Trump Says He Feels The Fed Are Hiking Too Fast
Another mixed day for equities over in the US, the Nasdaq traded 0.03% higher while the Dow fell 0.21%. No such problems in the Asia Pacific area as the Nikkei (0.08%), Shanghai Comp. (0.02%) and ASX (0.14%) all trade higher. Elsewhere, US President Trump says he feels the Fed is hiking rates too fast but will stay out of it.
This morning base metals trade higher as lead outperforms moving 0.36% to the good. Although after a good session yesterday copper has had a minor retracement trading -0.19% lower. Yesterday the base metal bounced off the $2.73/lb support once more and this morning we trade at around the $2.78/lb area.
Oil markets trade marginally higher as talk of strong demand holds up prices. Yesterday, IEA's Birol stated that we could be in for a strong quarter as more supply is needed for the demand growth in the commodity.
Gold looked as if it about to take another serious drop yesterday and then recovered after making a low of $1183/oz. This morning the precious metal is trying to hold the $1190/oz area.
Today data picks up and we have UK GDP, UK manufacturing production, US PPI, weekly API's, and Fed's Evans, Bostic and RBA's Elis all speak....