por admin » Mar Nov 22, 2016 7:01 am
Hot metals
November 22, 2016 — 5:48 AM EST
Want to receive this post in your inbox every morning? .
Commodity rally sees metals surge while oil jumps above $49, and Trump outlines his first-day plans. Here are some of the things people in markets are talking about today.
Industrial metals are rallying again, with price gains helping to set the Bloomberg Commodity Index up for its biggest three-day gain since May. Copper is climbing for a second day and is headed for its highest close since 2015, while iron ore and steel surged by their daily limits in China. Tin, which is up 40 percent this year, is expected to extend its climb as shortages are set to persist. Gold was also higher this morning.
Oil surge
A barrel of West Texas Intermediate for January delivery was trading at $49.00 at 5:08 a.m. ET. Crude's rise of almost $5 a barrel since Friday's low has been driven by increased optimism on a production-reduction deal being stuck at next week's OPEC meeting in Vienna.
Trump's first days
President-elect Donald Trump outlined some of his policy goals for the start of his presidency in a video posted on Youtube yesterday. Unsurprisingly, he said he would withdraw the United States from the Trans-Pacific Partnership, saying he prefers to do bilateral trade deals with nations. Meanwhile the PEOTUS continues to have meetings with potential administration picks, with a top adviser saying he's in no rush to fill positions.
Markets rise
Overnight, the MSCI Asia Pacific Index added 0.8 percent while Japan's Topix index climbed 0.3 percent as the oil rally outweighed concerns that followed an offshore quake that led to evacuations amid tsunami warnings. In Europe, the Stoxx 600 Index was 0.3 percent higher at 5:19 a.m. ET as commodity producers rallied. S&P 500 futures gained 0.3 percent.
Fed certainty
Death, taxes, and a Fed rate hike in December are life's only certainties — according to the bond market which now has chances of an increase in December at 100 percent. When it comes to central bankers, the only other thing that is certain is that it is best to be Belgian.
What we've been reading
This is what's caught our eye over the last 24 hours.
Global gasoline demand has all but peaked.
$100 billion Chinese-made city near Singapore 'scares the hell out of everybody.'
In pursuit of a 10,000 percent return.
A tiny ETF could be signalling the start of a big new investing theme.
Why investors shouldn't get overly excited about a Trump fiscal boom.
Turkey prices are falling.
The curse of Indian cash scrapping.