Positive News/Speculations in EZ Lifted Market Sentiment

Commodities rallied as driven by more positive news from European. While the market anticipated the plan to be announced on the November 3 G-20 summit will be substantial for resolving the Greece debt crisis, S&P's affirmation of credit ratings of France and Belgium also helped ease market worries. On the macro front, industrial production in Italy and France beat expectations. The front-month contract for WTI crude oil price soared for the 4th consecutive day, rising to a 3-week high of 86.09 before settling at 85.41, up +2.93%, while the equivalent Brent crude contract surged to as high as 109.5 before ending the day +2.90% higher. The Comex gold contract gained +2.14% amid weakness in the US dollar.

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Positive News/Speculations in EZ Lifted Market Sentiment