The euro exchange rate against the dollar has increased markedly , thus restoring all previously lost ground, which was associated with comments Vice President of the ECB Vitor Constancio , who said that the possibility of introducing a program of QE by the Central Bank in order to stimulate growth in the euro zone has not been discussed in the Governing Council, but it was mentioned as potential options .

Note that the ECB has not wanted to use the bond purchases as a means of stimulating growth , but Peter Ready , chief economist at the central bank , in an interview last week said that they are possible . " The balance of the central bank can also be used ," - he said.

Meanwhile, Constancio also said that he had nothing to add to what I said ECB Governing Council member Peter Praet on the matter, namely, that the Central Bank may start buying assets in order to raise the current level of inflation to the target level of 2%.

"It was only mentioned as a possibility , nothing more ", - assured Constancio , adding that the decision to start talking about the introduction of QE is based on the opinion of the Governing Board regarding inflation and its prospects . "

In addition, the vice president of administration was concerned about the possibility of negative interest rates on deposits , recognizing , however, that " any political solution always has its pros and cons. There is no perfect solution, there is always a difficulty . "

The pound strengthened against the dollar , rising at the same time to the maximum session , due to the expectations of tomorrow's publication of minutes of meetings of the Bank of England. It should be noted that during the last meeting of the Bank of England did not bring any surprises markets , leaving the key lending rate at a record low 0.5 %, where it has been since March 2009 , while the purchase of assets remained at £ 375 billion the central bank announced its intention to keep rates low for as long as the rate b / d in Britain will not fall below 7% , which is not expected before 2016.

European stocks dropped from a five-year high as investors weighed equity valuations that are at the highest since 2009.

The Stoxx Europe 600 Index declined 0.6 percent to 322.67 at 4:30 p.m. in London. The gauge yesterday jumped to its highest level since May 2008, extending a six-week rally.

National benchmark indexes fell in 15 the 18 western European markets.

FTSE 100 6,698.01 -25.45 -0.38% CAC 40 4,272.29 -48.39 -1.12% DAX 9,193.29 -32.14 -0.35%  

The Organisation for Economic Cooperation and Development cut its global growth forecasts for this year and the next. The world economy will probably expand 2.7 percent this year and 3.6 percent next year, down from its May predictions of 3.1 percent and 4 percent respectively, the Paris-based OECD said.

The Federal Reserve will release minutes of its October policy meeting tomorrow. The document will reveal more details behind the decision to press on with $85 billion in monthly asset purchases. Fed policy makers will probably pare that pace to $70 billion at their March 18-19 meeting, according to the median estimate.

Paddy Power (PWL) dropped 8.1 percent to 57.45 euros in Dublin after saying that poor takings from sports gambling will reduce earnings more than originally expected. Operating profit in constant currencies will increase by a low-to-mid single-digit percentage in 2013, down from a previous guidance for double-digit growth, the company said.

KBC lost 2.7 percent to 39.60 euros. Shareholders KBC Ancora CVA and Cera CVBA sold the shares at about 39.15 euros apiece. Cera offered 14.1 million shares, more than half of its stake in KBC, while KBC Ancora sold 4.7 million shares.

Intertek Group Plc, a product-inspection services provider, slid 2.5 percent to 3,103 pence. The company said revenue excluding acquisitions increased 3 percent in the July-to-October period, down from 6.3 percent in the first half.

EasyJet advanced 7 percent to 1,344 pence. Europe’s second-biggest discount carrier proposed to pay 44.1 pence (71 cents) per share, in addition to a regular dividend of 33.5 pence. Pretax profit for the 12 months to Sept. 30 rose 51 percent to 478 million pounds, topping the 476 million-pound average estimate.

Royal KPN NV climbed 1.4 percent to 2.48 euros as Credit Suisse Group AG raised its rating on the phone company to outperform, which is similar to buy, from neutral. Credit Suisse predicted the stock will gain in value once the sale of KPN’s German business to Telefonica SA is completed.

