US stocks avoid escalation of risk-off, Cisco rallies

Stock markets fell 1.5% following the rout in Europe, but have managed to restrict losses and therefore avoid escalation of the risk aversion seen in European stocks.
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EUR/USD steady above 1.1300

EUR/USD is consolidating daily gains and it has remained steady during the last hours unable to benefit from the retreat of the US dollar as stocks in Europe and in Wall Street trim losses.
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