Risk Appetite Remains as QE Hopes Rekindled and Eco Data Less Weak

Financial markets remained in the 'risk on' mode as investors continued to be thrilled by the FOMC minutes. Added to the optimism was the news that German Chancellor Merkel's cabinet had approved to support expansion of the EFSF. On the macro front, US factory orders and Chicago PMI came in better than expected. These also helped alleviate market worries over a recession. Wall Street rose with DJIA and S&P 500 gaining +0.46% and +0.49% respectively. In the commodity sector, the front-month contract for WTI crude oil fluctuated between gains and losses before closing largely flat at 88.81. The equivalent Brent crude contract traded above 115 for the first time since August 3 and ended the day at 114.85, up +0.73%. Gold faltered after failing to touch 1850 and settled flat at 1831.

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Risk Appetite Remains as QE Hopes Rekindled and Eco Data Less Weak