Spanish president Mariano Rajoy and German chancellor Angela Merkel were both in Bucharest, Romania on Wednesday, attending the European People's Party summit. Both leaders have decided to hold their own bilateral meeting on the side, Spanish daily El Mundo reports.

The meeting will take place in the afternoon amid non-stop speculation over Spain's potential bailout request. The last time Rajoy and Merkel met in person was on September 6th in Madrid.

Towards the final stretch of the European trading session, Italian (+1%) and Spanish (+1.37%) equities have shown gains superior to those of their European counterparts.

The bulls were on solid footing following much better than expected home construction data in the United States. Home construction starts rose 15% in September to an annualised rate of 872,000 units. The market was expecting 770,000.

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