EU leaders agree that a much bigger bail out is required. How this is structured is dividing Europe and opening old wounds.
In an interview with Italy’s Corriere della Sera paper, European Stability Mechanism Managing Director Klaus Regling said the easiest way to organise such funds would be via the European Commission and the EU budget.
The financially well-off members such as Germany and the Netherlands are hesitating to help Italy, Spain and France, where thousands have been killed by Covid-19.
Sterling's dramatic gains saw it reach a 19-month high versus the dollar and its strongest levels against the euro since shortly after the 2016 Brexit referendum.
Euro zone GDP data returns better than expected, lifting the euro, as the dollar weakens after interest rate cuts by the Federal reserve.
Asian markets fell following declines on Wall Street as the impeachment inquiry into President Donald Trump weighed on sentiment.
US bond yields up slightly after sharp fall in August, while European shares seen dipping slightly. Meanwhile, pound sterling drops to just below $1.2, its lowest level since January 2017.
Yields on benchmark 10-year Treasury notes dropped to their lowest since mid-2016 as the latest salvos in the China-US trade war shook confidence in the world economy and sent investors to the safe harbour of gold.
Norway and Germany, among others, have discontinued financial aid for the Amazon Fund, leading some Brazilian federal governors to appeal directly to Europe to change their minds.
Investor anxiety has been fed by President Donald Trump's threat of new US tariff hikes on Chinese goods, protests in Hong Kong and weaker-than-expected data from India, Argentina and Singapore.
In the middle of the holiday season, Italy seems set for renewed instability after Interior Minister Salvini called for a new election based on his party’s high polling.
The latest heatwave demonstrates that climate change is a transnational threat that requires transcontinental cooperation.
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