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Friday, January 24, 2014

The equities market saw a sell off yesterday shortly after the opening due to disappointing manufacturing data in China.

The equities market saw a sell off yesterday shortly after the opening due to disappointing manufacturing data in China. China’s Manufacturing PMI fell to 49.6 compared to December’s reading of 50.6. A reading of 49.6 indicates that China’s manufacturing economy is in a declining state of mode. China’s poor PMI news was favorable to gold and silver as we saw some safe haven buying. Gold hit a 2 month high yesterday as the US Dollar hit a one week low. The USD fell .4% against the basket of currencies. In addition, there were talks about India trying to ease their import restrictions which gave gold a boost. Home Sales for December rose about 1% to 4.87M from November’s revised 4.82M. There’s not much news in reference to the AMCU strike except that the government will step in to settle disputes between the union and the 3 major PT producers. Have a nice weekend
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