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On Wednesday, Asian equities went down due to the fact that crude prices approached their four-year peaks, thus threatening to disrupt emerging economies. Meanwhile, the common currency rebounded from six-week minimums on news that Italy will diminish its budget deficit more rapidly than anticipated.
As a matter of fact, spreadbetters showed a solid start for the EU markets in the face of hopes that the Italian government could avert a debt blow-out. E-Minis for the Dow as well as the S&P 500 managed to ascend by 0.1%, while E-Stoxx 50 acquired 0.2%.
The common currency was underpinned by a report released by the Corriere Della Sera newspaper, telling that Italy would diminish its budget deficit to about 2% of GDP by 2021.
The report arose after the previous week the coalition government told that it actually intended to run a deficit of 2.4% over the next three years, in a move that tripled the previous objective and worried traders in both Italy as well as the European bloc.
The common currency rallied by 0.3% on the news to $1.1585 after five losing days, which had pushed it to a six-week minimum of $1.1506.
As for Italian BTP futures, they started up to 98 ticks higher, and German Bund Futures dived because the spread between the two decreased.
Market sentiment in Asia was still jittery in Asia due to the fact that market participants considered how a fresh trade agreement between Canada, Mexico and the United States could affect the everlasting China-US tariff clash as it contained a clause banning deals with non-market countries, including China.
MSCI's index of Asia-Pacific equities went down by 0.2%. The Hang Seng index lost 0.4% in Hong Kong.
Nikkei concluded 0.7% down, while Indonesian equities went down by 0.4%, India's Nifty 50 lost 0.8%.
Crude prices kept to four-year maximums on supply concerns because of America’s sanctions on Iran.
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