«Europe is not going to share the responsibility of the total debt as long as you are alive» With these words, crossed the German Chancellor Angelina Merkel rejected the idea of the common bonds of the euro area and favored by both Italy and France and Spain.
This attitude of strict raising fears about the success of the forthcoming European summit held today and tomorrow is not uncommon that a split occurred among the European leaders on the eve of the summit on the back of the positions of Merkel reject the principle of shared responsibility for the total debt in Europe.
It seems that the exclusion was to move towards a common bond for the euro zone, which was seen as a potential solution to the crisis of existing debt three years ago.
Affected by European developments and futures prices fell for Brent crude due to the escalating concerns about the failure of EU leaders in solving the debt crisis of the region.
As well as oil prices fell from a peak of $ 128 for Brent crude in March to less than $ 92 due to slowing global growth.
The Reuters poll showed that a growing number of analysts is expected to come down to the average oil price of $ 100 during the next two years, while overshadowed by concerns about economic growth over the medium term worries about oil supplies.
As well as the yellow metal prices in Europe fell under the pressure of the euro and other commodities such as oil, with dashed expectations that contribute to the European summit in easing the debt crisis of the euro.
Analysts expect the prices received good support at 1558 dollars per ounce, a low level, which was revealed to him last week, after the Federal Reserve disappointed the hopes of gold bulls did not announce a new round of quantitative easing.
The European currency has stabilized in general against the dollar after euro lowest level in two weeks yesterday, but he seemed threatened by the European Union summit, which is not expected to come out with positive results, which led most investors to hesitate to sell the euro on a large scale before the upcoming summit, but outlook bleak continue to accompany the single currency in the long term.
And increased losses of the euro against the U.S. dollar continued yesterday with investors cautious ahead of a summit of the European Union is not expected to take new measures to address the debt crisis of the euro area.
The single currency has tumbled for a third day, its lowest level in the session at 1.2452 dollars. In the latest trading record of $ 1.2464 euro down 0.2 percent from the previous close.
For European stocks rose Wednesday, tracking gains on Wall Street and Asian markets with the establishment of some investors to liquidate short positions ahead of the European summit, but the optimism which is limited, which keeps the door open for a possible positive surprise.
European stocks rebound after the wave of sell-off in recent U.S. data, as rumored in the market some optimism but fears not result in a major European summit for a solution to the crisis of the European debt may limit any gains in the future.
And record risk appetite which has deteriorated in recent days on worries about the repercussions of the crisis on the global economy improved significantly after the pending home sales in the United States the highest level in two years in May, what has fueled hopes of a recovery in the housing market.
The FTSEurofirst 300 of top European shares was up 1.4 percent at 1000.14 points, having closed flat on Tuesday after three sessions of decline during which he lost almost three percent.
Across Europe, the Financial Times index of 100 was 1.4 percent and France’s CAC 40 fell 1.7 percent, Germany’s DAX up 1.5 percent.