Things are quiet early in the European trading session. At least, markets are in the green.
Britain’s FTSE 100 is up 0.7%
France’s CAC 40 is up 0.3%.
Germany’s DAX is up 0.3%.
Spain’s IBEX is up 0.5%.
Italy’s FTSE MIB is up 0.2%.
Later today, we’ll get monetary policy announcements from the Bank of England and the European Central Bank.
“Unlike El Guapo with his plethora of pinatas, each filled with “little surprises”, we are unlikely to find great surprises among the plethora of G10 central bank meetings today,” wrote the currency analysts at Societe Generale this morning.
“Given the upcoming Fed taper announcement (on 18 September), we expect Draghi to reiterate the ECB’s forward guidance with reference to the possibility of lower rates,” they added. ‘He needs to keep a lid on peripheral bond yields. Although the EA is undergoing a recovery, money supply and credit growth remains weak and the disinflationary trend is still evident.”
Over in Asia, the Bank of Japan announced no change in its ongoing stimulus program. However, it raised its assessment of the economy, which now has experts thinking that a sales tax hike is on its way for the country.
Japan’s Nikkei closed barely above breakeven. Hong Kong’s Hang Seng jumped 1.2%.
U.S. futures are up modestly.
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