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Market Buzz: Japan’s GDP wows and gold hits 9-yr low

Market Buzz: Japan’s GDP wows and gold hits 9-yr low
Despite other emerging markets performing well, Russian markets hit their lowest close in two weeks. Rosneft fell and the ruble weakened against the dollar on the decision of Bank of Russia to hold the refinancing rate at 8.25 percent.

The MICEX dropped 0.98 percent and will open Thursday at 1391.98. The RTS slightly eased and gained 5.83 points, closing at 1.396.76.

European market indices also gained. On Asian floors, the Euro Stoxx is up 0.50 percent to 2,809.58, France’s CAC 40 is up 0.41 percent, and Germany’s DAX is making gains, up 0.28 percent, continuing its record gain ascent.

Market gains appeared immune to France’s poor Q1 news which officially put them in a recession, or Germany’s slowed growth report.

In London, FTSE 100 added 0.22 percent, continuing its nine-day rally, after the Bank of England revised its growth predictions for the second quarter. On Asian floors, the index dipped down to 6,990.70 at 11:29 GMT. UK lenders led the markets- Royal Bank of Scotland jumped 1.75 percent, Barclays rallied 1.83 percent and Lloyds Banking jumped 1.87 percent.

US markets ended high Wednesday. The Dow Jones gained 0.40 percent and closed and the S&P 500 rose 0.51 percent, and the NASDAQ Composite edged up 0.26 percent on the New York Exchange. Analysts await US inflation and unemployment data, set to be released at 13:30 GMT.

Asian stocks were mixed on Japan’s solid 3.5 percent GDP increase, easily topping 2.7 percent estimates The Nikkei fell 1.08 percent after it hit a five-year high on Wednesday. Hong Kong’s Seng gained 0.27 percent and the Shanghai Composite added 0.59 percent

Australia’s S&P/ASX 200 fell 0.20 percent on falling gold prices and mining weakness. The NZSE also dropped 0.21 percent, and on Thursday announced its 2013-2014 GDP growth forecast of 2.3 percent, compared to last year’s 3 percent growth.

Both WTI and Brent are trading low. WTI is down 0.41 percent and trading at 93.91 and Brent is down 0.40 percent at 103.27.