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By Bloomberg

The euro swung between gains and losses, trading near an 11-year low against the dollar, amid speculation the European Central Bank will boost stimulus through asset purchases. Australia’s main stock gauge gained after oil and metals advanced Jan. 21.

The common currency was little changed at $1.1610 by 10:30 a.m. in Tokyo, near the $1.1523 Jan. 20 close that was the weakest since November 2003, after the ECB was said to propose 50 billion euros ($58 billion) of asset purchases a month through 2016. The S&P/ASX 200 Index climbed 0.6 percent, led by mining and energy companies after a 1 percent jump in the Bloomberg Commodities Index. Futures on the Standard & Poor’s 500 Index advanced 0.1 percent.

Investors are waiting on the outcome of an ECB policy meeting that concludes today after the Bank of Japan left its stimulus program unchanged Jan. 21. An ECB Executive Board proposal foresees asset purchases of as much as $1.28 trillion through the end of 2016, according to two euro-area central-bank officials who have seen the document. China will avoid a hard landing and is focused on ensuring long-term medium-to-fast growth, Premier Li Keqiang told global leaders in Davos.

“Risk markets are rallying on leaks of the ECB sovereign QE program,” said Matthew Sherwood, Sydney-based head of investment markets research at Perpetual Ltd., which has about $21 billion in funds under management. “I’m not convinced that even a 1 trillion euro package will be enough to save the euro area. It may be the case that this process has dragged on so long it’s mostly factored into financial-market prices and was a case of ‘buy on the rumor and sell on the fact’.”

Euro, Yen

The euro was at 136.88 yen and Japan’s currency strengthened to 117.88 per dollar today. The Stoxx Europe 600 Index advanced 0.6 percent to extend a seven-year high Jan. 21, erasing a drop of 0.8 percent as the details of the ECB proposal became public.

The ECB plan could still be changed significantly, the central bank officials said, asking not to be identified as it’s confidential. Purchases won’t start before March 1, one of the people said. The ECB will announce its policy decision on Jan. 22.

Canada’s dollar was little changed at C$1.2339 per dollar after yesterday’s 1.9 percent plunge. Canada’s central bank unexpectedly slashed its main interest rate due to the plunge in oil prices, saying the shock will weigh on everything from inflation to business spending. on the central-bank rate cut.

Asian Stocks

The MSCI Asia Pacific Index was little changed at 139.64 as gains in Australia and Hong Kong offset losses in Tokyo. The gauge trades at 13.6 times estimated earnings, while the Stoxx 600 fetches 14.9 times.

The S&P 500 is trading at 16.6 times the projected earnings of its members, according to data compiled by Bloomberg. Valuations reached a five-year high at the end of last year.

Japan’s Topix Index retreated 0.4 percent, while Hong Kong’s Hang Seng Index added 0.6 percent. The Hang Seng China Enterprises Index climbed 0.9 percent after Chinese shares surged for a second day yesterday.

A gauge of energy shares in Australia’s ASX 200 surged 2.8 percent, paring its decline this year to 8.5 percent. Whitehaven Coal Ltd. climbed 6.1 percent and Beach Energy Ltd. added 5 percent after the Australian Financial Review reported an unnamed suitor has engaged an investment bank to look into potential bid for the company.

EBay, Amex

Profit at S&P 500 companies probably climbed 0.8 percent in the final three months of 2014, analysts predicted, down from an October estimate of 8.1 percent.

EBay Inc. added 2.8 percent at 6:25 p.m. in New York as the online marketplace said it will cut 2,400 jobs after its sales forecasts fell short of analysts’ estimates. American Express Co. slid 2.2 percent. The biggest U.S. credit-card issuer by purchases will cut more than 4,000 jobs as part of a restructuring.

Oil in New York was 0.8 percent lower today after it rebounded Jan. 21 from the biggest drop in a week amid the most volatile prices in more than three years. Oil settled at $47.78 a barrel in New York, retracing a 4.7 percent slide on Tuesday. Brent for March delivery gained 2.2 percent to end at $49.03 a barrel in London.