US Business Inventories stays unchanged at 0% in Mar

May 13, 2013

American equity markets open negatively despite upbeat retail sales

The US stock market opened in negative territory Monday, following a weekend filled with talks of stimulus stoppages in the US and the G7. Regarding data today, in the United States, Retail Sales (MoM) grew at a rate of +0.1% in April, against expectations of -0.3%, compared with -0.4%. In addition, Retail Sales ex Autos (MoM) were reported at -0.1% in April, matching projections calling for -0.1%.

Commodities Brief – Precious metals contract after US retail sales, crude loses grip on 95.00 level

Gold prices have oscillated back and forth Monday, seemingly stuck in a relatively narrow consolidation after ranging between 1428 – 1437 since the overnight session. However, after generally upbeat US data, the price of gold has dipped back down to settle at USD $1429.97 per oz. A close below 1440 will look to extend the bearish trend that seems to be gripping the yellow metal, despite the sideways oscillation.