Morning Market Report

Nov 23, 2012

The market is down 8. SFE Futures were up 4 this morning.

Dow Jones was closed for Thanksgiving, the US market will re-open for half a session on Friday. European markets up on some mixed PMI data. Base metals were up on the back of the improving trend in the November “Flash” HSBC PMI number that was reported during our market session yesterday — it registered a reading above 50 (expansion) from under 50 (contraction) the month before. European markets up — UK FTSE up 0.68%, German DAX up 0.84%, France up 0.60%, Spain up 0.90%, Italy up 1.03% and Greece up 1.99%. The Stoxx Europe 600 index up 0.6% with all 10 of the benchmark’s sectors up with, Consumer Services (+1.1%), Basic Materials (+1.1%) and Technology (+0.9%). Metal mixed — Copper up 0.29%, Nickel down 0.84%, Aluminium up 0.79%, Lead up 0.79%. A statement by big copper producer Codelco that its output levels over the first nine months of 2012 were down 5% on the same period in 2011 added some momentum to the day’s rally. Spot iron ore unchanged at $120.60. Gold up $1.30 to $1729.50. Oil up down 26c to $87.12.

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