Euro hits four-month high on Covid-19 recovery fund hopes – business live

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Rolling coverage of the latest economic and financial news

8.16am BST

The euro has also nudged a three-week high against the pound this morning, at 91.38p.

8.02am BST

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

At a late evening dinner, the European council president, Charles Michel, who is chairing the summit, asked the leaders whether they were “capable of building European unity and trust. Or, through a tear, will we present the face of a weak Europe, undermined by mistrust?”

Dutch prime Minister Mark Rutte said on Monday EU leaders were making progress but warned discussions could still fall apart. “At times it didn’t look good last night, but I feel that on the whole we are making progress,” Rutte told reporters in Brussels.

Summit resumed and ended after just 7 minutes at 5.52am. Leaders were told by Charles Michel that new basis for an agreement is €390bn in grants. Meeting due to resume at 1400 on Monday afternoon with expectation of new negotiating draft after everyone gets some sleep

Rutte also leaving to get some sleep says negotiations are “back on track” after the 5am breakthrough tonight #euco

As for the EU summit, the market seems to prefer that a deal is not rushed through for the sake of appearances An agreement delay – perhaps until later in the summer – is preferable to markets than a weak agreement.

I think there is a high probability of a deal and would push EURUSD to around the 1.16 level, fuel further equity re-allocation towards Europe and provide another boost to peripheral bond markets. #forex #EURUSD long EURO could be a keeper https://t.co/2egVXIYtm3 pic.twitter.com/iFghhVdUSg

European Opening Calls:#FTSE 6283 -0.11%#DAX 12929 +0.07%#CAC 5067 -0.04%#AEX 573 -0.13%#MIB 20339 -0.39%#IBEX 7436 -0.06%#OMX 1768 -0.11%#STOXX 3364 -0.06%#IGOpeningCall

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