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Global Equity Markets See Some Pressure From Downbeat Corporate Earnings

By , Money Morning

(Kitco News) – World stock markets were mostly weaker in overnight trading, pressured a bit by some downbeat corporate earnings reports. Japan's Nikkei stock index saw its record-setting 16-session winning streak halted Wednesday. U.S. stock indexes are pointed toward modestly lower openings when the New York day session begins.

Gold and silver prices are lower and hit a three-week low overnight. The bears have downside technical momentum in these two precious metals markets.

In overnight news, the U.K. GDP was reported up 0.4% in the third quarter and up 1.5%, year-on-year, which was a bit better than market expectations.

The German Ifo business climate index rose to 116.7 in October, which was better than forecasts.

The U.S. dollar is slightly higher in early U.S. trading Wednesday. The other key "outside market finds Nymex crude oil futures prices slightly lower and trading above $52.00 a barrel.

The key markets event of the week occurs on Thursday, when the European Central Bank holds its regular monetary policy meeting. Many expect the ECB to announce more details on the winding down of its bond-buying program.

U.S. economic data due for release Wednesday includes weekly MBA mortgage applications survey, durable goods orders, the U.S. monthly house price index, new residential sales, and the weekly DOE liquid energy stocks report.

By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com

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