OPEC says it has decided to increase production to maintain, with the option of sitting in the next three months for a possible production hike. The decision was unexpected and reflects unusual tensions in an organization that usually works by consensus.
Saudi Arabia and other influential nations in the Gulf had pushed to the limits production to the markets to settle down and raise concerns that crude oil was overpriced for the consuming countries are struggling with their economic areas. opposed this, led by Iran, the second largest producer in the Organization of Petroleum Exporting Countries. (more…)
GOLD PRICE RISK NEWS – The gold price is around $ 1,340 Wednesday after yesterday’s $ 32 for slides and climbing the weakened U.S. dollar sovereign debt in Europe disappeared. Investments linked to the price of gold been put under pressure as gold futures, gold exchange traded funds and gold mining stocks have all faced a deluge of selling pressure last week.
The rising dollar has put pressure not only the gold price, but also commodities and cyclical stocks. Yesterday, silver fell $ 0.64 to $ 25.45 per ounce, oil tumbled $ 2.44 to $ 82.42 a barrel, copper and finished with a decrease of $ 0.20 to $ 3.72 per pound. The Dow Jones Industrial Average (DJIA) finished Tuesday down 178.47 points at 11,023.50, its worst day since Aug. 11. Both the stock and commodity prices in addition to the gold price rebounded early Wednesday after the release of the Consumer Price Index data for October, which came in below consensus expectations. (more…)
Hong Kong bank stocks fell after Goldman Sachs Group Inc. sold a stake in Industrial & Commercial Bank of China Ltd., overshadowing advances by real estate companies in the city.
ICBC lost 3.2 percent after Goldman Sachs sold its 3.04 billion shares. China Construction Bank Corp., the nation’s No. 2 lender by market value, sank 0.4 percent. China Resources Land Ltd. fell 4.4 percent, leading declines by Chinese developers, after Credit Suisse Group AG said investors should further reduce stock ownership. Their Hong Kong-based colleagues gained after Sun Hung Kai Properties Ltd. bought land in a government sale for more than analysts estimated. (more…)
