US data released yesterday once again missed market expectations. Consumer spending, pending home sales and factory orders all came below consensus and exacerbated worries over a US slowdown. Wall Street plunged with DJIA and S&P500 losing -0.4% and -0.5% respectively. Risk aversion increased with the VIX soaring +2.8% to 22.63. Treasuries rallied amid speculations on US QE. Commodities were mixed with oil and gold strengthening and base metals a tad lower.
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US Data Disappointed Again. Gold Gained on QE Concerns and China’s Relaxed Rules
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