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European indices added small gains in today's trading amid expectations on further stimulus measures launched by the ECB after its policy meeting on January 22^nd. Investors seem to be risk aversive until the size and nature of the measures taken by the ECB will be known after the high volatility markets have seen last week. The ECB president will probably announce a 550 billion-euro bond purchase program, according to Bloomberg.

Eurozone's adjusted Current Account declined with a reading of 18.1 billion euro. Analysts expected an increase to 21.3 from a previous reading of 20.5 billion.

In today's session the FTSE 100 index advanced by +0.11% quoted at 6,557.49. France's CAC 40 added +0.20% trading at 4,388.40. Germany's DAX 30 is currently trading +0.44% above the psychologically important level of 10,000 at 10,213.00 close to its all-time high.

BLOOMBERG

Draghi Push Seen Delivering $635 Billion With QE Forecast

Mario Draghi is likely to announce a 550 billion-euro ($635 billion) bond-purchase program this week and won't skimp too much on the details, economists say.

The European Central Bank president will make his biggest push yet to steer the euro area away from deflation by announcing quantitative easing on Jan. 22, according to 93 percent of respondents in a Bloomberg News survey. The median estimate of the size of the package tops the 500 billion euros in models presented to officials this month.

Source: http://www.bloomberg.com/news/2015-01-19/draghi-s-big-push-seen-delivering-635-billion-with-qe-this-week.html

REUTERS

'Abenomics' architect says no need for more BOJ easing

(Reuters) - The Bank of Japan does not need to ease monetary policy further this year unless the economy is hit by a severe external shock, a ruling party lawmaker and one of the architects of Prime Minister Shinzo Abe's "Abenomics" reflationary policies told Reuters on Monday.

Slumping oil prices and the hit on consumption from a sales tax hike mean the central bank is unlikely to meet its pledge of achieving its 2 percent inflation target during the fiscal year beginning in April, Kozo Yamamoto, a leading expert on fiscal and monetary policy in Abe's ruling Liberal Democratic Party, said.

Source: http://www.reuters.com/article/2015/01/19/us-japan-economy-boj-idUSKBN0KS0MO20150119

BLOOMBERG

Swiss Franc Eclipses Ruble on Volatility Scale: Chart of the Day

There is a new volatility leader in town and it's not the Russian ruble.

The CHART OF THE DAY shows that price swings in the Swiss franc surpassed those on the ruble, the world's most volatile currency of the past 12 months, after Switzerland's central bank unexpectedly abandoned a cap on its value on Jan. 15. Fluctuations in the franc jumped to five times of those in the Russian currency on a 24-hour basis that day and they're still higher, according to data compiled by Bloomberg.

Source: http://www.bloomberg.com/news/2015-01-19/swiss-franc-eclipses-ruble-on-volatility-scale-chart-of-the-day.html

European indices inch up in early trading on Monday fuelled by expectations that the ECB will embark into quantitative easing after its upcoming policy meeting on January 22^nd. An interim ruling by the European Court of Justice stated that QE is "in principle" in line with European legislation. The CAC40, the DAX and FTSE100 extend last week's strong gains. Eurozone's adjusted Current Account declined with a reading of 18.1 billion euro. Analysts expected an increase to 21.3 from a previous reading of 20.5 billion.

The FTSE 100 index is currently trading +0.53% quoted at 6,585.20 points, Germany's DAX 30 added +0.74% trading at 10,242.52, slightly below the new all-time high. France's CAC 40 gained +0.17%, currently trading at 4,387.19 points.

Market participants are looking forward to the publication of the Bundesbank Monthly Report. U.S. markets are closed today due to a bank holiday.

U.S. markets closed higher on Friday after 5 losing days with consumer sentiment at the highest in 11 years in January before being closed today for a bank holiday. Friday's data showed U.S. household confidence rose on a strengthening job market and slumping fuel costs. The Thomson Reuters/University of Michigan preliminary consumer sentiment index rose to 98.2 in January from a final reading of 93.6 in December, exceeding expectations for an increase to 94.2. That was the highest level since January 2004. The DOW JONES index added +1.10%, rising 190 points, closing at 17,511.57. The S&P 500 rose by +1.34% with a final quote of 2,019.42, regaining the level of 2,000 points with all sectors being positive. The energy sector led gains.

Chinese stock markets slumped the most in 6-years on Monday as regulators rein in record margin lending. Two of the biggest listed security firms were suspended from lending money to new trading clients. Hong Kong's Hang Seng is trading -1.62% at 23,713.02 points. China's Shanghai Composite closed at 3,116.44 points, a slump of -7.70% with 100 stocks retreating the maximum allowed. The index has risen 2.8% last week, a tenth week of consecutive gains.

Japan's Nikkei rose on Monday after solid U.S. data and a weaker Japanese yen fuelling exporter shares. The index closed +0.89% at 17,014.29 points recovering from a 2-1/2-month low hit on Friday. Data on Japanese Industrial Production for November was better than expected with a decline by -0.5%, analysts expected -0.6%. On a yearly basis Industrial Production had a reading of -3.7% versus the estimated -3.8%. Consumer Confidence rose to 38.8 beating forecasts of 38.6 and a previous reading of 37.7 in November. The BOJ policy meeting will start tomorrow to decide on further stimulus measures after it's unprecedented bond-buying program starter in October last year.

(index / closing price / change items /% change)

Nikkei 225 16,864.16 -244.54 -1.43%

Hang Seng 24,103.52 -247.39 -1.02%

Shanghai Composite 3,377.43 +40.98 +1.23%

FTSE 100 6,550.27 +51.49 +0.79%

CAC 40 4,379.62 +56.42 +1.31%

Xetra DAX 10,167.77 +135.16 +1.35%

S&P 500 2,019.42 +26.75 +1.34%

NASDAQ Composite 4,634.38 +63.56 +1.39%

Dow Jones 17,511.57 +190.86 +1.10%