Copper soars to seven-week high; Aviva climbs after posting rise in operating profits

<p>Stock markets from Australia to Hong Kong were up 0.4% – 0.9%. Copper scaled a seven-week peak after exports from China rose 5.1% in July […]</p>

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Stock markets from Australia to Hong Kong were up 0.4% – 0.9%.

Copper scaled a seven-week peak after exports from China rose 5.1% in July from a year ago and imports jumped 10.9%, a sure turnaround after unexpected falls in June

We have the BoJ Press Conference today and in contrast, the Nikkei fell 1.6%, extending on yesterday’s drop. This came even after the BoJ maintained its monetary stimulus in a widely anticipated decision after a policy review. Japanese shares closed at a six-week low.

- European stocks and US stock futures were little changed after this announcement, offsetting investor concerns that the Federal Reserve will pare bond purchases this year.

In the UK, insurance group Aviva posted a 5% rise in operating profits as rising sales in key markets offset weakness in southern European operations.

Avocet Mining opened up 22% after announcing new mine plans to reduce costs. Antofagasta and Glencore Xstrata Plc were also up 3%.

In FX EUR/JPY was trading at 128.67, USD/JPY at 96.32 and GBP/JPY at 149.22.

The Dow closed at 15470, whilst the FTSE is currently trading at 6511 and the Nikkei at 13,605.

In economic data, the ECB monthly bulletin will be released at 9am, followed by US unemployment claims at 1.30pm. Elsewhere Universal Office Automation releases its earnings report on Friday.

 

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