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Euro recovers on the back of strong eurozone inflation figures

Euro recovers on the back of strong eurozone inflation figures

The U.S. Treasury believes it would be better for Italy and other euro-zone countries to work out their issues with no major changes to the bloc, a senior Treasury official said on Tuesday as Italian political and market turmoil emerged as a key topic for a G7 finance leaders meeting this week. US stocks were poised for a solid open, with Dow futures and the broader S&P 500 futures up 0.5 per cent. The euro sank to $1.1577 from $1.1669.

Two polls released on Wednesday night showed that around two thirds of Italians want the country to remain part of the euro while around a quarter would choose to drop the common currency.

FILE PHOTO: The German share price index, DAX board, is seen at the stock exchange in Frankfurt, Germany, March 20, 2018. Madrid's IBEX bourse was down nearly 2 per cent. Google's parent company Alphabet lost 1.5 percent to $1,068.21 and Mastercard fell 2.3 percent to $186.80.

In currencies, the Canadian dollar was flat and the Mexican peso was down by 0.3 percent.

South Korea's KOSPI rose 0.8 percent, buoyed by stocks which are seen as benefiting from a further thawing in tensions with Pyongyang.

E-Mini futures for the S&P500 also gave up early gains to be down 0.5 per cent.

The euro, after dropping 1 percent against the safe-haven Swiss franc EURCHF= on Tuesday in its biggest daily fall since September, recovered 1.1 percent to 1.1566 francs.

Mining companies and metals companies in the FTSE 100 are all on a rise this morning, a counter-intuitive move given that the U.S. threatened Thursday to start charging 25% tariffs on imports of aluminium and steel from Europe, Canada and Mexico. Trump tweeted that a US team is in North Korea to make arrangements for the planned June 12 summit in Singapore, days after he said the USA was withdrawing from the meeting.

President Donald Trump surprised watchers when he said on Twitter that he was "looking forward" to seeing the numbers ahead of their release.

"The new government will make sure that the rights and the dignity of 60 million Italians will be respected", Salvini said in a statement, adding that "Italians expect from Europe cooperation and not insults".

Many anxious that new polls would be a de facto referendum on Italy's membership of the euro.

The cautious push higher by European bourses in early trade on Thursday was short lived, as United States trade tariffs and trade war fears brought investors tepid optimism crashing back down.

USA crude futures stumbled to a six-week low of $65.80 per barrel.

"Italy has gone back to being seen as a problem, but maybe a contained problem, less of a global risk than it was on Monday and that's weighing on the Dollars", said Daniel Katzive, head of FX strategy North America at BNP Paribas in NY.

Energy had the highest rate of inflation at six per cent, reflecting increased oil and gas prices, followed by food, alcohol and tobacco on 2.6 per cent, services on 1.6 per cent and industrial goods on 0.2 per cent. Gold and platinum producer Anglo American traded 2.76% higher at 1,846.60 while Rio Tinto, Glencore and Chilean miner Antofagasta were also among the top ten movers higher.

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