GLOBAL MARKETS-European shares rise ahead of EU leaders' meeting

* Graphic: World FX rates in 2020 http://tmsnrt.rs/2egbfVhFor
Reuters Live Markets blog on European and UK stock markets,
please click on: LIVE/

LONDON, June 19 (Reuters) - The dollar recovered overnight
losses and European stocks rose on Friday, even as coronavirus
cases increased in some countries, as markets reassessed
expectations for an economic recovery before a key European
Union meeting.
Mainland China reported 32 new coronavirus cases by the end
of June 18, 25 of them in the capital city, Beijing. Infections
also rose in the United States this week. "The rise in infection rates over the past two weeks has
increased the levels of uncertainty as to the effect this might
have on any recovery and whether it will be V-shaped, as markets
appear to be currently pricing, or whether it will be a much
longer U-shaped type of rebound," said Michael Hewson, chief
market analyst at CMC Markets.
The MSCI world equity index .MIWD00000PUS , which tracks
shares in 49 countries, edged up overnight and was up around
0.1% at 0700 GMT.
European stocks rose, with the Stoxx 600 up around half a
percent at 365.34 .STOXX .
Oil prices rose around 1%, adding to gains in the previous
session, after OPEC producers and their allies promised to meet
commitments on cutting supply and two major oil traders said
demand was recovering well. U.S. crude futures CLc1 rose 2.1% to $39.64 a barrel and
Brent futures LCOc1 were up 1.8% at $42.27 a barrel, the
highest in more than a week.
The dollar slipped overnight but recovered in early London
trading and was still heading for its best week in a month.
Against a basket of currencies =USD it was at 97.415, down
less than 0.1% on the day.
European Union leaders meet via teleconferencing on Friday
to discuss proposals for a 750 billion-euro EU-wide coronavirus
recovery fund.
The meeting is expected to be only a first step towards a
consensus on a joint economic rescue fund that has so far been a
tug-of-war between fiscally conservative northern countries and
high-debt southerners. "There's little hope for an agreement on the recovery fund
any time soon," said Marshall Gittler, head of investment
research at BDSwiss.
"The issue will have to be thrashed out at a later summit,
possibly next month, although one hasn't been scheduled yet.
Remember that agreement has to be unanimous on these issues, so
even tiny Austria can in effect veto the German-French
proposal."
The euro inched up from two-week lows at $1.1208. It rallied
when the fund was announced last month but has slipped this week
as uncertainties mount over whether the plan can be delivered.
Demand for safe German government debt declined, with the
benchmark 10-year Bund yield up around 1 basis point, at -0.393%
DE10YT=RR .

<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Emerging markets http://tmsnrt.rs/2ihRugV
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>