US stocks had a lackluster session yesterday but still closed marginally higher, seemingly shrugging off the G7 debacle which ended with a communique that for the first time ever, was not signed by the US. Concerns about a potential trade war, morphed into some optimism as investors shifted their focus to the summit between U.S. and North Korea and to upcoming meetings from three major central banks. Sentiment was boosted by Italy's new Finance minister Tria who gave a strong endorsement of the euro signaling that Italy's disagreements with the EU will be more narrowly aimed at immigration. 10y Italian bonds fell 22bps and stocks rose sharply as well. The Euro rallied across the board, after Tria said there was “no discussion” of any proposal to leave the euro and that the government would also block any market conditions that would “push toward an exit".
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