Author: Margare3716

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Global shares cruise to three-month highs, dollar shows the strain

Crude oil rebounded strongly after a report about a pipeline burst in Saudi Arabia. The bullish EIA inventory report also lifted market sentiment. The front-month WTI crude contract jumped to a 2-day high after declining over the past 4 days and closed at 78.68, -1.93%. The Brent crude contract fluctuated within the range 81.53 and 84.45 and ended the day largely flat at 82.95.

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Crude Oil Jumped on Inventory Data. GOP’s Victory Also Lifted Sentiment

We have a busy calendar in China. On Tuesday, we would have the GDP report for 3Q14, as well as IP, retail sales and fixed investment data for September. It is expected that GDP growth slowed to +7.2% y/y in 3Q14 from +7.5% in the prior month while September IP growth accelerated to +7.5% y/y from +6.9% in August. The flash HSBC manufacturing PMI would be due Thursday.

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Busy Week in China Ahead

Crude oil remained under pressure in European session. Yet, famed commodities trader Jim Rogers argued that some the decline in oil prices is “artificial” as “OPEC is trying to drive down prices because of shale competition”. He would “not be dumping oil” himself.

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Jim Rogers Judges Decline in Oil Prices is Artificial

Commodities softened with both crude oil and gold prices eased a tad. The focuses of this week are the FOMC meeting and the advanced US GDP growth data for 2Q14. For the former, the tapering should continue with another US$ 10B reduction in asset purchases. The Fed would likely reiterate tapering should end in October.

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US Growth and FOMC in Focus