Author: hzcapheret

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Wall Street reaches record highs on waning coronavirus fears

Commodities fell as Ukraine tensions ease temporarily with Russia’s Putin declaring he has no intention of annexing Crimea. Although market sentiment was lifted and stock markets rebounded, the front-month contract for WTI crude oil plunged -1.52% while the Brent crude contract declined -1.71% yesterday.

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Gold and Oil Pared Gains As Ukraine Tensions Eased

The BOE announced that, effective January 1, 2014, the Funding for Lending Scheme would not be available to finance household lending. The move signaled policymakers’ confidence in the economic outlook, sending the pound to a 11-montg high against the US dollar and a 5-year higher against the Japanese yen.

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BOE Announced First Step to Unwind Stimulus

Brent crude rallied in the US session amid concerns that ongoing protests in Libya would pose serious disruption in oil production in the country. The front-month Brent contract jumped to as high as 106.98. Although the WTI crude oil price also climbed, the magnitude was limited, resulting in the widening of WTI-Brent spread to above US$ 13/bbl.

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WTI-Brent Spread Widened as Libya Tensions Worsen. BOE Pushed Forward Rate Hike Outlook

Gold price remains firm ahead of the October FOMC meeting as investors widely believe that policymakers would leave the asset purchase program unchanged. More importantly, as an aftermath of the 16-day partial governmental shutdown in the US, the Fed would probably delay the schedule of tapering to the first quarter of 2014. Meanwhile, gold’s recovery over the past 2 weeks has raised hopes that the metal might gain further and test 1400.

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iBank Focus: Can Gold Ride on Fed’s Delay in Tapering?

Encouraging economic data sent financial markets higher. Improvements in both Eurozone and China PMI lifted market sentiment while housing data and jobless claims in the US also restored confidence, although these should well-anchored expectations of Fed’s tapering. Wall Street gained with the DJIA and the S&P 500 indices adding +0.44% and +0.86% respectively.

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Sentiment Improved as PMI Data Impressed

The latest report from the World Gold Council said that China’s gold demand could hit 1000 tons this year, overtaking India as the world’s largest gold market. India’s average yearly imports of should be 963 tons.

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China to Surpass India as the Largest Gold Consumer

Financial markets jumped on strong US economic data and Moody’s raised US’ credit rate outlook to stable from negative. Wall Street soared with both DJIA and S&P 500 indices rising to record highs, gaining +0.5% each. Little news was seen from Fed Chairman Bernanke’s testimony before the Senate.

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Moody’s Upgrade, Strong Economic Data Thrived Sentiment

Gold price continued to trade narrowly below 1300 as the market awaits Fed chairman Bernanke’s testimony before the Congress tomorrow. Over the past weeks, a number of Fed officials have commented on the prospect of maintaining or slowing the pace of asset purchases.

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Gold’s Rebound Finished?

Asian shares gained as China’s latest set of macroeconomic data indicated that the growth outlook of world’s second largest economy is not as fragile as expected. While GPD growth slipped to +7.5% in 2Q13 from +7.7% a quarter ago, it was mainly driven by weakness in exports but domestic demand continued to hold up well.

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China’s Data in 2Q13 Did Not Come in as Poor as Expected