for an unhedged position.

Greek Finance Minister Yannis Stournaras says the country might need a "much smaller" rescue next year, in the vicinity of €10 billion. He has ruled out another haircut for sovereign debt. Stournaras says there is "no question" of additional debt cancellation. Greece will test the private bond market in the second half of 2014, Stournaras says.

The 2nd US Circuit Court of Appeals has ruled against Argentina and decided that the country is responsible for paying $1.33 billion to hedge funds that had refused a debt restructuring. However, enforcement of the ruling will wait until the US Supreme Court decides whether to consider the case.

International Monetary Fund Managing Director Christine Lagarde warned against a premature end to quantitative easing by major central banks and called forcoordination among policymakers during a speech at the annual Federal Reserve conference in the US. Unconventional monetary policy "has been a significant success altogether", Lagarde said. However, other officials and experts at the conference were sceptical of the effect of central banks' action.

The Shanghai Stock Exchange might install a circuit breaker after an error by Everbright Securities caused the largest swing in the exchange's benchmark index since 2009. Also under consideration is a policy to allow trades to be cancelled in such situations, according to a social media post from the exchange.