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Global Markets Update: Fitch Says ECB Should Ramp Up Bond Buying

Wednesday, 11 Jan 2012 | 11:28 AM ET

European markets fall as Fitch says ECB should ramp up bond buying. The euro falls to a 16-month low vs. the dollar following Fitch comments. Italian banking stocks rebound, led by Unicredit. There was strong demand for the sale of German bonds. The German economy shrinks during the 4th quarter. Merkel praises the Italian government for speed of launching reforms. Italian PM Monti warns of austerity exhaustion and says austerity alone will not solve all of his country's problems. A new report calls organized crime "Italy's Biggest Bank." Commercial bank overnight deposits at the ECB hit another record high. Natural gas stocks are weak as natural gas hits its lowest level since September 2009. With Yra Harris, Notes from Underground blog.