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Fundamental News: September 10, 2013


Statistics Canada revealed a pleasant surprise yesterday care of the Building Permits report. The total value of new building permits issued surged 20.7 percent (or CAD8 billion) in July. This is about five times than the median estimate, and a big jump from June’s -10.6 percent reading. Improved number of construction intentions for commercial buildings in Alberta, Ontario, and Quebec led the latest surge.


Today, the Bank of Japan Monetary Policy Meeting Minutes revealed that several members preferred that the government would promote fiscal reform steadily. Further, many said price hikes are being monitored. Meanwhile, Japan’s METI reported that Tertiary Industry Activity eased 0.4 percent in July. M2 Money Stock increased 3.7 percent in August, slightly lower than expected. A jolt happened in Yen after Prime Minister Abe ordered to increase the stimulus package.


In China, the National Bureau of Statistics reported that Fixed Asset Investment increased slightly to 20.3 percent in August. Industrial Production rose 10.4 percent in August, beating its 9.9 percent median expectation. Retail Sales was also up slightly, 13.4 percent.


Later, the Bureau of Labor Statistics will announce the latest Job Openings and Labor Turnover summary (JOLTS).

Commodities News


Gold is getting another smackdown today after buyers failed to reach $1,400 amid yesterday’s tight trading near the level. Price is has just broken $1,370 and it is on its way to a potential break of Friday’s low printed at $1,360. As mentioned yesterday, a move toward $1,300-50 would complicate matters for bulls



Similar price action is seen in Oil as it is on its way to print its second bearish daily close. The mid-$110 capped rallies on Friday and Monday, and now we are seeing a potential attack on the downside. We should see potential support around $105-$107.

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