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The dollar rose significantly against most major currencies, which was mainly due to risk aversion on concerns the beginning of full-scale military operation forces in Syria Western heads of state and governments of the world powers can not come to a consensus on the use of chemical weapons in Syria the need to strike back.

United States and its allies are considering a military strike on Syria in response to an incident involving chemical weapons in Syria, which led to the deaths of more than 300 people.

Russia and China are strongly opposed, arguing that there is no direct evidence of use of chemical weapons by government forces, as it could fall into the hands of insurgents.

U.S. Secretary of State John Kerry on Monday called "convincing and irrefutable" evidence of the use of chemical weapons near Damascus. NBC television quoted an unnamed representative of the U.S. government reported that air strikes on Syria may be applied as early as Thursday.

The representative of the British prime minister said on Tuesday morning that the military response would be "proportionate", adding that discusses what it will mean in practice.

We also add that the dollar is rising against the euro on the data on the index of consumer confidence in Germany. As it became known, the mood among German consumers declined slightly in September after reaching a six-year high in August, as households expect that the recovery will be sluggish in the coming months, the report showed research institute GfK on Wednesday. Prognostic indicator of consumer confidence in September fell to 6.9 with six-year high in August 7. Economists had expected the index to increase 7.1.

The pound regained almost all previously lost ground against the dollar, which primarily was due to the performance of the Bank of England, Mark Carney, who noted that the Bank of England stands ready to take further measures to stimulate the British economy, if rising interest rates in the financial markets will threaten all More weak economic recovery.

Recall that the Bank of England on August 7 has promised to keep its key interest rate unchanged at 0.5% as long as the level of unemployment in the UK has fallen to a threshold level of 7%. The central bank does not think that this level will be reached before 2016. However, the market is believed that the rate may be increased 2015. Central bankers are concerned about the fact that these expectations can lead to higher interest rates on loans to households and companies that can disrupt the economic recovery.

European stocks dropped to the lowest level in six weeks as concern grew that the U.S. will take military action against Syria.

The Stoxx Europe 600 Index lost 0.4 percent to 297.88 at 4:30 p.m. in London, its lowest level since July 17. The gauge fell as much as 1.1 percent in intraday trading. It has still advanced 8.1 percent since this year’s low on June 24 as the European Central Bank pledged to keep interest rates low. The Stoxx 600 slid 1.8 percent yesterday after U.S. Secretary of State John Kerry said the U.S. will hold Syria accountable for using chemical weapons against its own people. The attack near Damascus last week killed as many as 1,300 people, according to opposition groups.

In the U.K., Bank of England Governor Mark Carney said the central bank is prepared to boost stimulus if the U.K.’s economic recovery is hampered by investors’ expectations of high interest rates.

National benchmark indexes retreated in 11 of the 18 western European markets today.

FTSE 100 6,430.06 -10.91 -0.17% CAC 40 3,960.46 -8.27 -0.21% DAX 8,157.9 -84.66 -1.03%

Accor (AC) dropped 4.2 percent to 27.58 euros, the biggest loss since June 2012. Europe’s largest hotel operator posted first-half earnings before interest and taxes of 198 million euros ($265 million), missing the average analyst projection of 212 million euros. The company predicted 2013 Ebit of between 510 million euros and 530 million euros, compared with the average 534 million-euro analyst estimate.

A gauge of European travel companies slumped to a two-month low, for one of the worst performances among the 19 groups in the Stoxx 600. Air France-KLM slid 2.8 percent to 5.75 euros and Lufthansa fell 3.1 percent to 13.50 euros.

Polymetal International Plc (POLY) lost 5.7 percent to 699 pence as the Russian gold and silver miner posted a first-half net loss of $255 million, compared with a $157 million profit a year earlier.

Bouygues rallied 11 percent to 25.41 euros, the biggest gain since February. The French building, telecommunications and television company’s operating profit increased to 432 million euros from 394 million euros a year earlier. Analysts had forecast 358 million euros, according to the average of three estimates. Separately, Bouygues cut its sales target for the full year to 33.2 billion euros to 33.4 billion euros. That compared with a previous forecast of 33.45 billion euros.

