The German IFO survey edged higher in November, with all three indices recording gains. The headline business climate index rose from 106.4 to 106.6, against expectation of 105.2. The second estimate of UK September GDP growth was unchanged at 0.5pct.

Newswire reports suggest that the Europe Central Bank is examining the possibility of extending the term of its liquidity provision to the Eurozone banking system. Loans of 2 year, 3 year or even longer terms are allegedly being discussed. The measures appear to be an attempt to offset any liquidity crunch should the bank funding markets not open up in the New Year.

European shares fell for the sixth consecutive session in low volume on Thursday. Markets gave back early gains after German Chancellor Angela Merkel restated her position against changing the role of the ECB to ease the Euro zone debt crisis. The main mover in the banking sector was Belgian lender Dexia up 28pct after speculation that an agreement to guarantee financing would be reached within days. The FTSEurofirst index fell by 0.3pct with the UK FTSE down by 0.2pct while the German Dax lost 0.5pct.

US share markets were closed for the Thanksgiving holiday.

US treasury markets were closed for the Thanksgiving holiday.

The Euro eased modestly against the greenback on Thursday The Euro fell from highs near US$1.3410 to lows near US$1.3315 and was around US$1.3330 in late trade. The Aussie dollar hit early highs near US97.85c before easing to lows near US97.05c, and was near US97.20c in late trade. And the Japanese yen traded in a tight range between JPY77.20 yen per US dollar and JPY77.00, ending trade near JPY77.10.

US crude oil prices rose on Thursday on thin volumes. Tensions surrounding Iran and the bigger than expected drawdown in US oil inventories reported in the prior session supported prices. Nymex crude oil rose by US88c or 0.9pct to US$97.05 a barrel and London Brent crude rose by US76c to US$107.76 a barrel.

Base metal prices were mostly higher on the London Metal Exchange with the exception of Aluminium and Zinc. Copper prices firmed after the recent slide on upbeat German business sentiment. And the gold price fell modestly in electronic trade. The Comex December gold price lost US$1.58 an ounce or 0.1pct to US$1,694.32.

Ahead: In Australia, no economic data is released. Similarly in the US, no economic data is scheduled for release.