EU Morning Report - Spain denies aid speculation

The euro (EUR) is weakening against most of its major counterparts, as Spanish Prime Minister Rajoy rejected claims that the debt-ridden nation is about to formally request financial aid from the eurozone. Meanwhile, Greek Finance Minister Stournaras appeared doubtful on whether the current talks with the Troika will conclude to an agreement by the 18^th of October when the next EU summit will commence. European Central Bank (ECB) Executive Board member Asmussen restated his view that initially only financial institutions considered systemically important should be placed under this banking supervision and then this supervisory framework could be broaden to ultimately involve all banks.

§ The Australian dollar (AUD) is still weakening across the board after the Reserve Bank of Australia (RBA) decided to cut its lending rate by 0.25%, naming international developments as the catalyst for this action. The euro (EUR) and the US dollar (USD) were among the biggest gainers following this move.

§ OIL hovers around 92.00 US dollars a barrel and investors worldwide are going to be closely monitoring the Crude Oil Inventories release due at 14:30 GMT.

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