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(CEP News) - Ahead of the European Central Bank's rate decision, equity markets are trading lower with the Eurostoxx losing 19.41 points on the day and the UK FTSE 100 down 34.80 points to 5,391.5. In Germany, the Bund was down 1.0 tick to 110.12 with yields up 0.2 bps to 4.66% while the 10-year gilt was up 9.0 ticks to 104.52 with yields down 0.5 bps to 5.12%.
At 7:45 a.m. EDT, the European Central Bank will announce interest rates. The consensus is looking for the ECB to hike the main refinancing rate by 25 bps to 4.25%. The release will be followed by a press conference from President Jean-Claude Trichet explaining the decision. The five-year Bobl was down 25.0 ticks to 105.23, the two-year Schatz down 13.0 ticks to 102.08 and the June 2008 Euribor contract trading down 3.5 ticks to 94.86. The spread between the 10-year Bund and 10-year U.S. Treasury notes narrowed 2.351 bps to -72.10. Yields on the UK's 30-year bond were down 0.3 bps to 4.69%, the five-year bond down 0.6 bps to 5.12% and the two-year bond down 0.6 bps to 5.16%. The September 2008 Short Sterling contract was up 2.5 ticks to 93.98. Yields on U.S. 10-year Treasury notes were down 2.3 bps to 3.934%. European stock markets were declining with the Eurostoxx down 19.41 points to 2,821.15, the UK FTSE 100 down 34.80 points to 5,391.5 and the German DAX down 58.18 points to 6,247.24. The Japanese Nikkei was trading down 20.97 points to 13,265.40. The Canadian dollar was down 0.25 cents to 0.9852 against the USD (1.0151 USD/CAD). Against the euro, the loonie was down 0.21 cents to 0.6198 (1.6134 CAD/EUR). The U.S. dollar was up 0.35 to 106.26 and the euro was up 0.70 to 168.92, both against the yen. The euro was up 0.13 cents to 1.5895 while the pound sterling was down 0.39 cents to 1.9892, both against the USD. The euro was up 0.21 cents to 0.7991 pounds. The Swiss franc was up 0.18 cents to 1.0123 against the USD and up 0.16 cents to 1.6091 against the euro. All data were taken at 7:09 a.m. EDT. Generated by CEP Newswires, edited by Cristina Markham,
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