Other Markets
CRUDE OIL ANALYSIS
February Nymex WTI Crude Oil prices closed the year around $98.83. Electronic markets saw a steady move higher yesterday to $100.02 and Asian markets this morning have seen a further gain on the back of firming bourses and strong Asian PMI data from China India and Australia.
BUND ANALYSIS
The European Central Bank stepped up its sovereign bond purchases last week but the weekly amount purchased remained significantly lower than the volumes seen in the previous four months.
DAX above 6000 on better than estimated PMI figures
Final German PMI Manufacturing figures beat estimate The new year is off to a good start as final PMI Manufacturing figures for December in Germany and Italy came out better than expected. Prior to these figures investors also got better than estimated PMI Manufacturing figures from China yesterday.
Early trading in the new year smells gains; China PMI above 50
Is China to reaccelerate? Yesterday the official China Manufacturing PMI for December rose above 50.3 from 49.0 in November which is a sign that China likely accelerated in December (see chart below). It is clear that China has slowed down continuously since late 2010 as the developed economies have slowed down.
BUND ANALYSIS
Bunds may start a bit higher Monday amid a Bundesbank warning that Germany must cut its deficit. The second and final release of the euro zone composite purchasing managers for December is expected to confirm the mild improvement reported in the preliminary survey.
GOLD ANALYSIS
The price of Gold is on track to record its 11th consecutive annual rise, despite a disappointing final few weeks for market bulls that have significantly pared the market’s gains and clouded the short-term outlook for the precious metal.
GOLD ANALYSIS
Spot Gold prices have finally staged a recovery, after falling yesterday to $1522.65, the lowest levels seen since July. Thursday’s low has now seen gold tumble $399 from its record high of $1921.15 back on the 6 Jun. As previously reported by MNI, it’s becoming more apparent that investors are now clearly showing a preference […]
BUND ANALYSIS
German government bonds opening lower on the last trading day of the year, with volumes thin in a holiday shortened session. Given the lack of liquidity and light volume trading the risk of short-covering remains as investors turn their focus on 2012, with general view that the EUROZONE sovereign debt crisis is likely to extend […]
GOLD ANALYSIS
Spot Gold fell to multi-month lows yesterdays as the EUR/USD hit 2011 lows as long liquidations continue into the year end. Investors have been seen turning out of the metal in preference for equities with several fund managers apparently leading the way.
CRUDE OIL ANALYSIS
Nymex crude prices had a mixed day yesterday with the February contract coming under pressure in NY as the EUR/USD was sold to fresh 2011 lows and Gold headed down towards the $1500 level.
CRUDE OIL ANALYSIS
Crude Oil futures fell Thursday, handing back early gains after Energy Department data showed a surprise increase in US oil stockpiles. Nymex light, sweet crude for February delivery recently traded 85 cents, lower at $98.51 a barrel on the New York Mercantile Exchange. Brent crude on the ICE Futures exchange traded 80 cents lower, at […]
Mixed reception of Italian auction, initial jobless claims next
Will Initial Jobless Claims continue the trend lower? With two strong consecutive initial jobless claims reports pushing the 12-week rolling trend down to levels not seen since the third quarter 2008 (see chart below) it will be interesting to see if the trend continues today at 13:00 GMT. Economists are looking for 375K up from […]