Statoil ASA (STL) rose 4.2 percent to 137.60 kroner. Norway’s biggest energy company made its third oil discovery off the coast of Canada in the Flemish Pass basin. Bank of America Corp. raised the stock to buy from neutral.

Vestas Wind Systems A/S advanced 5.5 percent to 104.90 kroner as Stoxx Ltd. said the company is among the 12 stocks that will be added to the Stoxx 600 as of Sept. 23.

The price of oil continued to rise, which has been associated with the publication of a government report showed that U.S. crude inventories last week rose.

Note that the data from the U.S. Department of Energy on oil and oil products over the past week have shown that

- Oil stocks rose 2.986 million barrels to 217.814 million barrels.

- Gasoline inventories fell - 587 million barrels. to 217.814 million barrels.

- Distillate stocks fell 0.316 million barrels. to 129.037 million barrels.

- Oil at the terminal in Cushing fell 0.837 million barrels. to 36.588 million barrels.

- Refining capacity utilization rate 91.2% versus 91% a week earlier.

We add that the price of WTI crude oil rose today to the highest level since May 2011 on concern that the conflict in Syria could spread and threaten oil supplies from the Middle East. As for the cost of oil brand Brent, it rose to a six-month high today.

Recall that the U.S., France and the UK are preparing for a military strike, and they laid the legal basis to justify their actions after the possible use of chemical weapons.

According to experts, Brent could rise to $ 150 a barrel, from about $ 116 today, if conflict breaks delivery. According to the data, the supply from Libya have fallen below 200,000 barrels per day, which was the lowest since 2011, when the operation against Muammar Gaddafi.

The cost of the October futures on U.S. light crude oil WTI (Light Sweet Crude Oil) rose to $ 109.99 a barrel on the New York Mercantile Exchange.

October futures price for North Sea Brent crude oil mixture rose to $ 115.58 a barrel on the London exchange ICE Futures Europe.

Gold prices showed today were mixed, showing the first rise above $ 1,430 an ounce, before falling below $ 1,420, in response, so concerns about a possible military action against Syria, as well as feeling the pressure from profit-taking after a sharp yesterday's growth. The official authorities of the United States, Britain discuss the possibility of a military strike on Syria. It is against this background that the world markets there has been a move away from risk and a sharp rise in crude prices and gold.

Meanwhile, we add that gold was supported by the renewed concerns about the debt of the U.S. government. On Monday, the Finance Ministry said that reaches the upper limit of borrowing in mid-October, earlier than many expected. Budget negotiations are an important factor for all financial markets, and the next fiscal impasse could have serious consequences, which is why some investors are now seeking to compensate for the risks when buying gold

We also add that since the beginning of August the price of the precious metal rose more than 8%.

Also influenced the course of trade data released by the U.S., which showed that the number of Americans who signed contracts to buy in the secondary market, fell in July, the second consecutive month, becoming the latest sign that higher mortgage rates are beginning to put pressure on the housing recovery .

The National Association of Realtors (NAR) reported that the seasonally adjusted index of pending sales of existing homes fell 1.3% compared with the previous month to 109.5 in July. Economists had expected the index to rise by 0.2%. At the same time, compared with a year earlier in July, the index rose by 6.7%.

Yet other data showed that the amount of gold reserves in the exchange-traded fund SPDR Gold Trust yesterday reached its highest level since August 1, amounting in this case 921.03 tons.

The cost of the October gold futures on COMEX today dropped to $ 1415.50 per ounce.

