A couple of stronger-than-expected U.S. economic reports also pressured the precious metals markets today. The second revision of third-quarter GDP came in at up 2.1%, year-on-year, which was better than the initial estimate of up 1.9%. Durable goods orders also rose a better-than-expected 0.6% in October from September. Other U.S. data released today were a mixed bag.
Asian and European stock markets were mixed overnight, with European shares mostly up and Asian shares mostly down. The U.S. stock indexes are mixed at midday after setting more records and contract highs overnight. U.S. markets are closed for the Thanksgiving holiday on Thursday.
There is still little risk aversion in the marketplace at present, amid notions the U.S. and China are moving ever closer to a partial trade deal, and as there are no geopolitical flare-ups that are spooking traders and investors. The stock markets worldwide are also benefitting from a very low inflationary environment that makes investing in stocks about the only game in town.
In overnight news, China’s industrial profits fell by the most on record in October—down 9.9%, year-on-year. China’s producer price index was down 1.6% in October, which continues to point to worrisomely low global . This gets a read by the metals markets, as it suggests shrinking demand from consumers and commercial end-users from the world’s second-largest economy and a major metals consumer.