US STOCKS: Late Equities Roundup: Miners Outperform as Gold Hits Record High
Dec-26 19:58
* Stocks hold near steady (SPX Eminis & Nasdaq) to weaker for the DJIA late Friday. Currently, the...
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FED: Beige Book: Employment Responses Continue Trend Deterioration
Nov-26 19:49
- You can clearly see the deterioration over time in the breadth of employment level responses in the table below.
- Whilst one district seeing a small increase isn’t unusual, there is starting to be a clearer shift to those seeing declines albeit still mostly only slight declines at this stage.
COMMODITIES: Precious Metals Rally Amid Fed Rate Cut Hopes, Crude Rebounds
Nov-26 19:45
- Precious metals have rallied today as expectations for a December Fed rate cut continued to weigh on the US dollar.
- Spot gold has risen by 0.8% to $4,164/oz, while silver has jumped by 3.5% to $53.3/oz.
- The trend condition in gold remains bullish and the bear phase between Oct 20 and 28 appears to have been a correction. The first short-term bull trigger has been defined at $4,245.23, the Nov 13 high.
- Meanwhile, trend signals in silver also remain bullish, with sights on $54.480, the Oct 17 high. Clearance of this level would confirm a resumption of the primary uptrend and open $55.444, a Fibonacci projection.
- Elsewhere, copper has rallied by a further 2.1% to $520/lb, taking total gains from last week’s lows to 4%. The move has been given added momentum by concerns of supply shortages outside of the US amid the tariff threat.
- Price has broken initial resistance at the 50-day EMA and further gains above next resistance at $550.00, the Jul 9 and 28 lows, would undermine the bearish threat.
- WTI crude is also higher today after recovering from a low of $57.66/bbl yesterday amid Ukraine-Russia peace hopes.
- WTI Jan 26 is up by 1.1% at $58.6/bbl.
- Resistance to watch is $61.84, the Oct 24 high, a clear break of which would signal scope for a stronger correction.
FED: Beige Book: District Details See Better Activity But Softer Labor & Prices
Nov-26 19:40
- The Beige Book showed a net improvement for economic activity on the below district-by-district comparison.
- It’s a small improvement though, with the overall summary still classifying economic activity as “little changed” according to most of the twelve districts. Two noted a modest decline whilst one reported modest growth.
- However, there were net dovish developments across employment and inflation on a breadth basis, as shown below, including around half of districts noting weaker labor demand.
