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Many World Markets On Hold Ahead of ECB Meeting Results

By , Money Morning

(Kitco News) – World stock markets were mixed in quieter trading overnight. U.S. stock indexes are pointed toward narrowly mixed openings when the New York day session begins. Stock markets and other financial markets are on hold as traders and investors are awaiting the key markets event of the week: Thursday's European Central Bank regular monetary policy meeting. Many expect the ECB to announce more details on the winding down of its big bond-buying program.

The Euro currency could see volatile price action in the immediate aftermath of the ECB meeting, including ECB Chief Mario Draghi's press conference.

Gold prices are near steady in pre-U.S.-session trading. The yellow metal bears still have technical momentum on their side.

The key "outside markets" on Thursday morning find the U.S. dollar index near steady. Meantime, Nymex crude oil futures prices are slightly higher and trading above $52.00 a barrel.

The most important U.S. economic report of the week is Friday morning's advance third-quarter GDP estimate. The number is expected to come in at up 2.7% versus the second-quarter reading of up 3.1%.

U.S. economic data due for release Thursday includes the weekly jobless claims report, the advance economic indicators report, pending home sales, and the Kansas City Federal Reserve manufacturing survey.

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