The Calm before the Storm

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With just a few trading sessions left in the year market concerns over the liquidity situation in the Eurozone have grown, following the higher-than-expected demand for loans provided by the ECB yesterday. Traders are looking towards next week’s French and Italian debt auctions for cues to market direction, amid the looming threat of credit ratings downgrades. The second revisions to the third quarter US and UK GDP data slated for today, are unlikely to have a meaningful impact on the markets.

We expect light volume in quiet trading today, ahead of the holiday season.

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