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Oil rose to a one-week high and the euro climbed against the dollar amid optimism that Spain’s latest budget and banking measures are moving the euro region closer to containing its debt crisis.
Futures advanced as much as 1.2 percent and the common currency gained as test results showed the stress to the Spanish banking system was less than estimated. Spain’s banks have a capital deficit of 59.3 billion euros ($76 billion), stress tests conducted by New York-based management consultancy Oliver Wyman showed last weekend. That was less than the 62 billion euros Wyman estimated in June that the lenders would need. Talks resume in Athens today between Greece’s creditors and the government. Crude fell earlier as China’s manufacturing contracted. China’s manufacturing shrank for a second month for the first time since 2009, the National Bureau of Statistics and China Federation of Logistics and Purchasing said today in Beijing. The report added to signs that growth is at risk of reaching a 22-year low as the ruling Communist Party prepares to begin installing a new generation of leaders next month.
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