Better than expected data out of China in the overnight sessions had investors hopeful of a change

Better than expected data out of China in the overnight sessions had investors hopeful of a change in direction following two straight days of declines in equities markets. However, better-than-expected industrial output and retail sales in the world’s #2 economy were not enough to ease concerns about global fiscal woes, particularly the upcoming “fiscal cliff” here in the U.S. The Congressional Budget Office has gone so far as to predict that, should the U.S. go over the edge, the economy could see a drop in GDP of .5% and unemployment over 9% by the end of next year. The precious metals complex is pushing higher in early trading with gold up  .5% from yesterday’s close, now trading at $1736. Platinum is the big gainer so far, up nearly 1.5% and now trading at $1565 on the January contract. University of Michigan’s November consumer confidence index will be released later this morning. Have a great weekend!