Concern about the world economy is still the spotlight, continued fight of deflation and lower oil prices, China economy hard landing hitting the front page, volatile Middle East wars and the never ending tension between Ukraine and Russia seems to sum up a fair amount of uncertainty and volatility.
China exports plunge 15% giving crude oil bulls another reason to be long. With the latest number signaling that China's economy could see its growth fall below 7% and is in desperate need of more stimuli, oil is getting a boost on the expectations of more easing.
Gold prices in Singapore reached $1,194.10 an ounce near the end of day trading, after reaching a low yesterday of $1,192.30 per ounce. Gold in London suddenly surged above the key $1,200 level on no breaking news this morning.
Details, just details. Crude oil prices rallied after Iran's Supreme Leader Ayatollah Ali Khamenei and President Rouhani made some comments that make it look like the wood is coming off of the "framework deal."