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FT: Euro and Bund yields firm ahead of Draghi
 
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Thursday 13:00 BST. US equity futures are near record levels and European stocks are mixed, while Bund yields and the common currency are firm as investors await fresh monetary policy comments from the ECB president Mario Draghi.
The European Central Bank on Thursday left interest rates unchanged on its deposit facility at minus 0.40 per cent. It kept its refi rate at zero per cent, held its marginal lending rate at 0.25 per cent, and maintained a monthly asset purchase target of €80bn.
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Markets expected the ECB to stand pat, but with president Mr Draghi also holding a press conference at 1330 BST, traders are wary that there is opportunity for him to address the possibility of tweaking his multibillion quantitative easing strategy.
Rodrigo Catril at National Australia Bank said “there is a good chance...that [ECB president Mario] Draghi may hint at an extension of the asset purchase programme which is due to end in March next year. At the margin such an announcement will be euro-negative,” he said.
The euro is up 0.6 per cent to $1.1307 and the benchmark 10-year German Bund yield, which moves inversely to the bond price, is 3 basis points firmer at minus 0.09 per cent.
The yields of “peripheral” eurozone bonds, which have been greatly suppressed by the ECB’s buying, are a bit softer, with Italian 10-years off 1bp to 1.07 per cent and Spain’s easing 1bp to 0.92 per cent.

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Equivalent maturity US Treasuries are up 1bp at 1.55 per cent, just 23bp above record lows. The Federal Reserve is due to give its policy update in two weeks time, and because of some recent disappointing data on the US economy the chances of the monetary guardian increasing borrowing costs this month have dropped to just 22 per cent, according to Bloomberg calculations.
This is weighing on the buck — the dollar index is off 0.4 per cent to 94.58 — and supporting gold, up $2 to $1,347 an ounce.
The prospect of US borrowing costs staying near record low levels for longer, supplemented by the central banks of the UK, eurozone and Japan continuing to be in easing mode, are helping underpin equity valuations.
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The FTSE All-World index is hovering at its best level in 13 months as index futures suggest the S&P 500 will open Thursday’s session down just 1 point at 2,185, leaving the Wall Street barometer only 5 points shy of its record closing high touched in August.
The pan-European Stoxx 600 is dipping 0.3 per cent, though helped by shares in energy groups as Brent crude climbs 1.3 per cent to $48.59 a barrel.
The UK’s FTSE 100 is up 0.2 per cent as miners rally and foreign currency earners welcome signs that the pound’s recent strong run may be stalling in the wake of soft manufacturing data and after Mark Carney, the Bank of England’s governor, left open the possibility of further interest rate cuts to support the economy following the vote to leave the EU.
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In Asia, the mood in stock markets was mixed. Japan’s Nikkei 225 lost 0.3 per cent, with exporters in the line of fire as the yen strengthens by 0.1 per cent to ¥‎101.63 per US dollar, on track for a fourth straight session of gains.
Data revising up Japan’s economic growth in the June quarter, to an annualised pace of 0.7 per cent from the initial estimate of 0.2 per cent, had a limited impact, with the yen weakening briefly in the lead up to the stock market open and strengthening thereafter.
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Australia’s S&P/ASX 200 lost 0.7 per cent as banks faltered, but Hong Kong’s Hang Seng was up 0.75 per cent.
China’s Shanghai Composite rose 0.15 per cent after encouraging trade data showing the country’s imports and exports both expanded solidly in August in renminbi terms.
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