German Chancellor Angela Merkel sought to quash talk of an imminent Greek default but market confidence suffered another blow when Italy had to pay the highest yield since it joined the euro zone in 1999 to sell five-year bonds. For details
According in Reuters report quoting a Greek government official as saying that Greek, German and French leaders would hold a conference call on Wednesday helped buoy the euro and underpin optimism in European equity markets. Two German government sources confirmed the plans.
The euro EUR= rose 0.1 percent to $1.3676 against the U.S. dollar. Against the yen the euro fell to a low of 104.37 EURJPY=EBS before moving back to 105.12, down 0.3 percent.
European stocks rallied from two-year lows to end higher, although the sharp rise in Italy's borrowing costs and simmering fears of a Greek default kept gains in check.
stock market to watch for Wednesday sept 14 2011
The market is still very much focused on the euro. back to watching headlines and it seems like there are more rumors than fact, "In general, it's still a very cautious backdrop and it's hard to see a sustained back-up in the euro and even for that matter a sustained back-up in the European stock markets
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