ETX Capital Daily Market Bite, 20th May, 2013: European Stocks Up A Touch But Gold Slides
May 20, 2013 11:21 am
May 16th 2013, Daily Market Bite from Ishaq Siddiqi Market Strategist
European stock markets kick off the week on a brighter note, following another record finish in US markets on Friday and an upbeat session in Asia overnight. Volume today however is on the light side due to Whit Monday holiday in Germany and France [though both markets are open for business] and with markets closed in Austria, Denmark, Luxembourg, Norway and Switzerland. In the currency market, the yen climbed against its rivals after Japan’s Economy Minister Akira Amari said further losses in the currency would negatively affect people. The sharp strengthening in the yen has seen gold and metal prices plunge in overnight trade as investors sold metals to cover FX losses. Gold has had a turbulent past few sessions as its near-term outlook deteriorates on continued liquidation of holdings in ETFs. Looking ahead, there is very little on the euro zone data agenda so the focus will be on Italian industrial orders, the Bundesbank’s monthly report. In the US, we have no major data points with only the Chicago Federal Reserve’s national activity report worth noting.
May 16th 2013, Daily Market Bite from Ishaq Siddiqi Market Strategist
European stock markets kick off the week on a brighter note, following another record finish in US markets on Friday and an upbeat session in Asia overnight. Volume today however is on the light side due to Whit Monday holiday in Germany and France [though both markets are open for business] and with markets closed in Austria, Denmark, Luxembourg, Norway and Switzerland. In the currency market, the yen climbed against its rivals after Japan’s Economy Minister Akira Amari said further losses in the currency would negatively affect people. The sharp strengthening in the yen has seen gold and metal prices plunge in overnight trade as investors sold metals to cover FX losses. Gold has had a turbulent past few sessions as its near-term outlook deteriorates on continued liquidation of holdings in ETFs. Looking ahead, there is very little on the euro zone data agenda so the focus will be on Italian industrial orders, the Bundesbank’s monthly report. In the US, we have no major data points with only the Chicago Federal Reserve’s national activity report worth noting.
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