Good morning Andrew,
Let's start to the update with a look at Asia where trading resumed sharply to the downside in a catch up to last Friday's sharply lower western market sell offs....With the Dow ending last Friday with losses of 275 points; Asian markets closed out the first trading day of the new week with declines of 1.7% to 2.7%....All the negative sentiment stems from last Fridays dismal U.S. employment data, and the ongoing Euro-zone worries......
Looking to Europe this morning we find stock markets trading mixed with Paris up .7%......Germany is virtually unchanged ...... London remains 1% lower.....
In late morning London metals trading, price are steady to a shade higher as QE3 remains a focal part of trader floor chatter.....Silver is 8 cents higher at $28.68.....Gold is $1625.00 up $4.00.....Palladium is $3.00 lower at $614.00 per ounce.....Platinum is edging higher by $2.00 at $1444.00......
Meanwhile Oil remains under pressure in the wake of our employment data.....China has since announced disappointing services sector data adding to the negative sentiment.....Crude is trading at $82.02 down $1.21 per barrel.....
The Euro is surprisingly stable at $1.2436 up 3/100ths of a U.S. cent......
Early indications are calling for the Dow to open a mere 9 points lower.....
So; we start the week on a U.S. employment hangover where hopes of further quantitative easing are weighing against the ongoing European anxiety.....That's it....
Peter R.....Southern Trust Metals, Inc.
Toll free 1-877-448-0080
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