Premarket: Stocks recover as bond jitters retreat, euro hits 3-year high

Premarket: Stocks recover as bond jitters retreat, euro hits 3-year high

Safe-haven assets such as gold and the yen firmed up ahead of earnings from the big USA banks and consumer inflation data due later in the day, while oil prices eased a little bit after hitting their highest levels since December 2014 in the previous session. ECB President Mario Draghi credits the stimulus with re-energizing the economy and helping create millions of new jobs as the eurozone's unemployment rate has fallen from above 12 percent to 8.7 percent.

EUR/USD - continues to edge lower with 1.1850 the next key support now that we've slipped below 1.1950. The index has finished in positive territory every day this year, with financials and retail stocks helping drive the gains ahead of the latest bank earnings announcements which are due out at the end of the week.

The euro jumped a cent, and was trading at $1.2039 at 3:20 pm in Frankfurt.

Specifically, the European Central Bank might soften its pledge to continue its EUR2.5 trillion bond-buying program, known as quantitative easing, until inflation reaches its target of just below 2%.

On Thursday, minutes of the ECB's December meeting showed policymakers could revisit their communication stance in early 2018, boosting expectations that they are preparing to reduce their vast monetary stimulus programme. A weak CPI report will be bearish for the U.S. Dollar because it will probably lower the odds of at least three rate hikes by the Fed in 2018.

The euro was up 0.2 percent at $1.2050, approaching its almost four-month high of $1.2089 set last week.

The dollar index was down by 0.05% to 91.81 as of 11.57am Shanghai time.

The Pound to US Dollar (GBP/USD) exchange rate rallied initially yesterday in reaction to dark mutterings that China may be looking to "slow or halt" its purchases of US Treasuries.

Sells 2856 Shares of Cognizant Technology Solutions Corp (CTSH)
Moreover, Oppenheimer Company has 0.06% invested in Cognizant Technology Solutions Corporation (NASDAQ:CTSH) for 30,002 shares. Protalix BioTherapeutics, Inc. price was kept to a minimum $0.69 in intra-day trade and has returned 5.87% this year alone.

What are markets doing: The Stoxx Europe 600 index was down 0.5% at 398.25, with only the financial sector rising, fronted by bank stocks.

He said: "A little bit of risk-off in the Nikkei and DAX appears to be weighing on early premarket indications of a lower USA open for the S&P 500 and the Dow".

The dollar has been struggling to gain traction in the opening days of 2018 after losing around 10 percent against a basket of currencies a year ago as economic growth elsewhere, notably in Europe, overtook the United States.

LONDON, Jan 12 (Reuters) - Euro zone money markets now price in a 70 percent chance of a 10 basis point rise in interest rates from the European Central Bank by year-end, as investors ratchet up rate-hike bets in the wake of this week's hawkish central bank minutes. The energy sector led the gains as oil prices rose to three-year highs while interest rate sensitive sectors, such as utilities and real estate companies, underperformed.

The minutes said that the European Central Bank revised its prediction and increased its growth estimate by 0.2 points to 2.4 percent in 2017, while it maintained inflation at 1.5 percent.

Among other precious metals, spot silver was up 0.2pc at $16.97 an ounce from a two week low of $16.86 on Wednesday.

The move has also brought the Bank of Japan into play in terms of speculating on what, if any there next policy move is likely to be, and while the Nikkei 225 made a new 26 year high this week, a stronger yen is unlikely to be welcomed by Japanese exporters.

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