Notwithstanding poor economic data, risky assets strengthened as the August FOMC minutes signaled some members favored further easing. Wall Street, initially plunged, reversed early losses and ended the day higher. Oil prices rose for another day as driven by equities and another tropical storm. The front-month contract for WTI crude oil rose to a 3-week high of 89.21 before settling at 88.9, up +1.87%, while the equivalent Brent crude contract climbed for a 6th consecutive day, soaring to 114.25, the highest level since August 3, before closing at 114.02, up +1.91%. Gold jumped to 1845.1, the highest level in 4 days, amid renewed speculations on QE3. The benchmark Comex contract ended the day at 1829.8, up +2.13%.
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Financial Markets Advance on Renewed QE3 Speculations
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