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XAU/USD (Spot Gold) encountered profit taking as fears concerning the euro and tensions in South Korea eased overnight against a backdrop of a firm bid in equity markets continuing from Asia into the European session. Buoyed by the positive slew of economic reports from Asia and the UK a positive tone continued throughout the session. This in turn set the tone for a positive opening on Wall Street. By 4pm GMT the UK FTSE at 4pm stood at 5,640 and DJIA regained the 11,200, well off overnight lows. U.S. stocks jumped into December with strong gains, as robust U.S. jobs figures and manufacturing data from China and the U.K. helped investors look past festering concerns in Europe. The Dow Jones Industrial Average gained 195.91 or +1.78%) in early trading, while the Standard & Poor's 500-stock index regained and held the 1,201 level in early trade.
Nano & Bulk Commodities
During the morning European session XAU fell from a high of $1,396 per try oz to trade testing support at the $1,385-6 level by the US open. Spot silver remained well bid however, in contrast as did copper reflected in the underlying price of nanosilver and copper powder respectively. Price indications for Nanosilver, 99.9%, 20-40nm were well bid following rumours of a significant European Block buyer doing the rounds gaining to hold the $1.60-65 per gram level with 99.9%, 20nm Copper Powder (Asian Delivery) holding steady at $8.50 per gram. Significant buy side interest carried over from the previous session focused on micron Ti02 (Rutile) with a block buyer of 100MT doing the rounds. Ti0s Rutile remained size bid at the $1,500 level by the European close. This in turn added a boost to Nano-scale Ti02 rutile and anatase trading at 14c per gram (200nm rutile) 10c per gram (40nm anatase). Nano Oxides and metals held steady reflecting underlying bulk asset prices with the exchange receiving renewed enquiries from traditional organisations interested in exploring possible synergies going forward. On nano-enabled commodities the market on open formally listed a 50 litre contract in a US sourced diesel Cerium Oxide fuel borne catalyst which the instrument holding a steady offer intraday at $115 a litre on a 1:4,000 dose ratio.
The INMX (INSCX NanoMaterials Index) held steady at 107.25 by the close of the European session with gains in silver and copper offsetting a retracement off the highs in gold.
Oil was steady near USD 84 a barrel overnight, capped by a stronger USD as financial markets remained focused on Europe's debt problems, while an industry report signalled a drawdown in US fuel inventories may be slowing. WTI crude futures were trading at USD 86.15 by 4pm (GMT) at the close of today's European session.
US API Crude Oil Inventories W/W (Nov 26) -1141K vs. Prev. 5189K
US API Cushing Crude Inventory W/W (Nov 26) 610K vs. Prev. 460K
US API Distillate Inventory W/W (Nov 26) 224K vs. Prev. -311K
US API Gasoline Inventories W/W (Nov 26) 1069K vs. Prev. -499K (RTRS)
IEA sees natural gas oversupply extending into next ten years, prices to go up to USD 7 per MMBTU by 2015
Bulk polymer and Furnace Black prices remained well bid today ($1,150 MT and $1.58 lb) in the European session given brad sentiment leaning to suggest benchmark WTI in holding the $84-$87 range going forward beyond the traditional "winter" season to test the $100 benchmark on the upside. With the exchange decision to consider the formal listing of bulk polymers contracts in Polypropylene and Low density Polyethylene following their delisting by the London metal Exchange this may in due course galvanise in a move toward the eventual formal listing by INSCX exchange of nano-enabled polymers using industrial grade Thin multi-walled CNTs and NGPs as composites. Price levels for TWCNTs held steady at 0.135 cents per gram with Graphene nanoplatelets (Industrial Grade), 15nm, 50m2/g holding 55c per gram on the offer. Formal listing of bulk polymers may help the physical market overcome supply-chain price insurance or hedging difficulties as input costs experience increasing levels of volatility. On other nanomaterials intraday research quantity interest surfaced in Silver nanowires with the exchange seeking to bring onstream supply sources for these and other materials.
Apple (APPL) awarded patent for 3D screen without need for glasses.
GM (GM) says continues to see gradual rise in concumer demand for vehicles. Says sales increase 21% in November with total sales up 11.4%. Source RTRS
China to introduce 110% tariff on some fertilizer exports
GBP/USD stops below 1.550 triggered intraday
Yahoo (YHOO) to lay off 10-20% of employees by December 13th
Rates at 4pm versus the USD as follows;
£ Sterling 1.555/57
€ Euro 1.3049
¥ Yen 84.15
Spot Bulk metals
XAU $1,385.93 v $1,397.15
XAG $28.30 v $27.95
Cu 390.78 v 378.25 (March)
Economic News - Afternoon/US Open
US MBA Mortgage Applications (Nov 26) W/W -16.5% vs. Prev. 2.1%. (RTRS)
US Challenger Job Cuts (Nov) Y/Y 48.711K vs. Prev. 37.986K (RTRS) - US planned job cuts for November at highest since March 2010
US ADP Employment Change (Nov) M/M 93K vs. Exp. 70K (Prev. 43K, Rev. to 82K) (RTRS), highest since November 2007
US Nonfarm Productivity (Q3 F) Q/Q 2.3% vs. 2.3% (Prev. 1.9%) (RTRS)
US Unit Labour Costs (Q3 F) Q/Q -0.1% vs. Exp. -0.2% (Prev. -0.1%) (RTRS)
Market talk that the ECB may announce an extension to its bond buying program in tomorrow's press conference.
