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European Opening Comments

Posted:28/11/2008 8:03 by Oliver Scott
Trading in most markets is quiet following the US Thanksgiving holiday which saw the American markets generally closed. Early currency trading has EUR/USD 1.2955 and the Euro at GBP 0.8388. European stock index futures fell in early trading, in spite of  hopes of further bank rate cuts to propel values upwards. Futures for the DJ Euro STOXX 50, for Germany's DAX and the French CAC 40 al shed between 0.2 and 0.4%.  Asian stock markets ended mixed. The Nikkei posted a modest gain -- 1.7% -- to close at 8512.27  for a 7.6% gain on the week. . Korean stocks closed 1.2% higher, boosted by firm construction issues. More striking was the 9.5% gain on Australia's S&P/ASX index for the week, a weekly record. Elsewhere the Swiss KOF indicator is seen down at just 0.28 (median 0.25) from 0.35 in October. And Swedish Q3 GDP is expected to show economic activity contracted by 0.2% q/q (median same).    US treasury yields remained near 50-yr lows made on Wednesday with month end demand helping keep bonds bid. Crude dropped under $54 as demand continues to slide while gold was up about $3 with gold bulls still talking of a big rally to come. A light calendar sees just one highlight -- the British CBI's Quarterly Distributive Trades survey, out at 1100 GMT. In other news, ambassadors to the World Trade Organisation talks in Geneva say efforts to move the Doha trade round  forward are making some headway. click here to return to the top of the page
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