Oil prices have not changed , while continuing to trade near a five-month low, as the Organization for Economic Cooperation and Development has lowered its forecasts for global growth. We note that the OECD estimates this year, the world economy is likely to grow by 2.7 percent and 3.6 percent next year instead of 3.1 percent and 4 percent, as predicted in May. The OECD report says that this year, India's economy will grow 3.4 percent and 5.1 percent in 2014 , compared with 5.7 percent and 6.6 percent, as previously thought. The organization has reduced its forecast for Brazil to 2.5 percent and 2.2 percent from 2.9 percent and 3.5 percent , respectively. U.S. growth will be 1.7 percent and 2.9 percent this year and next , the overall prospects are similar to the May and Japan 's gross domestic product will increase by 1.8 percent and 1.5 percent. China's GDP to grow by 7.7 percent this year and 8.2 percent in 2014. OECD expects the euro zone economy contracted by 0.4 per cent , that is, the forecast was increased compared with May , which assumed a decline of 0.6 percent in 2014, growth will be 1 percent. The OECD has also provided a forecast for 2015 : the world economy will expand by 3.9 per cent , the United States - will grow by 3.4 percent, the eurozone - by 1.6 per cent and Japan - by 1 percent, the report said. China's GDP will increase by 7.5 percent.

Add that market participants expect the release of data on stocks . Analysts do not rule out the possibility that the outcome of the next reporting week that ended Nov. 15 , the trend of the increase in oil inventories in the U.S. broke off , leaving them the first time in nine weeks decreased by about 0.5 million barrels. However, traders are not in a hurry to open their positions and await preliminary data analysis organization , " the American Petroleum Institute ," which will be published today .

Meanwhile, we note that the bank Citigroup today announced that predicts the price of Brent crude oil in the 4th quarter at $ 105 per barrel, and in 2014, prices are expected to reach $ 98 per barrel. The reason for reducing the forecast change in the bank called the U.S. relationship to the situation in Syria and the progress in resolving the dispute with Iran over its nuclear program. " Downward pressure on the market price of oil is increasing and this trend is unlikely to be destroyed by a shortage of supply in 2014, taking into account the current level of supply in the market ," - analysts say. The bank expects that the average price of WTI crude oil in 2014 will amount to 92.80 dollars.

The cost of the December futures on U.S. light crude oil WTI (Light Sweet Crude Oil) rose to $ 93.05 a barrel on the New York Mercantile Exchange.

January futures price for North Sea Brent crude oil mixture fell to $ 107.86 a barrel on the London exchange ICE Futures Europe.

After a little hesitation , gold prices have stabilized after all , being near the opening level . Note that the focus of the market remain yesterday's comments head of the Federal Reserve Bank of Philadelphia Charles Plosser , who said that the Federal Reserve should put an end to the program of asset purchases , which is 85 billion dollars a month. However , Janet Yellen , the main candidate for the post of chairman of the Federal Reserve, which currently holds the Ben Bernanke said Nov. 14 that it will continue the program until the U.S. economy recovers.

Note also that many traders begin to exercise caution , as investors awaited release of the last Fed meeting protocols . Protocols will be published tomorrow and will provide guidance on the plans of the central bank for the duration of the program of monthly bond purchases , which in recent years support the gold price. Rising interest rates in the U.S. and lower premiums for the risks of the stock market are negative factors for gold.

Meanwhile, experts Deutsche Bank noted that " the reduction or stabilization of the rate of outflow of investors from the gold exchange-traded funds can help to rally in prices in the short term. The dynamics of the price of gold may be even better if the Fed delayed the start of folding stimulus measures until next year"

Also today it was announced that stocks SPDR Gold Trust, the world's largest ETF- fund fell by 864.51 tons yesterday , that is, to the lowest level since February 2009 .

The cost of the December gold futures on COMEX today rose to $ 1274.90 per ounce.

Japan's leading economic index strengthened in September, but at a slower than initially estimated pace, final data from the Cabinet Office showed Tuesday.
The leading index that is designed to measure changes in the direction of the economy rose to 109.2 in September from 106.8 in August. The preliminary reading for September was 109.5.
The coincident economic index, which measures the current economic situation, improved to 108.4 from 107.6 in the prior month. The September reading was revised up from 108.2.
The lagging index, which gauges the past performance of the economy, remained unchanged at 114.0 in September. The initial estimate for September was 115.1.

