The major headline last night was that China cuts GDP target to 7.5% from 8%. The inflation target of 4% will be unchanged from 2011 to 2012. The Chinese government continues to promote sustainable long term growth by relying less on exports and more on domestic consumption as its economy matures after decades of hyper growth. European and UK service PMI contracted to 48.8 and 53.8 respectively. The Greek bailout will face the private sector bondholders as the debt swap proceeds and all eyes will be on the level of participation. Despite the European financial meltdown being contained, their economies seem to be entering into recession territory as austerity and consumer caution will hurt short to midterm growth. US ISM non-manufacturing composite was at 57.3 for Feb and the factory orders was down 1%, both were better than expected. A combination of slowing world economy and the end of QE’s in Europe and US “should” bring the commodities lower in the short term. The lingering high oil prices will continue to hurt economic recovery.
| Metals | Last | %Change | Low | High |
| Au- Apr | 1704.7 | -0.30% | 1694.4 | 1718 |
| Pt-Apr | 1664 | -1.64% | 1656.2 | 1702.7 |
| Pd-Jun | 705.9 | -0.96% | 704.00 | 715.05 |
| Ag-May | 34.075 | -1.29% | 33.755 | 34.950 |
| London | AM | PM | Minor | PGMs |
| Au | 1698 | 1705 | Rh | 1525 |
| Pt | 1665 | 1672 | Ru | 130 |
| Pd | 706 | 709 | Ir | 1100 |
| Ag | 34.18 | DJI | 12904.27 | -73.3 |
| Currencies |
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| USD | EUR | JPY | GBP |
| USD | 0 | 1.3225 | 0.01229 | 1.586 |
| EUR | 0.7562 | 0 | 0.92934 | 1.1992 |
| JPY | 81.36 | 107.6 | 0 | 129.033 |
| GBP | 0.6305 | 0.83385 | 0.7749 | 0 |
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| Crude Brent | 123.58 | Comex Copper | 385.25 |
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| Crude WTI | 106.38 | Nat Gas | 2.374 |
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| *THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES |
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