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India Morning Call-Global Markets
January 22, 2015 / 2:57 AM / in 3 years

India Morning Call-Global Markets

EQUITIES

NEW YORK - U.S. stocks edged up in a choppy Wednesday session as traders digested reports that new stimulus would be announced by the European Central Bank at its Thursday meeting, while declines in IBM limited gains.

Market participants have been looking for more aggressive measures from central banks, specifically the ECB, to combat the risk of deflation and a weakening euro zone economy.

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LONDON - Britain’s blue-chip share index climbed to a six-week high on Wednesday, helped by a rally in energy stocks on the back of stronger oil prices and after a source said the ECB’s executive board has proposed buying 50 billion euros in bonds every month.

A programme by the European Central Bank for a year from March would amount to some 600 billion euros, based on a rate of 50 billion euros per month. If a similar plan ran until the end of 2016, it would surpass 1 trillion euros.

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TOKYO - Japanese shares were flat in choppy trade as the market digested expectations the ECB will unveil new stimulus measures at its meeting later on Thursday, while a pause in the weak yen kept investors sidelined.

The Nikkei 225 share average was flat at 17,273.54 in mid-morning trade, while the broader Topix fell 0.3 percent to 1,386.99.

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HONG KONG - Hang Seng Index is 0.7 percent higher.

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FOREIGN EXCHANGE

SYDNEY - The Canadian dollar languished at its lowest in nearly six years early on Thursday, having suffered a massive drop after the Bank of Canada stunned markets by cutting interest rates.

The surprise easing came as the European Central Bank is widely expected to launch a large-scale sovereign bond-buying programme.

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TREASURIES

NEW YORK - U.S. Treasury yields rose on Wednesday as investors unwound positions on reports that European Central Bank has proposed 50 billion euros ($58 billion) worth of monthly bond purchases, and after the Bank of Canada made a surprise interest rate cut.

The move erased earlier price gains, when investors had bet that a new bond-buying programme by the ECB would further reduce supply of safe haven debt and make dollar-denominated assets and long-dated U.S. government bonds more attractive.

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COMMODITIES

GOLD

SINGAPORE - Gold eased on Thursday, moving further away from a five-month high above $1,300 an ounce reached in the previous session, hurt by profit-taking ahead of a key European Central Bank meeting.

Spot gold fell 0.2 percent to $1,291 an ounce by 0027 GMT. The metal reached $1,305, its highest since August, on Wednesday.

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BASE METALS

LONDON - London copper slipped on Thursday from one-week highs hit the session before, as traders took profits on long positions built up on expectations the European Central Bank will announce weighty bond-buying measures later in the day.

Three-month copper on the London Metal Exchange had slipped half a percent to $5,747.50 a tonne by 0143 GMT, paring gains from the previous session when it broke above the $5,800 mark for this first time since Jan. 13.

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OIL

SINGAPORE - Oil prices dipped early on Thursday ahead of the expected announcement of a bond-buying programme by the European Central Bank (ECB) later in the day that could push the dollar to new highs and put downward pressure on commodities.

The ECB’s Executive Board has proposed a programme that would enable it to buy 50 billion euros ($58 billion) in bonds a month starting in March, according to a euro zone source.

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