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Investing.com - Here are the top five things you need to know today in financial markets:
1. Euro under pressure on ECB bond-buying report
The euro erased gains against the U.S. dollar after Reuters reported that the European Central Bank is looking at broadening the scope of its bond-buying program or implementing a two-tier penalty charge on banks that leave cash with the ECB.
The euro fell 0.5% against the greenback to 1.0590 following the report, the lowest since April 15.
2. Global shares mixed amid geopolitical tensions
Global stock markets were mixed on Wednesday, as geopolitical tension surrounding Russia and NATO member Turkey remained in focus.
Asian stocks ended mostly lower, as an uninspiring overnight lead from Wall Street and geopolitical fears weighed.
In Europe, equities rebounded from the prior session's steep decline amid easing signs of Russia-Turkey standoff.
Meanwhile, U.S. stock futures were up 0.3%, suggesting a strong opening on Wall Street later in the day.
3. Russia-Turkey standoff remains in focus
Market players continued to monitor geopolitical developments after Turkish fighter jets shot down a Russian warplane near the Syrian border on Tuesday. Ankara claimed the SU-24 warplane had entered Turkish airspace, but Moscow has rejected those claims, saying the plane had been attacked when it was in Syrian airspace.
Responding to the incident, Russian President Vladimir Putin called the downing "a stab in the back," and warned it would have serious consequences for the Russian-Turkish relationship.
Turkish President Tayyip Erdogan said on Wednesday his country did not want any escalation after it shot down a Russian fighter jet, saying it had acted simply to defend its own security.
U.S. President Barack Obama and French President Francois Hollande, meeting in Washington, also urged against an escalation
4. Investors await U.S. data deluge
Ahead of the Thanksgiving holiday on Thursday, a flurry of U.S. economic data will be released later in the session, including weekly jobless claims figures, durable goods orders, personal spending and new home sales.
Data released Tuesday showed that the U.S. economy grew more than initially estimated in the third quarter, supporting the case for a rate hike next month.
Most Fed officials believe there is a strong case to begin raising interest rates at the central bank's mid-December meeting, as long as U.S. economic data does not disappoint in the coming weeks.
5. WTI oil back in the red, weekly EIA report eyed
The U.S. Energy Information Administration will release its weekly report on oil supplies at 10:30AM ET Wednesday. The data was expected to show that crude inventories rose by 1.2 million barrels last week.
After markets closed Tuesday, the American Petroleum Institute, an industry group, said that U.S. crude inventories rose by 2.6 million barrels in the week ended November 20.
U.S. crude was last down 50 cents, or 1.2%, at $42.37 a barrel.
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