While remaining fragile in the medium-term, commodities recovered from losses made in the Asian session as helped by gains in European stocks. We believe any gains in the near-term would be short-lived as the underlying economic fundamentals continue to deteriorate. The ECB said that it will lend $575M to 2 banks in a 7-day USD funding operation. Use of the operation, the first time since August 18, signaled banks are getting more reluctant to lend money to each other and intensified concerns in the region’s money market conditions.
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Global Oil Demand Outlook Downgraded
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