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FOMC Make No Change To QE3 and The UK Economy Is Expected To Exit Recession

During the Asian session, the Reserve Bank of New Zealand (RBNZ) left their base interest rate on hold at 2.5%. The central bank expects firmer growth for the final quarter of the year and into 2013, with the markets expecting no further interest rate cuts, the Kiwi Dollar rallied following the release.

UK GDP is released at 9:30am (London) and is expected to show expansion, and that the economy has pulled out of recession. David Cameron has come under fire from the opposition for a supposed “leak” of the confidential growth figure in PMQs. David Cameron said during PMQs:

‘It’s only a bad week if you think it’s bad that unemployment’s coming down, it’s only a bad week if you regret inflation coming down… every piece of good news sends that team into a complete decline, well, I can tell him, the good news will keep on coming.’

Ministers quickly backtracked stating that he could have been focusing on anything in the future, not just the pivotal growth figure that he had just been informed of.

Headlines

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Banco Santander Spain’s biggest bank, said Q3 profit fell a greater-than-estimated 94% after purging more soured real estate and as earnings slumped in the U.K. and in Brazil, its biggest market – Bloomberg

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