The group of G20 nations may agree on steps to introduce quantitative targets for macroeconomic policy targets according to Russian Finance Minster Alexei Kurdin. Targets are expected to help transition to more flexible global exchange rates.

Yesterday, ahead of the G20 meeting, US Treasury Secretary Timothy Geithner called on Asian countries to let their currencies strengthen further to reduce the risk of inflation and asset bubbles.

European shares recorded modest losses for the second straight session on Thursday. Concerns about Euro-zone debt resulted in profit-taking. Ireland warned that a surge in its borrowing costs to record highs had become ´´very serious´´. European officials said they were monitoring the situation and were ready to act if necessary. Banking stocks led the declines. The FTSEurofirst index was unchanged, while the UK FTSE fell almost 2pts and German Dax rose by 3 pts or 0.1pct.

US sharemarkets fell on Thursday led by losses in technology stocks. Cisco shares lost 16pct after providing a downbeat outlook late Thursday. At the close, the Dow Jones was down 73pts or 0.7pct with the S&P 500 down 0.4pct and the Nasdaq was lower by almost 23pts or 0.9pct.

The US bond market was closed for the Veteran´s Day holiday.

The Euro fell to a five week low against the US dollar on Thursday as debt issues in Ireland continued to be in focus. The Euro fell from highs near US$1.3805 and US$1.3640, heading into the US close near US$1.3660. The Aussie dollar fell from US$1.0065 to US99.65c, nearing the US close at US99.85c. And the Japanese yen is currently around 82.50 yen per US dollar after trading from JPY82.10 to JPY82.50.

US crude oil prices rose to 25-month highs on Thursday, before paring back the gains. China´s implied oil demand rose to 8.92 million barrels per day - record highs. OPEC raised its estimate of global oil demand growth for 2011 by 120,000 barrels per day. The Nymex crude oil contract closed unchanged at US$87.81 a barrel.

Base metal prices rose on the London Metal Exchange on Thursday in response to robust Chinese economic data. The sustained fall in LME inventories resulted in copper prices rising to record highs. Copper and Zinc rose 0.8pct. Other metals traded 0.2-0.4pct with the exception being Nickel (-0.6pct). And the gold price recorded modest gains with Comex gold futures up US$4.00 an ounce to US$1,403.30.

Ahead: In Australia, credit card data is released. In the US consumer confidence data is released.

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