European shares pare gains after Bernanke remarks

European shares pared gains on Wednesday, after the release of a text by Federal Reserve Chairman Ben Bernanke on strategies for the withdrawal of fiscal stimulus. At 1518 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was up 0.2 percent at 983.15 points, down from the high for the day of 996.12. Banks added most to the index, but had pared gains. BNP Paribas (BNPP.PA), Banco Santander (SAN.MC), Barclays (BARC.L), HSBC (HSBA.L), Societe Generale (SOGN.PA) and UniCredit (CRDI.MI) rose between 0.5 and 3.2 percent. “Although at present the U.S. economy continues to require the support of highly accommodative monetary policies, at some point the Federal Reserve will need to tighten financial conditions,” Bernanke said in remarks prepared for a hearing of the House of Representatives Financial Services Committee. [Read the full article]

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Mexico’s peso extended losses on Wednesday after U.S. Federal Reserve chairman Ben Bernanke outlined how the Fed will reverse its super-loose monetary policy when the time comes. The peso MXN=MEX01 lost 0.57 percent to 13.075 per U.S. dollar, breaking past a support level seen early in the session amid uncertainty over whether Greece may get help in tackling its fiscal problems. (Reporting by Michael O’Boyle; Editing by James Dalgleish) WASHINGTON (Reuters) – Federal Reserve Chairman Ben Bernanke on Wednesday detailed how the U.S. central bank will begin to wean the economy off its extraordinary stimulus, even as he stressed it was not yet time to do so. Details about Toyota’s epic recall have raised questions about whether consumer complaints were misread or ignored.  Full Article | Slideshow  The days when Goldman Sachs could fill its board with standard corporate types is over. [Read the full article]

Mexican stocks fell sharply on Wednesday after the chairman of the U.S. Federal Reserve outlined how the Fed will eventually pull back on its monetary stimulus, which has supported gains in emerging market assets. The IPC stock index .MXX lost 1 percent to 30,511. (Reporting by Michael O’Boyle; Editing by James Dalgleish) WASHINGTON (Reuters) – Federal Reserve Chairman Ben Bernanke on Wednesday detailed how the U.S. central bank will begin to wean the economy off its extraordinary stimulus, even as he stressed it was not yet time to do so. Details about Toyota’s epic recall have raised questions about whether consumer complaints were misread or ignored.  Full Article | Slideshow  The days when Goldman Sachs could fill its board with standard corporate types is over. [Read the full article]

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U.S. gold futures retreated below $1,070 an ounce on Wednesday, as Federal Reserve Chairman Ben Bernanke’s comments about a possible stimulus pullback and interest rate hike dampened investor sentiment. * For the latest detailed report, click on [GOL/]. GOLD * COMEX April GCJ0 down $12.60, or 1.2 percent, at $1,064.60 an ounce at 10:24 a.m. EST (1524 GMT). * Range $1,063.10 to $1,083. * Bernanke’s comment on possible stimulus pullback, interest hike weighs on market. [ID:nWEQ003786] * Lower-than-usual volume expected as major snowstorm in U.S. Northeast keeps traders away from desks. * Gold pressured by euro weakness amid uncertainties about the outcome on EU summit on a Greece bailout. [USD/] * More headline trading, increasing volatility possible as fiscal situation in Greece in focus – George Gero at RBC. * Room for gains in euro, crude could boost gold further, but bullion seen bearish in medium term absent new stimuli. [Read the full article]

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