EU Morning Report � Asian stocks up for the first time in three days

For the first time in three days Asian stocks are higher, led by banks and mining companies on profit optimism.

• Korea Exchange Bank and Westpac Banking Corporation posted better-than-estimated earnings.� Korea Exchange Bank jumped 7% after stating third quarter profit almost tripled.� Westpac, Australia's number 2 bank, added 1.4% in Sydney.
• Australian retail sales unexpectedly dropped in September, driving down the nation's currency as traders added to bets the central bank may pause after two successive interest-rate hikes.
• The US dollar remains vulnerable to the likelihood that the Federal Reserve will repeat its commitment to keep borrowing costs at a record low for an "extended period."
• Gold jumped to a record $1088.50 an ounce in New York yesterday after India's central bank purchased 200 tons of the metal from the International Monetary Fund adding $6.7 billion to the IMF's finances.� In a press release the IMF said the deal with India represents only about half of the total amount of gold the institution intends to sell.
• Other possible buyers for the remaining quarter are either China or Russia.� Both nations have made very public moves lately to diversify their holdings in an attempt to reduce their dependency on the buck.� China's largest gold company, and Sumitomo Metal Mining, Japan's top producer, gained at least 2.9%.

Currency to watch out for: EURUSD & Gold

• The EURUSD pivot point is at 1.4670 with a preference to enter into long positions at 1.4680
• The Gold pivot point is at 1064 with a preference to enter into long positions at 1070

Today's calendar and market movers:

• US ADP Non-Farm Employment Change expected to rise to -188,000
• US Crude Oil Inventories expected to rise to 1.7 million
• US Federal Funds Rate expected to remain unchanged, followed by the FOMC Statement

Stocks:

• US stocks finished mixed with the S&P and NASDAQ up 0.2% and 0.4% respectively and the Dow off 0.2%.
• As of 07:15 GMT the Nikkei is trading at 0.42% and the Hang Seng at 1.58%

Read More... [Source: Easy-Forex - News and Reports - Posted by FreeAutoBlogger]