EUR/USD $1.3280, $1.3300, $1.3350/55, $1.3400

USD/JPY Y97.00, Y97.70, Y97.75, Y98.00, Y98.80, Y99.00

GBP/USD $1.5430, $1.5455, $1.5470

EUR/GBP stg0.8625

USD/CHF Chf0.9200

AUD/USD $0.8975, $0.8980, $0.9000, $0.9050, $0.9100

NZD/USD $0.7875, $0.7880

USD/CAD C$1.0500, C$1.0590, C$1.0625

U.S. stock-index futures were little changed before data on pending home sales and amid concern over a possible military strike against Syria.

Global Stocks:

Nikkei  13,338.46 -203.91 -1.51%

Hang Seng 21,524.65 -350.12 -1.60%

Shanghai Composite 2,101.3 -2.27 -0.11%

FTSE 6,409.17 -31.80 -0.49%

CAC 3,948.58 -20.15 -0.51%

DAX 8,120.19 -122.37 -1.48%

Crude oil $110.63 +1.49%

Gold $1428.40 +0.58%

Eurozone's M3 money supply growth slowed in July, while credit to private sector declined from last year, data from the European Central Bank showed Wednesday.

The broad monetary aggregate grew 2.2 percent annually in July, slowing from 2.4 percent increase in June. Economists expected an increase of 2.4 percent.

M1 money supply increased 7.1 percent annually in July, moderating from 7.5 percent growth recorded a month earlier.

In May-July period, M3 money supply rose 2.5 percent compared to the same period last year, while M1 rose 7.7 percent.

Loans to private sector declined 1.9 percent year-on-year in July, faster than a 1.6 percent decrease in June.

The annual growth rate of loans to households stood at 0.1 percent in July compared with no growth in June. Lending for house purchase, the most important component of household loans, increased 0.7 percent year-on-year.

U.K. retail sales volume grew at the strongest pace since November 2012, the Distributive Trades Survey results from the Confederation of British Industry showed Wednesday.

According to the survey, 49 percent of respondents reported that sales volumes were up on a year ago, while 22 percent said they were down, giving a balance of +27 percent. The August's level exceeded the consensus of 20 percent.

Retailers expect another similarly strong month of sales growth in September. The balance for next month is seen at +26 percent.

Barry Williams, Asda Chief Merchandising Officer for Food, and Chair of the CBI Distributive Trades Survey Panel said, "The feel-good factor from the heatwave, summer sales, royal baby fever and sporting victories has helped boost the high street, with clothing retailers and grocers benefiting in particular."

The survey also found that employment in the sector grew at its fastest pace since May 2002 and is expected to grow firmly again next month.

Further, retailers expect their overall business situation to improve over the next three months to 20 percent, the highest figure in three years.

06:00 Germany Gfk Consumer Confidence Survey September 7.0 7.1 6.9

06:00 Switzerland UBS Consumption Indicator July 1.44 1.41

08:00 Eurozone Private Loans, Y/Y July -1.6% -1.5% -1.9%

08:00 Eurozone M3 money supply, adjusted y/y July +2.3% +2.0% +2.2%

10:00 United Kingdom CBI retail sales volume balance August 17 20 27

11:45 United Kingdom BOE Gov Mark Carney Speaks

The dollar strengthened on risk aversion on concerns the beginning of full-scale military operation of the forces of Western countries in Syria. NBC television quoted an unnamed representative of the U.S. government reported that air strikes on Syria may be applied as early as Thursday. U.S. Defense Secretary Chuck Heygel the BBC said that the materials that are currently being collected by the UN inspectors, certainly confirm that in the chemical attack that had a place in the last week, the Syrian government is responsible.

Euro lower against the U.S. dollar against the data on the index of consumer confidence in Germany. The mood among German consumers declined slightly in September after reaching a six-year high in August, as households expect that the recovery will be sluggish in the coming months, the report showed research institute GfK on Wednesday. Prognostic indicator of consumer confidence in September fell to 6.9 with six-year high in August 7. Economists had expected the index to increase 7.1.

