The ECB meets today with a press conference afterwards. With no change in rates from 1% expected, the mainfocus will be on the 1-year operation, which will be allotted on 16 December.

The European Central Bank may announce plans to scale back its emergency lending while keeping interest rates at a record low to foster an economic recovery.

In the US, traders will have their eyes on the nation’s retailers as they report their November same-store sales numbers. Another major corporate story, traders will be watching is the Bank of America news from late Wednesday that it will be repaying the $45 billion in TARP money after it completes a securities offering.

Also Bernanke goes before the Senate Banking committee at 3pm as part of the confirmation process for his second term. Bernanke is expected to be taken to task by Congress, which has been angling to curb some of the Federal Reserve’s powers.

The UK market and the European markets have opened up around 0.5% to 0.75%. U.S futures markets are pointing to a positive start to the markets with the Dow opening up around 45 points.

© Brooks Macdonald Asset Management 2009

Sources: Reuters: BBC, Bloomberg, Lawshare, Deutsche Bank (db), Proquote, Financial Times, Wall Street

Journal, CLSA, Sharescope, Market News, Capital Economics, CNBC, Wikipedia.

Please note this report provides a guide to some of the relevant areas that individual investors should consider discussing with an authorised adviser in relation to their specific circumstances, it does not constitute individual advice. As a result no action should be taken or refrained from being taken as a result of its content.