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Market News


European Markets

Opening calls are indicating a higher open this morning.

 

Asian Markets

The Hang Seng is trading higher in the current session, welcoming news from Central Banks to ease borrowing costs and the reduction of the reserve ratio requirement by China.

 

US Markets

 

All three major stock indexes closed the day up more than 4%. The Dow’ 489-point gain is the largest of 2011 and the best percentage gain since March 2009. Still, despite today’ run-up, the Nasdaq and S&P 500 are down for the year.

Events Today

European Central Bank President Mario Draghi will present the 2010 ECB Annual Report to the European Parliament at 8:00 UK time and is expected to outline his view of the role the central bank can play in the current crisis.

European foreign ministers are also due to meet on Thursday with the diplomatic fall-out between Iran and the UK likely to dominate the agenda.

Spain and France will both hold bond auctions on Thursday with results of Spain’ 3 year and 5 year bond sales expected around 9:40 London time.

In France, the treasury will auction 20 year bonds, estimated to be around 5-6 billion euros.

Economic data to watch on Thursday includes French manufacturing data at 8:50 UK time, followed by Germany at 8:55 and the euro zone at 9:00.

British manufacturing figures for November will be available from 9:30 and the Bank of England Governor Mervyn King will unveil the latest Financial Stability Report at 10:30.

Europe’ largest home improvement retailer Kingfisher beat forecasts with a 14 percent rise in third quarter earnings, while UK brewer Greene King recorded a 5.6 percent jump in half year profit.