OVERNIGHT RECAP (all prices AO 6:20Aam ET)
Headlines
- SILVER TAKES THE LEAD (CHART BELOW)
- UK STOCKS ERASE ALMOST ALL BREXIT LOSSES- like it never happened. Central banker magic.
- FED DONE HIKING UNTIL 2018 (CHART BELOW)- BBERG- consider the can kicked another 2 years
- INVESTORS WAGER CENTRAL BANKS WILL RIDE TO RESCUE WITH MORE STIMULUS- BBERG- yes, they really said that
- PBOC INTERVENES IN MARKET FOR STABILITY- china must "stealthily"devaue in wake of brexit
- CHINA GOLD IMPORTS AT HIGHEST IN 5 MONTHS- PLATTS- de-dollarization continues
- MORGAN STANLEY TURNS BEARISH ON COMMODITIES:SITES CHINA, BREXIT- oil rallies, so much for that thesis
- ISTANBUL TERROR LEAVES 36 DEAD, 147 INJURED- CNN
- MERKEL/ EU LEADERS PRESS UK FOR EXIT PLAN- BBERG
- GBP/ EU RALLY VS USD AS BREXIT A DISTANT 5 DAY OLD MEMORY
MARKETS
Commodities
- GOLD: 1322.5 +4.60
- SILVER 18.32 +.043
- BRENT OIL: 49.11 +0.53
- WTI: 48.46+ 0.61
- NG: 2..88 UNCH
- CMX COPPER 216.95 -0.60
- SOY: 1116.50 -3.75
- CORN: 388.75 UNCH
- WHEAT: 458.75 +1.50
SILVER TAKES CHARGE, RALLYING 2.31% OVERNIGHT
Stocks
- ES: 1037 +0.43%
- DOW mini: 17379 +.45%
- FTSE :6271 +2.14%
- DAX: 9580 +1.41%
- NIKKEI15566 +1.59%
Currencies
- GOLD vs GBP: +6.40
- GBP: 1.3319 -0.19%
- GOLD vs EU: +5.39
- EU: 1.10 UNCH
THE FED LIKELY WON'T BE RAISING RATES UNTIL 2018- BBERG
The Day Ahead
- Global stock markets continue to shrug off the warning signs of Brexit
- Risk-on markets continue to put faith in the omniscience of central bankers
- Energy- Oil rallied on Big Draw, but Nat Gas was big winner yesterday up 20 cents
- Silver leading the way this morning. Be careful this could be sign of short term top ironically.
- Precious metals rally in the face of global stock pricies rising- a possible unintended consequence of perpetual easy money (see chart above)
- The EU plays tough with the UK trying to force its hand while individual countries carve out trade deals with the UK
- Three terrorists armed with bombs and guns killed at least 36 people at Istanbul Ataturk Airport in Turkey.
Good Luck Today
- Soren K.
Read more by Soren K.Group