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Fundamental News: November 4, 2013


The Institute for Supply Management revealed on Friday that Manufacturing Purchasing Managers’ Index continued to expand in October, and in fact advanced to the fastest pace since April 2011. Manufacturing PMI expanded to 56.4, beating the median expectation of 55.3. ISM Manufacturing Prices stood at 55.5 and also beat its own expectation.


Today, the Australian Bureau of Statistics said Retail Sales grew for the third straight month in September. Retail Sales rose a seasonally adjusted 0.8 percent, after rising 0.5 percent back in August. ANZ Job Advertisements edged down 0.1 percent in October, following a 0.2 percent gain in September. Meanwhile, House Price Index increased less than expected in the September quarter (1.9 percent versus 2.3 percent expected).


In Europe, the Manufacturing PMI for Spain and Italy were disclosed earlier and these stood at 50.9 and 50.7 respectively. Both were slightly below expectations. Final Manufacturing PMI for the Euro-area stood at 51.3.


For the United Kingdom, Markit reported that Construction PMI surprised to the upside with an increase to 59.4, the best level since September 2007.


Later, the US Census Bureau will release the September report for the Factory Orders data.

 gold chart for 04 November 2013

Commodities News


Gold reversed course last week after bulls failed to make a follow-through move through $1,360 last Monday. Although $1,300 has not been technically damaged, price is now back to the same area seen two weeks ago, and bulls need to prop price up again and prevent attacks on the $1,300 level.


A fantastic weekly session saw Oil sellers bring price down last week to close below the $95 level. Sellers mean serious business and they are looking for a move toward $90.



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