Eurozone's construction output declined in September for the first time in six months, data released by Eurostat showed on Tuesday.
Construction output decreased a seasonally adjusted 1.3 percent from August, when it grew 0.3 percent, which was downwardly revised from 0.5 percent. The latest fall was the first since March.
Year-on-year, construction output dropped a working-day adjusted 0.2 percent in September, following a 1.3 percent slump in August. It was the seventh monthly decline in a row.
In the third quarter, construction output grew 1.9 percent sequentially, same as in the second quarter. Output increased for the second straight quarter. On an annual basis, output declined 1.7 percent in the third quarter, after decreasing 4 percent in the second quarter.
Construction output fell 1.3 percent monthly in the EU 28, after declining 0.2 percent in the previous month. Yearly, output increased 0.2 percent, reversing a 0.2 percent fall in August.
In the third quarter, output increased 2.1 percent sequentially, following a 1.3 gain in the previous three months. The annual fall was 0.6 percent, after a 3.8 percent slump in the previous quarter.

U.S. stock-index futures were little changed after the Dow Jones Industrial Average tested 16,000 yesterday and investors awaited signals on when the Federal Reserve may begin tapering bond purchases.

Global markets:

Nikkei 15,126.56 -37.74 -0.25 %

Hang Seng 23,657.81 -2.25 -0.01 %

Shanghai Composite 2,193.13 -4.09 -0.19 %

FTSE 6,698.37 -25.09 -0.37 %

CAC 4,285.2 -35.48 -0.82 %

DAX 9,213.45 -11.98 -0.13 %

Crude oil $92.97 (-0.06%).

Gold $1272.90 (+0.05%).

USD/JPY Y98.75, Y99.30, Y99.55, Y99.70-75, Y100.00, Y100.60, Y100.75, Y101.00

EUR/JPY Y134.50, Y135.00

EUR/USD $1.3400, $1.3465, $1.3470, $1.3480, $1.3490, $1.3500, $1.3510

GBP/USD $1.5975, $1.5995, $1.6100

EUR/GBP stg0.8435

AUD/USD Y93.25, Y93.30, $0.9340, $0.9370, $0.9400

AUD/JPY Y93.00, Y93.90, Y9400

NZD/USD $0.8350

USD/CAD C$1.0500

EUR/USD

Offers $1.3650, $1.3615/20, $1.3600, $1.3565/70, $1.3550

Bids $1.3495/90, $1.3480/70, $1.3450

GBP/USD

Offers  $1.6200/10,$1.6180, $1.6160/65, $1.6150

Bids $1.6085/80, $1.6070, $1.6050/45, $1.6030, $1.6015/00

AUD/USD

Offers  $0.9500, $0.9480, $0.9450

Bids $0.9380, $0.9350, $0.9325/20, $0.9300

EUR/GBP

Offers  stg0.8500, stg0.8475/80, stg0.8440, stg0.8415/20, stg0.8400

Bids stg0.8340, stg0.8325/20, stg0.8300

EUR/JPY

Offers  Y136.50, Y136.00, Y135.50, Y135.20

Bids Y134.20/00, Y133.50

USD/JPY

Offers Y100.80, Y100.50, Y100.20, Y100.00

Bids Y99.50, Y99.40/20, Y99.00, Y98.50

European stocks dropped from a five-year high as investors weighed equity valuations that are at the highest since 2009. U.S. equity-index futures and Asian shares were little changed.

A report showed investor confidence in Germany, Europe’s largest economy, increased to a four-year high in November. A gauge of investor and analyst expectations from the ZEW Center for European Economic Research rose to 54.6 this month from 52.8 in October. That beat economists’ estimate of 54 in a Bloomberg survey.

The Organisation for Economic Cooperation and Development today cut its global growth forecasts for this year and the next. The world economy will probably expand 2.7 percent this year and 3.6 percent next year, down from its May predictions of 3.1 percent and 4 percent respectively, the Paris-based OECD said in its semi-annual report.

Paddy Power dropped 8 percent to 57.50 euros in Dublin. Operating profit growth will probably be in the low-to-mid single digits, down from a previous guidance for double-digit growth, according to a statement. The forecast is about 11 million euros ($15 million) lower than the midpoint of its previous guidance, Paddy Power said, because of continued poor results from sports bets including Champions League soccer matches and horse racing in Australia.

U.K. bookmakers Ladbrokes Plc and William Hill Plc slipped 2.3 percent to 174.1 pence and 1.4 percent to 363.5 pence, respectively.

KBC lost 1.9 percent to 39.92 euros as trading resumed following a temporary suspension. Shareholders KBC Ancora CVA and Cera CVBA sold the shares at about 39.15 euros apiece. Cera offered 14.1 million shares, more than half of its stake in KBC, while KBC Ancora sold 4.7 million shares.