The pound traded near a three-week low against the euro ahead of today's speech by Bank of England Governor Mark Carney. This will be the first performance Carney as Chairman of the Central Bank of England, which he took from July 1, 2012. Most analysts expect the Bank of England will lead the arguments in favor of maintaining the interest rate and the asset purchase program unchanged, despite signs of recovery in economic growth in the UK. Recall that the next meeting of the committee on monetary policy of the Central Bank will be held on September 5. On the same day, and will meet the European Central Bank.

The British pound fell against the dollar, despite the favorable results of a survey of the Confederation of British Industry (CBI), according to which the volume of retail sales is at its highest level since 2012.

EUR / USD: during the European session, the pair fell to $ 1.3335

GBP / USD: during the European session, the pair fell to $ 1.5447

USD / JPY: during the European session, the pair rose to Y97.53

At 14:00 GMT the United States will change the volume of pending home sales for July. At 23:50 GMT Japan will release the change in the volume of retail trade in July.

EUR/USD

Offers $1.3500, $1.3475/85, $1.3450/65, $1.3420, $1.3400/05

Bids $1.3340, $1.3325/20, $1.3300, $1.3285/80

GBP/USD

Offers $1.5680/85, $1.5640/50, $1.5615/20, $1.5600, $1.5560/70, $1.5550/55

Bids $1.5485/80, $1.5450/40, $1.5425/20

AUD/USD

Offers $0.9075/80, $0.9045/50, $0.9020, $0.8995/00, $0.8960/65

Bids $0.8890, $0.8880/75, $0.8800

EUR/JPY

Offers Y132.00, Y131.80, Y131.55/60, Y131.18, Y130.80/00

Bids Y129.85/80, Y129.50, Y129.20, Y129.00

USD/JPY

Offers Y98.30/40, Y98.20, Y98.00, Y97.60

Bids Y97.05/00, Y96.50, Y96.20, Y96.00, Y95.80

EUR/GBP

Offers stg0.8700, stg0.8665/75, stg0.8640/50

Bids stg0.8600, stg0.8580, stg0.8560, stg0.8545/40, stg0.8520-10

Germany's import prices declined for the seventh consecutive month in July, Destatis reported Wednesday.

Import prices dropped 2.6 percent year-on-year, following a 2.2 percent fall in June. The annual rate was slightly steeper than a 2.5 percent fall forecast by economists.

On a monthly basis, import prices gained 0.3 percent, in line with forecast, but reversed 0.8 percent drop in the previous month.

At the same time, export prices were down by 0.9 percent compared to a 0.6 percent fall in June. Month-on-month, the index remained flat in July.

European stocks dropped to an almost six-week low as concern grew that the U.S. will take military action against Syria. U.S. equity-index futures were little changed, while Asian shares fell.

The U.S., France and Britain are moving closer to military action against Syria, laying out the justification, putting forces into place and rounding up allies in the region.

The confrontation with Syria will be at the forefront when U.S. President Barack Obama, U.K. Prime Minister David Cameron and French President Francois Hollande join other leaders of the Group of 20 nations next week in St. Petersburg, Russia. The host for the summit is Russian President Vladimir Putin, an ally of Assad who has thwarted previous action against Syria at the UN and questioned the evidence about whether a chemical attack took place.

Accor dropped 3.2 percent to 27.88 euros. Europe’s largest hotel operator said first-half earnings before interest and taxes fell to 198 million euros ($265 million) from 212 million euros a year earlier. That missed the average analyst projection that called for 212 million euros. The company predicted 2013 Ebit of between 510 million euros and 530 million euros, compared with the average 534 million-euro analyst estimate.

Ryanair Holdings Plc declined 1.1 percent to 6.45 euros. The U.K. antitrust regulators ordered the discount carrier to cut its stake in Aer Lingus Group Plc to no more than 5 percent to address competition concerns. Ryanair said it will appeal against the ruling.

A gauge of European travel companies slumped to a two-week low, for the worst performance among the 19 groups in the Stoxx 600. All 21 shares in the industry gauge fell. Thomas Cook Group Plc slid 2 percent to 133.4 pence and EasyJet Plc retreated 2.2 percent to 1,207 pence.

