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At a briefing ahead of the G7 Summit over this weekend, a senior European Union (EU) came out on the wires, noting that G7 could defuse some trade tensions.

Additional Comments:

There is a blueprint for positive developments in EU-US trade ties.

See trade tensions as single most important risk to global economic growth.

EU remains strongly of the view the reasons for Russia exclusion for G8 remain valid today.

Markets show no reaction to the comments, as the sentiment remains buoyed by upbeat Euro area PMI readings ahead of the ECB minutes and Fed’s Jackson Hole Symposium.