Global equities and commodities higher on New Year Eve

Tuesday, December 31, 2013

The Euro gave back yesterday’s gains and slid slightly lower on Tuesday, trading around the 1.377 area against the US dollar. Furthermore, the USD index rebounded to trade above the 80.0 level. The dollar held near a 5-year high against the yen to be on track to end 2013 up nearly 21%, while the recent efforts to boost the Japanese economy showed potential for yen weakness to extend into 2014.

Singapore’s economy grew by 3.7% in 2013, Prime Minister Lee Hsien Loong said today. The GDP increase is in line with the government forecast of 3.5% to 4% growth and above Bloomberg analysts’ estimates for a 3.55% expansion.  

China’s local government debt hits $3 trillion. According to Thomson Reuters, China’s state auditor said in a report that local governments had total outstanding debt of 17.9 trillion Yuan or $3 trillion, at the end of June, including contingent liabilities and debt guarantees.  

Energy: Brent held above $111 per barrel following renewed signs that crude oil production in Libya may be starting to recover. According to the National Oil Corporation, Libya’s Sarir and Messla oilfields are up and running. However, the Hariga port remains closed. Brent oil has traded between $96.70 and $119.17 in 2013 and it is likely to end 2013 virtually unchanged, compared to last year.

Base Metals: LME copper climbed higher to reach almost a 4-month high trading around 7368 area, while LME aluminium has drifted near a 2-month high as strong US economic data has recently improved the outlook for base metals.  

LME Copper

LME Copper

 

Events for today:

 

1445

US

Dec

Chicago PMI

1445

US

Dec

PMI employment

1500

US

Dec

Consumer Confidence

1530

US

Dec

Dallas Fed services

 

All times UK Local Time

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