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European Midday Report

The main focus in morning trading is the forthcoming announcement from the Bank of England (1200GMT) on an expected bank rate cut. Opinion is divided three ways between 50bps, 75 and 100bps on the Bank's likely course of action, with a majority favouring the first of those options. Sterling came under some pressure earlier but held relatively steady later in the morning at around $1.5052 and 0.9003 vs. the Euro.Â The Euro was also little moved against the dollar 1.3572 after figures from the German EconomicsÂ ministry showing a near-collapse in industrial orders, down six per cent in November month on month and a whopping 27.2 per cent year on year. Elsewhere, Dollar/JPY 91.60. European equity markets held barely steady in generally quiet conditions with the Footsie 0.99% lower and the DAX yielding 1.2%. Â Forecasts are for the Dow Jones Industrials to slip at the opening, possibly by around 30 points to 8739Â with the SP 500 off 3 to 903. European debt futures are moving up with gilts outperforming ahead of that Bank rate announcement. Bunds wiped out earlier losses on the back of those industrial orders numbers. The March 10 year Bund future is up 23 ticks on the day at 123.09 while the corresponding gilts future is up 46 ticks at 121.40. In the cash market the 10 year Bund yield is off 3 bp at 3.15% and the gilt yield is down 3 bp at 3.24% Oil prices rose in the face on Middle East fighting. The February Nymex rose 39 cents a barrel at $43.03. Gold traded with an offered bias, sliding to $834.50 inÂ Asia before recoveringÂ to around $850 in morning European dealings. Â Â Â Â Â Â

Main Euro Stock Indices Drifting

Footsie 1.08% lower, DAX off 1.24%

France's Sarkozy Says Huge Imbalances Have Arisen Thanks to Countries Running Huge Surpluses/Deficits

The German Chancellor Angela Merkel took a similar line in remarks earlier today.Â

Tougher Rules on Hedge Funds Needed -- Merkel

The German Chancellor alsoÂ suggested the creation of an Economic Council to work alongside the UN Security Council. Â Â Â

GBP Forced Down Ahead of BoE Rate Announcement

Sterling at $1.5105, EUR/Sterling 0.8988. Operators say the markets have already factored in a 50 bp cut in the Bank of England's key rate, now at two per cent, but are not ruling out the possibility of a 75 or even a 100 bp reduction. The announcement is expected at 1200GMT today.

Thomson Reuters unveils Ultra Low Latency Direct Feed solution for NYSE Euronext UTP

January 6th, 2009 - Thomson Reuters announces beta release of ultra low latency direct feed solution for NYSE Euronext's Universal Trading Platform

Euro Stock Indices Weak

Footsie -3%, CAC -2.00%, DAX -1.97%

Copper Falls to 4 Yr Low, Nickel Firms

Three month copper on the LME fell at one stage to $2,860 per tonne, before recovering slightly to $2,888. Nickel, on the other hand, rose 5% with the three month contract quoted at $10,3450 a tonne. Copper has fallen around 65% since its high in July of $8,940

Chinese CB Sees 2009 GDP At Or Above 8%

The bank also forecast that industrial production would return to "normal" in the second quarter of next year.

John Fildes of Instinet elected to FPL Global Steering Committee

December 19th, 2008 - John Fildes of Instinet elected as Co-Chair of the FPL Global Steering Committee