French May consumer spending +0.4% m/m, +0.6% y/y, stronger than median forecasts of flat, +0.1% respectively
Swiis June KOF leading indicator 1.16, stronger than median forecasts 0.78
Eurozone June CPI estimate 2.4% y/y, as expected
Full EU summit statement (in all its conditional wishy-washy glory) - Zerohedge
Forex markets have been eerily quiet given the overnight developments from the EU summit.
EUR/USD very marginally firmer at 1.2590 from the 1.2575 which greeted me first thing. Early rally over 1.2600 was fleeting. ACB selling notable above said level. From there we drifted lower, but noted buy orders at 1.2550/60 held the downside (session low 1.2553) Talk now of sell stops gathered below 1.2550.
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