It comes amid uncertainty in EU summit, where Dutch Prime Minister Mark Rutte has warned discussions on a coronavirus bailout could fall. Failure to agree could both unnerve financial markets and fuel doubts about the bloc’s future. EU summit chairman Charles Michel urged the 27 leaders of the European Union to achieve “mission impossible” and reach an agreement. Michel reminded the EU leaders that more than 600,000 people had now died as a result of the coronavirus around the world, and it was up to them to stand together in the face of an unprecedented crisis.
“My hope is that we reach an agreement and that the headline … tomorrow is that the EU has accomplished mission impossible,” the European Council President said at their third dinner in a row at the Brussels conference centre. “That is my heartfelt wish … after three days of non-stop work.”
The leaders are at odds over how to carve up a vast recovery fund designed to help haul Europe out of its deepest recession since World War Two
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10.15am update: Pound sinks to 20-day low vs euro
The pound is down against the euro, which hit 19-week highs.
Versus the dollar, sterling changed hands at $1.2573 at 0803 GMT, broadly flat on the day, having fallen overnight then recovered from around 0400 GMT.
Against the euro, the pound was at 91.08 pence per euro, down around 0.2% since New York’s close.
Euro-sterling hit a 20-day high of 91.38 pence at 0604 GMT.
8.45am update: EU markets spooked by summit row
The weekend’s EU summit chaos – and stalemate – has spooked European markets.
The Euronext 100, CAC 40, DAX and Swiss Market Index have all fallen this morning.
Euronext is down 0.86%, CAC down 0.87%, DAX down 0.67% and Swiss Market Index down 0.51%.
8.30am update: FTSE plummets on open
The FTSE has dropped sharply on open, falling from yesterday’s close of 6,290 to 6,224 in under an hour.
It marks a drop of more than 1% – a worrying start to the day’s trading.
More to follow…