FTSE 100 (+1.86%), DAX (+2.18%), CAC 40 (+1.32%), Eurostoxx 50 (+2.32%), SMI (+1.55%), IBEX 35 (+4.45%), FTSE MIB (+1.98%). Prices taken at 1347GMT.
JGBs (Japanese Government Bonds) soared more than half a point and yields plunged across the board overnight, as players covered short positions following a 10-year bond auction. The benchmark 10-year yield fell 6 basis points to 1.125%. (RTRS)
BOJ's (Bank of Japan) Suda said the risk of prolonged weakness in Japanese economy remains high, with a strong chance of a contraction in the final quarter of this year. (RTRS). He added that buying more types of risk assets and boosting size of asset buying fund are options.
PBOC deputy governor, Du Jinfu, said the monetary policy steps taken by the PBOC so far have had a good effect. (RTRS)
Chinese Manufacturing PMI (Nov) M/M 55.2 vs. Exp. 54.8 (Prev. 54.7)
Chinese HSBC Manufacturing PMI (Nov) M/M 55.3 vs. Exp. 55.4 (Prev. 54.8) (RTRS)
T-notes finished in positive territory despite stronger than anticipated Chicago PMI and US consumer confidence data, as Eurozone sovereign debt concerns continued to weigh on investor sentiment. Treasuries came-off their best levels in the latter half of the session, to finish up 5+ ticks at 124.03. It is worth noting, at the closing bell DJIA closed down 0.42% at 11006.02, the S&P 500 closed down 0.61% at 1180.55 and the NASDAQ 100 closed down 1.27% at 2117.33. At 0642GMT UST (US Treasuries) were trading unchanged at 124.03+.
Ten Fed banks voted to keep discount rate steady last month, two (Kansas City and Dallas) wanted to rise to 1%. Fed directors saw inflation 'subdued' and unemployment 'too high' also saw 'slow' pace of recovery. The minutes show Fed directors expected inflation 'to remain quite low' and said housing 'remained depressed'. Fed's Bernanke said that growth is not fast enough to cut jobless rate. Fed's Lacker said that he sees some "hysteria" and "overreaction" in worries that runaway inflation is around the corner. He added that the Fed will eventually have to time the withdrawal of monetary stimulus delicately to avoid rising inflation. (RTRS/Sources) Lacker also said that the financial overhaul legislation hasn't removed the likelihood of another crisis.
ABC Consumer Confidence (Nov 28) W/W -45 vs. Exp. -46 (Prev. -47) (RTRS)
Republic of Portugal may be cut by S&P. (RTRS/Sources/CNBC)
S&P places Portugal 'A-/A-2' ratings on creditwatch negative, says Portugal long term and short term ratings may be cut. The rating agency says Portugal's creditwatch placement reflects risks from possible recourse to official funding by government. In addition, says sees Portugal's economy contract at least 2% in 2011, real terms and says still sees Portugal as investment grade even if downgraded. In other news, Portuguese PM Socrates said there is no pressure or need to seek bailout.
S&P official says France deserves its AAA rating for the moment, and the outlook for the rating is stable. (RTRS)
Trichet hints at bond purchase rethink. (FT FrontPage)
Markets should not underestimate Europe's determination to resolve the escalating Eurozone crisis, Jean-Claude Trichet, ECB president, has warned as he left open the possibility of the bank significantly expanding its government bond purchases to drive down surging borrowing costs.
Doubts over new "stress tests". (WSJ)
European plans for another round of bank "stress tests" next year are already beset by squabbling and the possibility that the test results won't become public.
UK Nationwide House Prices SA (Nov) M/M -0.3% vs. Exp. -0.4% (Prev. -0.7%); NSA Y/Y 0.4% vs. Exp. 0.5% (Prev. 1.4%) (RTRS). British house prices fell for the fourth month in five in November, in a sign the downturn in the country's property market is becoming more entrenched.
Australian GDP (Q3) Q/Q 0.2% vs. Exp. 0.4% (Prev. 1.2%, Rev. to 1.1%); Y/Y 2.7% vs. Exp. 3.4% (Prev. 3.3%, Rev. to 3.1%) (RTRS)
About INSCX exchange
Integrated Nano-Science & Commodity Exchange (INSCX exchange) is a formal commodity exchange trading platform devoted to the structured physical trade of a wide range of Thematic Class Materials (TCMs) including nanomaterials, advanced materials, nano-enabled commodities/composites and more traditional commodities such as metals, grains, products and oils. All physical-delivery material contracts listed on the exchange are sourced (SHE) accredited, compliant and supplied validated and insured. Commodities listed for trade by us range from basic raw nanomaterials (NMs) such as carbons, metal oxides, specialty chemical solids, traditional commodities and high-end, processed goods such as photonics and programmable matter. The exchange is based in the UK operating live trading access within Europe and North America with full global rollout to be made available by 2011. INSCX aims to be the global focal point of emerging trade in nanomaterials, a trade which will be crucial to continuing world prosperity in the 21st century. The deliverable of INSCX is an electronic/voice-brokered commodity trading platform enabling price discovery, trade integrity and conformity to agreed material standards, while providing supports for suppliers and purchasers to enhance the commercial usefulness of nanomaterials. Building on centuries of exchange heritage, INSCX serves the risk management and commercial trading needs of global customers particular to the manufacture, use, application and exchange of engineered nanomaterials, advanced materials and nano-enabled commodities. We are the worlds only source of benchmark cash and forward contracts in alternative commodities covering all eleven Thematic Classes available on any exchange.
Our vision provides the market infrastructure to enable these commodities realise their potential as the alternative, precision engineered materials of the future.
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