Day 1 of the European Union summit doubleheader concluded in the wee hours this morning with a statement that appears to provide bits of good news for financial markets. Asian investors, at least, are happy: The euro is up against the dollar in Asian trading and stock markets are stronger.

UPDATE: There's a huge rally in Spanish and Italian bonds in European trading. Spanish 10-year yield falls around half a percentage point to 6.44%; Italian 10-year down more than 30 basis points to 5.85%, according to Tradeweb. The moves...