Europe: Steady increases kicks off the last quarter

The European stock markets opened the fourth quarter with decent gains after the release of the results of the Spanish bank test, which showed a capital needs in the context of what was devoted to the Spanish banking sector in the EU rescue fund EFSF. Moreover, U.S. data helped lift the mood as the ISM index for U.S. manufacturing showed a somewhat larger increase than expected.

Currency: yen and yuan in trampolining

At Wednesday's currency market it was especially Asian currencies, which attracted attention. Both the Chinese yuan and the Japanese yen gave it as a spring gymnasts against the dollar and the two currencies internal balance of power could clearly be read in the Japanese central bank support programs.