Disclaimer: All information on this section is of a general nature. Before making any investment decision, you should consult your adviser.
Daily Resources Overview
Gold and silver prices are moderately up in early U.S. trading Friday, on corrective bounces after selling off sharply on Thursday. A sell off in the U.S. dollar index today is also benefiting the precious metals markets. June gold futures were last up $3.60 an ounce at $1,297.00. May Comex silver was last up $0.153 at $15.02 an ounce.
Asian and European stock indexes were mixed to weaker overnight. U.S. stock indexes are pointed toward higher openings when the New York day session begins. Investor/trader risk appetite remains keener late this week, bolstered by news of a mega merger between oil companies Chevron and Anadarko.
The U.S. corporate earnings season gets underway today, with big-bank results released, including JP Morgan and Wells Fargo. Several bank industry analysts were expecting somewhat downbeat earnings reports for the first quarter of this year. However, the just-released JP Morgan and Wells Fargo results beat market expectations.
In overnight news, China reported its import and export activity for March. Exports were up 14.2%, year-on-year, while imports were down 7.6% in the same period. These latest figures are deemed upbeat for China’s economy, given that in February its exports declined 20.7% from a year ago. Forecasters had expected a rise in China’s exports of around 9% in March.
The key outside markets today find the U.S. dollar index lower. Meantime, Nymex crude oil prices are higher and trading around $64.50 a barrel.
U.S. economic reports due for release include import and export prices, and the University of Michigan consumer sentiment survey. Also, the IMF and World Bank spring meetings get under way.