Chinese exports surprise to the upside
Wall St. closed mixed yesterday evening as markets await key upcoming data from China and the latest earnings from the big banks. In the Asia Pac area, The ASX (0.85%) and Shanghai Comp. (0.73%) traded higher after a few sessions of mixed trade and the Shanghai Comp. managed to trade just above flat. The Chinese export data surprised to the upside as expectations were for a 7.3% rise, the actual reading came in at a massive 14.2%.
After yesterday's drop oil markets are have consolidated overnight with spot WTI trading at $63.75/bbl in early trade up 0.22%. It seems traders have priced in some of the supply disruption stories but it is important to keep an eye on new developments.
Gold took a heavy fall yesterday and trades back below the psychological $1300/oz level this morning. With reports of heavy central bank buying from the likes of China and Russia, many analysts still remain bullish on the precious metal.
Copper traders are said to be dealing with rising inventory levels and the threat of more US-EU tariffs and despite this overnight, the industrial metal rose to $2.90/lb rising 0.50%. The beat on Chinese exports provided a nice catalyst for a move higher.
Today we are on the lookout for