Following API's huge 7.1mm barrel crude draw overnight, WTI prices are slightly higher (driven more by OPEC jawboning) as last week's API errors are still on traders' minds, but DOE confirmed a big crude draw but notable builds in gasoline and distillates surprised. However, the biggest headline is likely the 11%-plus collapse in US crude production...
API
In the past few week’s we’ve highlighted some assets and indicators that point to a stable/improving economy: Copper prices, firmer interest rates, etc. Time to add one more to the list: rising steel prices.
Today we’ll look at a chart of the VanEck Vectors Steel ETF (NYSEARCA:SLX).
After soaring to new record highs near $6000 last week (as China returned to work following its Golden Week holiday), the start of the National Congress last night, combined with CFTC comments on ICO crackdowns has spooked cryptocurrencies with Bitcoin down 8% - its biggest drop in a month..
Crytpos are down across the board...
With Bitcon back to a $5100 handle...
Authored by Lance Roberts via RealInvestmentAdvice.com,
World stocks stayed near peaks and currencies moved in tight ranges on Wednesday as China’s 19th Communist Party Congress opened while focus in Europe turned to speeches from top euro zone central bankers before next week’s key policy meeting, as well as Catalonia's ultimatum due on Thursday. S&P futures are solidly in the green as usual, with Dow futures jumping above 23,000, driven higher by IBM as investors looked for new reasons to extend gains after hitting new all-time highs Tuesday.