Good morning Andrew,
Markets are modestly higher this morning despite traders facing mixed sentiment crosswinds.....On the bullish side, Chinese manufacturing data clocked in at a better than expected 13 month high reading, ....On the bearish front we find U.S. politicians making no progress towards a solution for the looming fiscal cliff.......
In late morning London trading the metals are flat to slightly higher......Silver is up 14 cents at $33.52 per ounce......Gold is $4.00 higher at $1716.00.....Palladium and Platinum are both unchanged at $684.00 and $1605.00 respectively......
The better than expected Chinese manufacturing data is giving the Euro a boost to $1.3026, up 40/100ths of a U.S. cent.....At the same time; the nervousness over the U.S. fiscal cliff is adding pressure against the Dollar....
The cross currents are keeping Oil rangebound with prices virtually unchanged.....Last trade $88.86 off 5 cents per barrel....
In global stock market activity we find Asian markets having closed mostly lower on post Chinese data profit taking, and also on languishing concerns over next years Sino economies.....In Europe the data caused a more bullish reaction with markets up 0.4% to 1.27%......Europe and China are heavily co-dependant.......In New York we find Dow futures up 27 points in advance of this morning's stream of U.S. economic data.........Given the "cliff" worries, and the already disappointing expectations for today's data, 27 points is rather optimistic....November ISM Manufacturing is expcted to come in at 51.2; down from 51.7....October Construction Spending is estimated to be up 0.4% versus 0.6%......These are far from inspiring numbers, if correct......
So, as markets wait to see which side of the Washington political aisle blinks first, that's it.....
Peter R.....Southern Trust Metals, Inc.
Toll free 1-877-448-0080
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