All eyes on EU summit this week.

This week all eyes will be on the crucial EU summit, scheduled for 28th-29th June. European leaders will discuss the banking union, a tighter fiscal integration in the area and the creation of a debt redemption fund.

On Wednesday 27 June another preparatory meeting for the summit will be held, this time just between German Chancellor Angela Merkel and French President Francois Hollande. The two leaders will try to reach a common position on issues they still remain divided on and discuss future Franco-German relations.

Also last Friday, the European Central Bank announced measures to ease collateral rules and allow banks greater access to liquidity. 

The ECB decided on additional measures "to improve the access of the banking sector to Eurosystem operations in order to further support the provision of credit to households and non-financial corporation’s", said the ECB in a statement.

Demand for new U.S. homes probably rose in May for the second month as mortgage rates dropped, bolstering the residential real-estate market, while other parts of the economy cool, economists said before a report today.

Sales climbed to a 346,000 annual rate, up 0.9 % from a 343,000 pace in April, according to the median forecast of 56 economists. Data last week showed builders broke ground on more single-family houses last month and industry confidence climbed in June to a five-year high.

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