On a closing basis, the Euro is trading at the highest since early May vs the US$ as is the STOXX Europe 600 stock index after July Euro zone Economic Confidence rose to the highest since Mar ’08, coming in 2 pts above expectations led by both business and consumer confidence. Also, German unemployment fell for a 13th straight month, by 20k, in line with expectations and the unemployment rate at 7.6% is matching the lowest level since 1992. Italian business confidence rose to the highest since May ’08. In the financing category, Hungary successfully sold 4 yr, 6 yr and 13 yr paper all at yields above 7% and Italy sold a 10 yr below 4% for the 1st time since Mar. The Shanghai index rose for the 8th day in 9, closing at a 2 month high ahead of key manufacturing data in the next few days and copper is rising to near a 3 month high. New Zealand raised interest rates by 25 bps to 3% as expected.

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