EasyJet increased 6.1 percent to 1,332 pence after proposing to pay 44.1 pence (71 cents) per share, in addition to a regular dividend of 33.5 pence. Pretax profit for the 12 months to Sept. 30 rose to 478 million pounds, topping the 476 million-pound average estimate in a Bloomberg survey.

Royal KPN NV gained 1.4 percent to 2.48 euros as Credit Suisse Group AG raised its rating on the phone company to outperform, a rating similar to buy, from neutral. Credit Suisse predicted the stock will gain in value once the sale of KPN’s German business to Telefonica SA is completed.

FTSE 100 6,689.01 -34.45 -0.51%

CAC 40 4,278.35 -42.33 -0.98%

DAX 9,190.62 -34.81 -0.38%

Oil prices are mixed in today's session with Brent Crude trading +0.29% at USD78.70 a barrel and West Texas Intermediate Crude losing -0.20% currently quoted at USD74.46. Brent Crude rose after a car bomb exploded in Iraq, OPEC's second largest oil producer. Oil prices are still under pressure amid weakening global demand and the OPEC resisting calls to cut output. The OPEC with its 12 member countries responsible for 40% of world's oil production is scheduled to meet in Vienna on November 27 to discuss 2015 production target.

An index measuring the outlook for the Australian economy moved up 0.3 percent in September, the Conference Board revealed on Tuesday, following the 0.2 percent contraction in August and the 0.2 percent gain in July.

The board's coincident index added 0.1 percent following no change in the previous two months.

The leading index is continuing a slight upward trend, the Conference Board said, while the coincident index has shown little movement through the last six months.

Through the last six months, the leading index had added 0.6 percent, while the coincident has gained 0.2 percent.

Germany's economic sentiment rose more-than-expected in November to its highest level in four years, results of a survey by the Centre for European Economic Research/ZEW showed on Tuesday.

The ZEW Indicator of Economic Sentiment for Germany rose to 54.6 from 52.8 in October. Economists had forecast a score of 54.

The latest reading is the highest since October 2009, ZEW said.

"Economic expectations for Germany have been hovering at a high level for months," ZEW President Clemens Fuest said. "The slightly improved economic outlook for the Eurozone might have contributed to this development."

Meanwhile, the current conditions index dropped to 28.7 from 29.7, in contrast to expectations of an improvement to 31.

Economic expectations for the Eurozone have slightly increased in November, with the corresponding index climbing to 60.2 from 59.1. The indicator for the current economic situation shed 0.7 points to a level of minus 61.6.

USD/JPY Y98.75, Y99.30, Y99.55, Y99.70-75, Y100.00, Y100.60, Y100.75, Y101.00

EUR/JPY Y135.00

EUR/USD $1.3400, $1.3465, $1.3470, $1.3480, $1.3490

GBP/USD $1.5975, $1.5995, $1.6100

EUR/GBP stg0.8435

AUD/USD Y93.25, Y93.30, $0.9340, $0.9370, $0.9400

AUD/JPY Y93.00, Y93.90, Y9400

NZD/USD $0.8350

USD/CAD C$1.0500

Asian stocks outside Japan rose, with a regional benchmark index heading for a four-day rally, as Hong Kong stocks extended yesterday’s gains amid optimism China’s economic reforms will boost growth.

Nikkei 225 15,126.56 -37.74 -0.25%

S&P/ASX 200 5,352.9 -31.76 -0.59%

Shanghai Composite 2,193.13 -4.09 -0.19%

China Life Insurance Co., the nation’s biggest insurer, rose 5.2 percent in Hong Kong after Citigroup Inc. named the company as one of the beneficiaries of Communist Party reforms.

Olympus Corp. added 3 percent in Tokyo on a newspaper report the company will increase endoscope production capacity by 30 percent.

Commonwealth Property Office Fund jumped 5 percent in Sydney after the Australian property fund received a higher competing bid.

Honda Motor Co., which gets 83 percent of its revenue outside of Japan, lost 1 percent as the yen gained.

00:30 Australia RBA Meeting's Minutes

The U.S. Dollar Index approached its lowest in more than a week after New York Fed President William C. Dudley said yesterday he’s more hopeful about the economy while indicating no change in bond buying. “While growth in 2013 has been disappointing, I believe a good case can be made that the pace of growth will pick up some in 2014 and then somewhat more in 2015,” Dudley said yesterday. “As growth picks up, I expect to see more substantial improvement in labor market conditions.”

