NEWS: Asian stocks reversed the rally and the euro rebounded due to Italy's debt relie

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Asian stock markets reversed earlier declines Wednesday and the euro rebounded from a six-week low as reports that Italy would cut its budget deficit faster than expected sparked hopes that the country might avoid a debt crisis.
Italy will cut its budget deficit to 2% of GDP by 2020, according to the Italian Evening Post, after announcing a 2.4% share. The euro has been boosted.
The euro has been hampered by worries that a sharp increase in Italy's budget will exacerbate the country's debt and deficit problems.
EUR = D3 rose 0.3% to $1.1585 on the news, ending a five-day decline.
MSCI Asia Pacific (excluding Japan) index rose 0.2%, Hong Kong Hang Seng Index. HSI rose 0.5%, Singapore stock market. STI rose 0.9%.
Japan's Nikkei index. N225 cut its earlier decline and is now slightly lower; Australia's stock market rose 0.3%, E-Mini S& P 500 futures and E-Mini Dow Jones futures also recovered, each up 0.2%.


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