Good morning Andrew,
European and U.S. markets are being pressured this morning after China announced their 1st Quarter GDP grew at 8.1%.....Analysts were expecting 8.4%....Last year's 1st Quarter grew at 8.9%....This is just another example of cloudiness surrounding the Chinese economy....Where is it truly headed?.....Yesterday markets applauded a big surge in Chinese bank lending....
Looking across the Atlantic we find European stocks lower by .3% to .9%....Remember Europe is China's major trading partner.....When China sneezes Europe gets a cold.....The Euro currency is 23/100ths of U.S. cent lower at $1.3161.......
The stronger U.S. Dollar coupled with the disappointing Chinese data has Oil trading lower by 30 cents at $103.34 per barrel......
As for the Metals; in late morning London trading we find Silver changing hands at $32.40 off 15 cents.....Gold is down $4.00 at $1675.00 per ounce....Palladium remains unchanged at $655.00......Platinum sits at $1603.00 off $5.00.....
In New York trading Dow futures are indicating a 40 point lower open in advance of this morning's U.S. economic data, and on the heels of the Chinese GDP....Traders are awaiting the release of April's University of Michigan Sentiment Index of Consumer Confidence where the estimate sits at 76.1; a shade less than March's 76.2.....Today's calendar also includes the latest gage of consumer inflation...The Consumer Price index is expected to by up .2% versus .1%....The data if correct should have little impact on markets today....
In other news; the ominous North Korean rocket launch ended in disaster yesterday as the vehicle blew apart one minute after launch....The rocket supposedly cost $450 million, a big embarrassment to the new regime....That's it.....Have a good morning.....
Peter R.....Southern Trust Metals, Inc.
Toll free 1-877-448-0080
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