Most members were in favor of increasing monpol transparency. Most members did not see monpol as any panacea but nevertheless agreed more should be done. Without effective European action, they saw some spillover to the US. The global uncertainty part of what was dragging on the U.S. econ.
He warns must not be "sanguine" that high unemployment makes necessary low inflation and that in the UK, there is both high unemp and high inflation. The recovery will continue and gradually strengthen.
European stocks climbed to a two- month high as the European Commission’s Olli Rehn said the debt crisis can be resolved, outweighing earnings from Alcoa Inc. that missed estimates.
FTSE 100 5,442 +46.10 +0.85%, CAC 40 3,230 +76.24 +2.42%, DAX 5,994 +129.46 +2.21%
National benchmark indexes climbed in all of the 18 western-European markets, except Iceland. Germany’s DAX advanced 2.2 percent and France’s CAC 40 increased 2.4 percent. The U.K.’s FTSE 100 gained 0.9 percent to a two-month high.
Greek banks rallied, with Alpha Bank SA and National Bank of Greece SA soaring at least 15 percent. Burberry Group Plc, the U.K.’s largest luxury-goods maker, climbed 3.5 percent as sales topped forecasts. ASML Holding NV added 6.3 percent after Europe’s biggest semiconductor-equipment maker reported income that beat projections. YIT Oyj, Finland’s largest builder, slid 4.1 percent after cutting its profit outlook.
The euro rose to three-week highs against the dollar and yen as European Commission President Jose Barroso called for a “coordinated approach” to recapitalize the region’s banks. The 17-nation currency extended gains after policy makers in Slovakia, the only nation yet to approve a retooled bailout fund, reached an agreement on another vote to ratify the plan.
New Zealand’s dollar rose the most in two months against the dollar as stocks and commodities advanced, buoying higher- yielding currencies.
The dollar weakened against the majority of its most-traded counterparts before the release of minutes from the most recent Federal Open Market Committee meeting.
U.S. stocks advanced, sending the Standard & Poor’s 500 Index to the highest level in almost a month, as the European Union released a roadmap of its plans to recapitalize banks and halt the debt crisis.
Dow 11,543.22 +126.92 +1.11%, Nasdaq 2,617.24 +34.21 +1.32%, S&P 500 1,212.69 +17.15 +1.43%
All sectors of S&P 500 traded at a promotion. The maximum growth is in the financial sector and the sector of basic materials - by 2.4% and 2.1% respectively. The minimum increase is in utilities sector (+0.3%).
Bank of America Corp. and Morgan Stanley added at least 1.5 percent, following a rally in European lenders. Freeport-McMoRan Copper & Gold Inc. and Apple Inc climbed more than 1.5 percent to pace gains among companies most-reliant on economic growth. PepsiCo Inc., the world’s largest snack-food maker, increased 2.9 percent as profit beat analysts’ estimates. Alcoa Inc. slumped 3.1 percent as earnings trailed projections.
Gold futures rose to a two-week high as equities and commodities rallied amid optimism that European officials will tame the region’s debt crisis.
Physical demand was “decent” yesterday, UBS AG said in a report. Consumption in India, the world’s biggest gold buyer, may climb on purchases for the Diwali religious festival later this month, followed by the wedding season.
Gold futures for December delivery reached $1,693.90, the highest for a most- active contract since Sept. 23. Аt the moment futures traded at $1679.6 on Comex in New York.
Oil fluctuated in New York after the International Energy Agency cut its 2012 global oil demand forecast and the euro advanced on speculation that European Union proposals on bank recapitalization will boost growth.
Futures swung between gains and losses after the Paris- based IEA reduced estimates for world demand in 2012 by 210,000 barrels a day and said Libya would pump about 600,000 barrels a day by year’s end. The euro rose to a three-week high before a presentation on recapitalization
Oil for November delivery fell 3 cents to $85.78 a barrel at 9:37 a.m. on the New York Mercantile Exchange. Prices have risen 13 percent since Oct. 4. Futures are down 6.1 percent in 2011.
Brent oil for November settlement rose $1.45, or 1.3 percent, to $112.18 on the London-based ICE Futures Europe exchange.
Data:
EUR/USD: the pair showed high in the field of $1.3820 then returned back below $1.3800.

GBP/USD: the pair rose in area $1.5780.

USD/JPY: the pair retreated from session low and rose is Y76,75 area.

At 1730GMT, Philadelphia Fed President Charles Plosser delivers a speech on the economic outlook at Wharton in Philadelphia. Later on, just after the release of the FOMC
minutes, Cleveland Fed President Sandra Pianalto delivers a speech at 1815GMT on leadership in challenging times at the University of Akron (Ohio).




Alcoa Inc., the biggest U.S. aluminum producer, rose 3 percent ahead of its quarterly results today. Mosaic Co. jumped 5.4 percent, pacing gains in fertilizer producers, as Credit Suisse Group AG said the industry’s valuations “look highly compelling.” Apple Inc., the largest technology company, climbed 3 percent. AMR Corp. rallied 8.4 percent as American Airlines joined its bigger U.S. peers with deeper seating cuts.


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