European equity indices got off to another shaky start this morning despite a slight rebound during the Asian session as investors took advantage of the recent drop. Global stock markets fluctuated throughout the day, swinging between positive and negative territory as market participants remained firmly focused on the situation between the Ukraine and Russia while still feeling the pang of weaker Chinese trade data.
Support for energy futures was reaffirmed as crude prices gained some ground after yesterday’s sell-off with front month Brent prices up slightly, testing the 100 day and 200 day MA. Front month NYMEX natural gas prices were holding firmly under the 50 day MA as prices consolidated sideways for the ninth session around $4.50/MMBtu, as investors waited for the next headline out of the Ukraine before committing wholeheartedly on price direction.
Spot gold prices struggled to lift significantly higher, despite the risk averse climate as investors sought out safe havens, as buying appetite was still largely suppressed on a weaker physical demand outlook in China. Prices have been unable to breakout significantly above resistance forming just above $1,350 while support remains firm towards $1,330/oz.