Precious Metals Prices

Gold Price Futures   3 months    US$   1,320.31

Silver Price Futures  3 months    US$       21.48

FireEye's IPO signals red hot interest in cybersecurity

The shares of cybersecurity company FireEye Inc leapt 80 percent in their trading debut on Friday in a sign of how red hot cybersecurity is on Wall Street at the moment, and even inspired at least one peer to accelerate plans to go public.

FireEye, whose debut ranks as the sixth biggest first-day close in the United States this year, is the latest in a string of successful public offerings from technology companies.

However, its valuation might raise some eyebrows among investors who(once again) still recall the dotcom bubble, when unprofitable companies launched with outsized growth expectations.

FireEye and ad technology company Rocket Fuel Inc, which also went public on Friday and whose shares have nearly doubled in value, are helping to set the stage for other high profile technology offerings later this year and in 2014. These include Twitter, Box and Dropbox.

Source: Reuters

China September HSBC PMI hits six-month high of 51.2

Growth in China's factory sector accelerated to a six-month high in September, a preliminary survey showed on Monday, as stronger domestic and foreign demand added to recent signs of a tentative turnaround in the world's second-largest economy.

The flash HSBC Purchasing Managers' Index (PMI) climbed to 51.2 this month from August's 50.1, hitting a high not seen since March. A breakdown of the data showed ten of 11 sub-indices rose in September.

The flash PMI gives the earliest reading of China's monthly economic performance, and should cheer investors worried about a sharp economic slowdown after a previous rebound in activity proved short-lived.

A PMI reading over 50 points indicates expanding activity while one below that suggests contraction.

Monday's PMI joins other data earlier this month suggesting China's economy has bottomed out, with factory activity growing at its fastest in 17 months in August, comfortably surpassing expectations.

Exports also fared better than expected last month, as sales to southeast Asia and the United States boosted performance

Qu Hongbin, a HSBC economist, said the pick-up in manufacturing would give China's authorities scope to restructure the economy and boost domestic consumption, thereby cutting dependence on exports and investment.

Russia: CPC to Get Commercial oil flows from Kashagan Oil Field

The Caspian pipeline, CPC, will be ready to get commercial oil flows from the newly launched Kazakh Kashagan oil field only in the spring, a senior official at Russia's oil pipeline monopoly said Friday, suggesting an alternative route for the oil.
"We are counting on receiving Kashagan's oil in commercial volumes through the CPC likely in March-April," Mikhail Barkov,Transneft's vice president said, adding that meanwhile Transneft's Samara pipeline could serve as an alternative.
He has said the expansion program of the CPC, where Transneft is a shareholder, is behind schedule by up to a year.

Kazakhstan expects Kashagan, the world's biggest oil find in decades, to achieve commercial production in October and produce about 8 million tons of crude in 2014.
A CPC spokesman in Moscow said the shipments from Kashagan would begin in late October.

 

 

MICEX

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Source: The Moscow     Times

Green cars take center stage at auto show

The 21st Indonesia International Motor Show (IIMS), one of Asia's biggest automobile shows, kicked off on Thursday at the Jakarta International Expo (JIExpo) in Kemayoran, Central Jakarta, with automakers aiming to step up their sales of eco-friendly cars.

Several automakers, such as Suzuki, Ford and Subaru, unveiled their new cars, while other automakers also revealed their concept cars.At the show, PT Suzuki Indomobil Sales introduced a 1,000 cubic-centimeter (CC) eco-car variant - Karimun Wagon R, slated to be its LCGC version.
"The car has been used in Japan since 1993 and around 4 million units were sold in Japan in the last 20 years," said Suzuki sales director Davy Tuilan.
Suzuki will start massive production of the car soon and launch it after October, but it still waited for the final verification from the Industry Ministry, he said. A number of customers have pre-ordered the cars, Davy said.
Meanwhile, Daihatsu and Honda also introduced their concept cars.
Honda made a world premiere of its low multi-purpose vehicle (LMPV) Honda Mobilio.
Honda is expected to produce the 1,500 cc Mobilio in its plant in Karawang, which was scheduled to start operating in 2014, Honda Prospect Motor president director Tomoki Uchida said.

Japanese firm begins oil production in Iraq

"A Japanese company in southern Iraq has begun the full-scale production of crude oil.

Iraqi Prime Minister Nuri al-Maliki and other officials attended a ceremony on Saturday at the Garraf oil field to mark the occasion.

Japan Petroleum Exploration Company, or JAPEX, began production on August 31st. It jointly developed the field with a Malaysian firm.

Maliki said in a speech that the 2 companies in partnership with Iraq will increase oil production in Iraq and help lead the country to prosperity.

Garraf is a mid-sized oil field with an estimated reserve of 1.3 billion barrels.

JAPEX plans to produce about 35,000 barrels a day. Daily output is expected to reach 230,000 barrels in 2017. That's more than 5 percent of Japan's total imports.

Oil exports to Japan could start as early as next year.

Japanese firms were involved in crude-oil development in Iraq in the 1970s. But this is the first time a company has been involved there in full-scale production.

JAPEX president Osamu Watanabe said the company was able to begin production much earlier than other oil firms. He said the donation of a soccer field to the local community and dialogue efforts contributed to security.

The minister at the Japanese embassy in Iraq, Kansuke Nagaoka, said a Japanese firm is fully operating in Iraq for the first time since the Iraq War. He said he hopes others can follow suit".