Bouygues rose 5.4 percent to 24.17 euros, for its biggest increase in five weeks. The French building, telecommunications and television company’s operating profit increased to 432 million euros from 394 million euros a year earlier. Analysts had forecast 358 million euros, according to the average of three estimates.

FTSE 100 6,402.58 -38.39 -0.60%

CAC 40 3,953.09 -15.64 -0.39%

DAX 8,154.23 -88.33 -1.07%

An indicator of the consumption habit among Swiss households declined marginally in July as an increase in new car registrations was largely balanced by gloomier consumer sentiment and weaker retail sales, survey data released by the UBS showed Wednesday.

The UBS consumption indicator was at 1.41 in July, little changed from June's score of 1.44. The index continues the trend that has been ongoing since April.

The index was influenced by a 14.4 percent month-on-month increase in new car sales, and a 5.3 percent gain on an annual basis.

The positive contribution from car sales was offset by a further deterioration of business situation in the retail industry as falling prices continued to squeeze retailers' profit margins.

At the same time, consumer sentiment cooled slightly in the third quarter, with the corresponding index staying just marginally above its historical average.

Sentiment among German consumers is set to ease marginally heading into September after reaching a six year-high in August, with households expecting the economic recovery to be sluggish in the coming months, a survey by market research group GfK revealed Wednesday.

The forward-looking consumer confidence indicator for September slipped to 6.9 from a six year high of 7 in August. The outcome defied expectations for an increase in the indicator to 7.1.

"The upward trend of the consumer climate since February 2013 has therefore come to an end for the time being," the GfK said in the survey report." However, it cannot yet be assumed that this is a trend reversal and the start of a downturn."

The economic expectations of German consumers slipped for the first time in four months in August, with the corresponding indicator falling to 1.8 from 4.3 in July.

"Consumers clearly feel that though the German economy is improving, recovery is likely to be rather slow over the coming months," the report said.

The income expectations index declined for the first time in five months in August and now stands at 37.2, down from June's two-year high reading of 42.8.

The slightly less optimistic economic outlook of consumers and increased price expectations could be possible reasons for this decline. Also, they fear that their purchasing power will come under pressure and are taking a slightly more restrained view of their income prospects, GfK said.

In contrast, German companies are currently in a more optimistic mood, as evidenced by the fourth successive increase in the Ifo business climate index to reach a 16-month high in August.

The GfK, nevertheless, noted that despite the decline, the indicator remained at a very high level. This can be attributed to extremely stable employment situation, which is allowing greater scope for collective bargaining agreements.

Meanwhile, the indicator reflecting consumers' willingness to buy increased to 44.4 in August, the highest level since December 2006, from 40.7 in July. The consumer climate index edged up to 7 from 6.8 in July.

"In light of extremely low interest rate levels and the recent slight rise in the rate of inflation, the appeal for consumers to invest their money in major purchases has increased further still," GfK said in the report.

The economy expanded 0.7 percent quarter-on-quarter in the second quarter of 2013, according to the Federal Statistical Office.

The Bundesbank said Monday that Germany's economic growth will likely return to normal and steady rates in the second half of 2013. The central bank forecasts 0.3 percent growth for the economy this year.

EUR/USD $1.3280, $1.3300, $1.3355, $1.3400

USD/JPY Y97.00, Y97.70, Y97.75, Y98.00, Y98.80, Y99.00

GBP/USD $1.5430, $1.5455, $1.5470

EUR/GBP stg0.8625

USD/CHF Chf0.9200

AUD/USD $0.8975, $0.8980, $0.9000, $0.9050, $0.9100

NZD/USD $0.7875, $0.7880

USD/CAD C$1.0500, C$1.0590, C$1.0625

Asian stocks slumped, with the regional benchmark index heading for the lowest close in two months, on concern the U.S. will take military action against Syria for using chemical weapons.

