German Chancellor Angela Merkel and French President Nicolas Sarkozy agreed to ask euro-region leaders to assess a “comprehensive and ambitious” package of measures to solve the region’s debt crisis at a leaders’ summit on Oct. 23 in order to agree on the measures at a second meeting by Oct. 26 at the latest, German government spokesman Steffen Seibert said in an e-mailed statement. Stocks rose and crude oil, the nation’s largest export, pared declines amid improved sentiment for risker assets.
“Europe is the big play at the moment and everyone is focusing on that,” said Darcy Browne, managing director of capital markets trading at Canadian Imperial Bank of Commerce in Toronto. “Everything is comment-driven these days. These aren’t fundamental reasons. I don’t think anyone is strapping on any new risk here.”
Canada’s currency rose 0.6 percent to C$1.0149 per U.S. dollar at 1:59 p.m. in Toronto, after falling as much as 0.4 percent. One Canadian dollar buys 98.53 U.S. cents.
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