Australia’s currency held a two-day gain as minutes of its central bank’s meeting showed policy makers saw “mounting evidence” interest-rate cuts were working. Reserve Bank of Australia policy makers said it was “prudent” to keep the cash rate steady while gauging the impact of previous easing, according to minutes of the central bank’s Nov. 5 meeting released today.

The euro was near a two-week high before a report forecast to show German investor confidence increased. The ZEW Center for European Economic Research will probably say its index of German investor and analyst expectations, which aims to predict economic developments six months in advance, rose to 54 in November from 52.8 the previous month, according to a Bloomberg survey of economists. That would be the highest since October 2009.

EUR / USD: during the Asian session the pair traded in the range of $ 1.3495-25

GBP / USD: during the Asian session, the pair traded in the range of $ 1.6095-25

USD / JPY: during the Asian session the pair fell to the level of Y99.55

There is a full calendar on both sides of the Atlantic Tuesday, with both data and central bank speakers slated. The European calendar gets underway at 0700GMT, when the October ACEA new car registration data will be published. At 0800GMT, ECB Governing Council member Ewald Nowotny will give a speech on financial cycles in Vienna. At 0830GMT, European Banking Authority Chair Andrea Enria takes part in a discussion on bank regulation, in Frankfurt. ECB Executive Board member Peter Praet will deliver a speech on policymaking in a challenging environment, in Frankfurt at 0830GMT. Further European data is set for 0900GMT, when the Italian September industrial orders data are due. The main European data release comes at 1000GMT, when the German  November ZEW survey crosses the wire.  EMU data comes at 1000GMT, when the September construction output numbers are set for release, with the OECD economic outlook numbers released at 1100GMT. ECB Executive Board member Joerg Asmussen will take part in a discussion on perspectives for Europe, in Berlin at 1115GMT. At 1300GMT, Bundesbank Board member Andreas Dombret will give a speech on regulation in Frankfurt. At 1315GMT, he will sit on a panel discussing regulation and unintended Consequences, in Frankfurt. Back in Europe, at 1545GMT, ECB Vice-President Vitor Constancio, ESM Managing Director Klaus Regling and EFC President Thomas Wieser take part in a discussion on the banking system, also in Frankfurt.

GOLD 1,272.00  -15.40 -1.20%

OIL (WTI) 92.96 -0.88 -0.94%

Nikkei 225 15,164.3 -1.62 -0.01%

S&P/ASX 200 5,384.66 -17.01 -0.31%

Shanghai Composite 2,197.22 +61.39 +2.87%

FTSE 100 6,722.71 +29.27 +0.44%

CAC 40 4,322.75 +30.52 +0.71%

DAX 9,234.98 +66.29 +0.72%

Dow +14.38 15,976.08 +0.09%

Nasdaq -36.9 3,949.07 -0.93%

S&P -6.62 1,791.56 -0.37%

(pare/closed(00:00 GMT +02:00)/change, %)

EUR/USD $1,3504 +0,10%

GBP/USD $1,6108 -0,02%

USD/CHF Chf0,9127 -0,01%

USD/JPY Y99,99 -0,21%

EUR/JPY Y135,03 -0,11%

GBP/JPY Y161,04 -0,26%

AUD/USD $0,9376 +0,06%

NZD/USD $0,8334 -0,04%

USD/CAD C$1,0427 -0,17%

00:30 Australia RBA Meeting's Minutes

10:00 Eurozone ZEW Economic Sentiment November 59.1 63.1

10:00 Eurozone Construction Output, m/m September +0.5%

10:00 Eurozone Construction Output, y/y September -4.7%

10:00 Eurozone OECD Economic Outlook November

10:00 Germany ZEW Survey - Economic Sentiment November 52.8 54.6

13:30 U.S. Employment Cost Index Quarter III +0.5% +0.5%

13:45 U.S. Treasury Sec Lew Speaks

15:00 U.S. FOMC Member Dudley Speak

19:15 U.S. FOMC Member Charles Evans Speaks

21:30 U.S. API Crude Oil Inventories November +0.6

21:45 New Zealand PPI Input (QoQ) Quarter III +0.6% +0.8%

21:45 New Zealand PPI Output (QoQ) Quarter III +1.0% +0.9%

22:45 Canada Gov Council Member Murray Speaks

23:30 Australia Leading Index September -0.1%

23:50 Japan Adjusted Merchandise Trade Balance, bln October -1091.3 -875.5