Nikkei 225 13,338.46 -203.91 -1.51%

Hang Seng 21,524.65 -350.12 -1.60%

S&P/ASX 200 5,087.16 -54.05 -1.05%

Shanghai Composite 2,101.3 -2.27 -0.11%

Honda Motor Co., which gets 83 percent of its revenue abroad, lost 2.4 percent in Tokyo after the yen gained.

PetroChina Co., the nation’s biggest energy producer, dropped 4.7 percent in Hong Kong after saying senior managers had been removed amid an investigation by authorities.

New China Life Insurance Co., the country’s third-largest life insurer by premium income last year, fell 3.3 percent in Hong Kong after first-half profit missed analyst estimates.

01:30 Australia Construction Work Done Quarter II -2.0% +1.1% -0.3%

The yen held its biggest gains in 2 1/2 months against the dollar and euro as traders sought haven investments amid escalating tension in Syria. President Barack Obama’s administration is working with allies including the U.K. and France to reach agreement on limited action against Syria after concluding that Assad’s regime used chemical weapons against civilians. Any armed response would be narrowly focused on Syria’s weapons capabilities and wouldn’t be aimed at deposing Syrian President Bashar al-Assad, U.S. and U.K. officials said.

Japan’s currency reached its strongest level in two weeks against the greenback, and the Swiss franc touched the highest in a week.

Turkey’s lira and India’s rupee both dropped to record lows as global stocks slumped.

The pound was near a three-week low against the euro ahead of a speech by Bank of England Governor Mark Carney today. In the U.K., Carney gives his first policy speech since taking over as BOE Governor on July 1. He introduced so-called forward guidance this month to prevent a pickup in borrowing costs from undermining the economic recovery. Investors pushed benchmark gilt yields to a two-year high last week. The central bank’s Monetary Policy Committee meets on Sept. 5, the same day as the European Central Bank.

EUR / USD: during the Asian session the pair fell to $ 1.3370

GBP / USD: during the Asian session the pair fell below $ 1.5520

USD / JPY: during the Asian session the pair rose to Y97.40

BOE Carney due to speak today at 1045GMT (speech, press conf. 1145GMT) with market expecting dovish comments linked to forward guidance.

Change % Change Last

GOLD 1,420.60   27.60   1.98%

OIL (WTI) 108.90   2.98   2.81%

Nikkei 225 -0,69 -93,91 13,542.37%

Hang Seng 21,927.89 -77.43 -0.35%

S & P / ASX 200 5,141.22 +5.81 +0.11%

Shanghai Composite 2,103.57 7,09 0,34%

FTSE 100 6,440.97 -51.13 -0.79%

CAC 40 3,968.73 -98.40 -2.42%

DAX 8,242.56 -192.59 -2.28%

Dow -169.87 14,776.59 -1.14%

Nasdaq -79.05 3,578.52 -2.16%

S&P -26.32 1,630.46 -1.59%

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

EUR/USD $1,3390 +0,15%

GBP/USD $1,5544 -0,23%

USD/CHF Chf0,9175 -0,54%

USD/JPY Y97,04 -1,43%

EUR/JPY Y129,92 -1,29%

GBP/JPY Y150,80 -1,67%

AUD/USD $0,8977 -0,55%

NZD/USD $0,7787 -0,85%

USD/CAD C$1,0477 -0,20%

01:30 Australia Construction Work Done Quarter II -2.0% +1.1%

06:00 Germany Gfk Consumer Confidence Survey September 7.0 7.1

06:00 Switzerland UBS Consumption Indicator July 1.44

08:00 Eurozone Private Loans, Y/Y July -1.6% -1.5%

08:00 Eurozone M3 money supply, adjusted y/y July +2.3% +2.0%

10:00 United Kingdom CBI retail sales volume balance August 17 20

11:45 United Kingdom BOE Gov Mark Carney Speaks

14:00 U.S. Pending Home Sales (MoM) July -0.4% +0.2%

14:30 U.S. Crude Oil Inventories August -1.4

23:50 Japan Retail sales, y/y July +1.6% 0.0%