(Bloomberg) – The euro won in early trade with Eastern European currency while the leaders of the region came together to offer Ukraine their support in the midst of concern about an American withdrawal.
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The common currency rose by 0.4% compared to the dollar, it performed better than large colleagues and part of last week’s loss. The Polish Zloty and Romanian leu have also won. Asian shares opened higher, without Trump who prepared for long promised rates on Canada, Mexico and China.
“The American turnaround is certainly a historical opportunity for Europe to tackle the subject of an autonomous European defense with potentially very positive economic consequences, because we know that many innovations with military applications can have considerable civil benefits – for example internet,” said Christopher Dembik, senior investment manager at Pictet Assest Management. “But beware of excessive optimism.”
Bitcoin largely held on to the Sunday meeting after President Donald Trump had spoken to his plan for a strategic crypto reserve.
Markets start the week with another geopolitical one-two-punch while European leaders promise to increase defense spending and to come together what Great Britain called a “coalition of the willingness” to secure Ukraine. That follows an oval office conflict between Trump and the Ukrainian President Volodyymyr Zenskiy about the prospects of a cease -the fire with Russia without American security guarantees.
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The prospect of an increase in defense spending by European countries has led to a sharp meeting in the shares of companies involved in the sector, such as Germany Rheinmetall AG, the British BAE Systems PLC and Rolls-Royce PLC as well as Leonardo Spa in Italy. Nevertheless, the German and French bondututures fell in the midst of concern about the issue of debts through the block.
“Europe is getting ready to stand up for itself – this reflects a structural change in Europe,” which this year has driven out part of the rotation, Kieran Calder, Union Bancaire SA head of stock research for Asia. “For China we are generally still a bit negative.”
The S&P 500 rose by 1.6% on Friday, while treasuries extended the Rally of February, with two -year yields that fell below 4% after data demonstrated that inflation did not warm up.