The single currency gains ground across the board after banks ask the European Central Bank for less funds than expected in a closely watched three-month tender

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A dismal quarter for Asian stocks ended on another downbeat note as worries over economic growth continued to suppress investor risk appetite

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Hopes of a smooth return of €442bn of emergency loans the ECB made to banks a year ago are boosted after demand for three-month liquidity offered as an alternative fall far short of expectations

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Concerns over a potential liquidity shortfall of more than €100bn in the financial system as European banks repay emergency loans spark the latest sell-off in equity markets

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