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Fundamental News: September 30, 2013

The Bureau of Economic Analysis in the United States reported on Friday that Core Personal Consumption Expenditures Price Index inched up 0.2 percent in August. Meanwhile, Personal Spending increased 0.3 percent, while Personal Income rose 0.4 percent in August.

 

The revised University of Michigan Consumer Sentiment Index slid to its worst reading in five months this September. The index dropped to 77.8 after registering 82.1 in August.

 

Earlier today, Statistics New Zealand said Building Consents rose 1.4 percent. On the other hand, ANZ Business Confidence jumped to 54.1, from 48.1 in August.

 

In Japan, Retail Sales rose 1.1 percent year-on-year in August, following a 0.3 percent decline in the prior month. Preliminary Industrial Production, meanwhile, eased 0.7 percent after posting a 3.4 percent advance in July.

 

In Europe, Germany registered a 0.5 percent increase in Retail Sales last August. The reading for July was revised higher to -0.2 percent from -1.4 percent.

 

Eurostat announced that CPI Flash Estimate posted an above-1 percent increase for the eight month in succession this September. Inflation stood at a three-and-a-half year low of 1.1 percent.

 

Month end is also relatively quiet in North America. Only Canada’s GDP and US Chicago PMI will be out less than one hour from now.

 

Commodities News

 

Gold bulls are getting a good head start this Monday as price already made an advance into the $1,350s, although price has eased back into the $1,330s since. We could witness more bullish pressure as price created four straight higher highs and lows last week.

 

 

Oil is moving in the opposite direction that Gold is taking this mid-Monday. $102 has broken completely and the initial bounces failed to break through it. This is a worrying sight for bulls they should make quick remedies or most of them would abandon the near-term bullish campaign. $97-$99 are initial bearish targets.

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