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Morning Brief


Opening calls are indicating a higher open in Europe. Yesterday, in the informal summit, Greece was urged to stay in the euro zone and to honour commitments to its bailout agreement. Earlier on Wednesday, European shares closed sharply lower on fears that an EU summit may fail to come up with concrete, new measures to tackle the region’s sovereign debt crisis. Angela Merkel stated that this is an informal meeting and no decisions will be taken.

Shares in Asia are trading flat as euro zone fears continued to affect investor sentiment and also on the back of data that showed that China’s manufacturing may shrink for a seventh month in May.

In the US, stocks trimmed their losses in the final hour after statements by Italian Premier Mario Monti and the French President Francois Hollande stating that they agreed to consider all measures to boost economic growth including Eurobonds. Angela Merkel is still not convinced with the idea of Eurobonds, and these are not yet ready to be endorsed by Germany.