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Fundamental News: October 9, 2013

Statistics Canada declared on Tuesday that Canada’s August international merchandise trade deficit increased slightly to CAD1.3 billion from CAD1.2 billion in July. Merchandise exports improved 1.8 percent (led by metal and non-metallic mineral products and energy products), while imports grew 2.1 percent (led by energy products, motor vehicles and parts, and aircraft and other transportation equipment and parts).


News made the rounds in early Asia today that the White House will be announcing as early as Wednesday (US time) that Janet Yellen will replace Bernanke as US Federal Reserve head. Yellen will go through the US Senate Committee on Banking, Housing, and Urban Affairs for approval.


In Australia, Westpac Banking Corporation disclosed today that Consumer Sentiment slipped 2.1 percent in October, following the advance to a 33-month high in September.


In the United Kingdom, the Office for National Statistics said Manufacturing Production surprisingly contracted 1.2 percent in August, the greatest decline in nearly a year, putting the third-quarter recovery’s strength in question. Meanwhile, Trade Balance improved slightly as the trade deficit eased to GBP9.6 billion in August from GBP9.9 billion in the previous month.


Germany’s Industrial Production moved back into the green, according to the August report released by Destatis. Industrial Production rebounded 1.4 percent following a revised 1.1 percent decline in the previous month, indicating a potential sustained recovery.


Later, we will have UK NIESR GDP Estimate, followed a few hours later by the US FOMC Meeting Minutes.


Commodities News


Gold is too weak to even pass through the $1,330 area and this has happened again today. Price subsequently declined and is now close to the $1,300 level. The 1.5-month low at $1,277 is back at risk if $1,300 yields to pressure.


Oil is holding very close to the $103 level despite quick trips to $104 and $102 yesterday. We don’t expect much from this unless $104 or $101 breaks with momentum.



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