The European Union's sovereign debt deal has led to a rally in risky assets. The Hang Seng Index in Hong Kong is up more than 11% for the week, and European markets have on average recovered by more than 5%. Government bond yields have also been lifted across the board. Gold has climbed above USD1730/oz, and other commodities also experienced a rather strong upswing. The euro has recovered against the US dollar and is currently trading above 1.40.
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