Author: sincerity

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Copper falls as recession fear grips markets

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Cuba names Manuel Marrero Cruz as first prime minister since 1976

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Dow drops 150 points after worse-than-expected manufacturing data

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Gold dips on profit-taking, but holds above $1,500 on growth woes

Gold price strengthened further on news of increase in Chinese physical demand. The China Gold Association confirmed that demand soared +41.4% in 2013, making the country the largest gold buyer last year. With output rising +6.2%, China remains the world’s largest producer for a 7th year.

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Gold Price Climbed on Higher Chinese Demand

WTI-Brent spread widened again in recent weeks as crude oil demand at Cushing dropped. The spread closed at –US$ 8.63/bbl last Friday, the lowest level in 4 months. The spread is expected to narrow in the fourth quarter but then widened again next year.

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iBank Focus: Widening of WTI-Brent Spread

The Fed’s July meeting signaled that more members were now leaning towards tapering QE measures later this year if economic data warrants. While there have been speculations of the QE reduction from September, the market reacted after the minutes was released. US dollar and the Treasury yields soared but the Wall Street declined with the DJIA and the S&P 500 indices losing -0.59% and -0.62% respectively.

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Financial Markets Declined as Fed Officials Leaned Towards Tapering in Near-Term

Central bank meetings caught the headlines although both ECB and BOE left the policy rates unchanged. The euro slumped to a 5-week low as the ECB pledged to keep the main refi rate unchanged at 0.5% unanimously.

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ECB, BOE Maintained Easing Bias, Next Focus on US Payroll

Financial markets climbed higher in US session on better-than-expected economic data and as investors awaited the upcoming FOMC meeting. Gains were pared later in the day as Robin Harding wrote in Financial Times that Fed Chairman Bernanke might signal that the Fed is close to tapering down is QE program.

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Sentiment Mildly Improved on Encouraging US Economic Data

US economic data was somehow disappointing yesterday. Yet, financial markets rose amid expectations that weaker data would trigger the Fed to continue QE measures. Wall Street gained with the DJIA and the S&P 500 adding -0.14% and +0.37% respectively. Japanese shares plunged despite BOJ Governor Kuroda’s reaffirmation that the central bank is committed to asset purchases and exert downward pressure on long-term interest rates.

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Financial Markets Gained although US Data Disappointed