A decades-long look at the gold versus platinum spread has the reversion to mean telling us it’s going lower.
Overnight Asian emerging markets followed Western counterparts lower, becoming more cautious ahead of the FOMC meeting and Germany’s high court bond-buying program ruling.
Overnight developed and emerging markets started the week out mixed on speculation and hope. Market participants assume the continuation of questionable data will lead to additional stimulus from both the U.S. and emerging markets leader China.
The Emerging markets of Hong Kong and China saw their equity markets reverse, posting the strongest market performance in roughly seven months. The reversal was the result of government announcing new infrastructure projects to re-energize the economy.
Developed and emerging markets broadly drifted high in overnight sessions on European Central Bank hopium. Market participants continue to speculate that the ECB will be able to construct a comprehensive strategy to remedy the euro zone’s crisis.
Emerging markets in Asia last night were under pressure after U.S. markets fell on weaker than expected manufacturing data. Commodity prices continue to move lower ahead of the European Central Bank meeting and Non-Farm Payroll report tomorrow and Friday respectively.
Overnight emerging markets came under pressure from the eurozone as rating agency Moody’s downgraded the European Union’s outlook.
Overnight emerging markets equities were broadly lower. Market participants cautiously moved to the sidelines ahead of U.S. Federal Reserve Chairman Ben Bernanke’s speech from Jackson Hole at 10 a.m. EDT today.
Overnight equity markets were under pressure from commodity prices and poor earnings results ahead of U.S. Federal Reserve Chairman Ben Bernanke’s eagerly awaited speech tomorrow at the Jackson Hole central bank summit. Hong Kong lead emerging markets lower by 1.19% as the entire region closed in a sea of red ink.
Gold prices remained flat after this morning’s Commerce Department report showing U.S. GDP grew in line with analysts’ expectations of 1.7%. This is shy of the of the 2% target thought to keep the U.S. economy from stalling and falling back into a recession.