U.S. stock futures: Dow +0.35%. S&P +0.4%. Nasdaq +0.3% -12/18/13

World equities throw off pre-Fed caution

• Global stock markets mostly rise ahead of an announcement by the FOMC today over whether it will start the taper, with investors seeming to throw their usual caution and nervousness aside.
• "Probably the strongest encouragement for tapering to begin...is the stability in financial markets," says bank executive Derek Halpenny. "Our hunch is that a taper announcement may well encourage a year-end rally in global equity markets as an element of policy uncertainty is cleared," Halpenny says.
• Better-than-expected Japanese exports and talk of further reform, a lack of rate action in India, strong business confidence in Germany, and improving employment in the U.K. have added to the happy sentiment in various parts of the world.
• Japan +2%, Hong Kong +0.3%, China -0.1% and India +1.2%.
• EU Stoxx 50 +0.8%, London +0.3%, Paris +0.7%, Frankfurt +0.8%, Milan +0.9%, Madrid +1%.
• U.S. stock futures: Dow +0.35%. S&P +0.4%. Nasdaq +0.3%

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