Source: NewsOnJapan

Germany: Merkel won, But Faces Tough Talks

"Angela Merkel's conservatives won a stunning victory in Sunday's general election, sharply increasing their share of the vote by some eight points to around 42 percent and putting her on track for a third term.It's the best result for the conservatives since the heady days of 1990, when Germans handed then-Chancellor Helmut Kohl, Merkel's former mentor, his third term in a wave of gratitude for his role in reunifying the nation.

 Merkel's junior coalition party, the pro-business Free Democratic Party crashed out of parliament according TV  based projections which put them below the 5% needed for parliamentary representation.

"We can already celebrate today because we did great," a beaming Merkel, 59, told ecstatic supporters at the CDU's headquarters in Berlin.

 If her conservatives have indeed won an absolute majority, and that is beginning to look unlikely as more results come in, she will face the prospect of governing with a wafer-thin majority of seats and a hostile upper house of parliament with the power to block her policies.

If the conservatives have fallen just short of a majority, they will need to find a coalition partner, the most likely candidate being the center-left Social Democratic Party , which will want to extract the highest possible price for its cooperation in a so-called grand coalition, both in terms of cabinet posts and policy concessions.

The prize, however, would be a left-right government with an overwhelming majority in both houses of parliament. She wouldn't have to worry about backbench rebellions against upcoming euro bailouts or domestic reforms, which she will finally have to address after years of postponement.

The SPD was at around 25.5 percent, up slightly from 23.0 percent in 2009, according to projections. The Greens were at just over eight percent, down from 10.7 percent in 2009.

The anti-euro Alternative for Germany (AfD) party, which was formed in February and calls for an "orderly dismantling of the euro zone," came close to the five percent threshold. Public broadcaster ARD had them at 4.8 percent and ZDF at 4.9 percent in election night projections".

Source: Spiegel International

 

Biometrics hacking team use photo finger print to get through Touch ID

"In a rather nervous video and associated blogpost , Chaos Computer Club appears to demonstrate how they can get through Touch ID by taking high-resolution photographs of a fingerprint. Ironically, they claim the hack can be completed with “materials that can be found in almost every household” then go on to say that a 2400 dpi resolution photograph of the fingerprint must be used.

The group claims that Touch ID was only a little bit more difficult to get through compared to other fingerprint sensors, since the iPhone 5s’ scanner is extremely high-resolution. They go on to state that fingerprints should not be used as a secure method of authentication since they are left on so many surfaces and can be picked up very easily.

A large crowdfunded bounty was created to reward the first group to "crack" Touch ID. In

this case CCC is using conventional methods rather than software cracking,but the video

proof makes a solid case that it is effective. solid case that it is effective. The chances that someone will be able to take a 1200 dpi photograph of your fingerprint without your knowledge, however, is slim".

Source: 9to5Mac

Sony, e il nuovo smartphoneXperia Z1 e gi accessori fotografici Cyber-Shot QX100

Nella competizione dei cameraphoneSony si inserisce a gamba tesa. All’Ifa di Berlino il colosso giapponese ha infatti presentato il nuovo smartphoneXperia Z1 e gli accessori fotografici Cyber-shot DSC-QX100 e QX10 con il chiaro obiettivo di mandare in soffitta le vecchie fotocamere compatte. Il trend è quello giusto visto che secondo uno recente studio negli Usa il 58% dei possessori di smartphone utilizza solo il cellulare per scattare foto. Il numero è destinato inevitabilmente a crescere se, come è probabile, la qualità degli scatti fatti con il cellulare continuerà a migliorare in modo rilevante .

L’ultimo smartphone di Sony ha ulteriormente migliorato la valida fotocamera del modello precedente Z, montando ora un obiettivo G Lens con un grandangolo di 27 millimetri, zoom 3x, apertura focale 2.0 e sensore Cmos 1/2.3 da 20,7 megapixel, il tutto affiancato dal valido processore Bionz. Traducendo in linguaggio comune queste caratteristiche, tutto ciò significa che le foto scattate risultano molto buone, con una sorprendente definizione e una resa cromatica particolarmente fedele. Lo Z1 già con l’equipaggiamento di base è sufficiente a soddisfare le esigenze anche del fotoamatore evoluto, ma Sony ha previsto la possibilità di aggiungere al terminale anche due ulteriori accessori: le Cyber-shot DSC-QX100 e QX10. 

Questi prodotti sono in realtà delle vere e proprie macchine fotografiche indipendenti che sfruttano il software e lo schermo del cellulare (non solo lo Z1, ma qualsiasi Android e iOS scaricando l’applicazione PlayMemories). Si collegano al dispositivo tramite NFC o via WiFi e consentono di catturare foto e video offrendo qualche plus aggiuntivo. Il vantaggio principale risiede nella qualità dell’ottiche e dei sensori. La QX10 dispone di un zoom ottico 10x con sensore da 18,2 megapixel reali e stabilizzatore SteadyShot, mentre la QX100 monta addirittura un sensore Cmos Exmor R da 1 pollice con 20,2 megapixel e lenti Carl Zeiss Vario-Sonnart T. Entrambi i modelli si possono montare sullo Z1 con un’apposita cover, oppure su altri telefoni usando un aggancio universale, ma possono essere utilizzati anche staccati dal cellulare, offrendo una libertà di movimento tale da effettuare scatti decisamente creativi.

Uno Smartphone di qualita' - Lo è soprattutto se si considera che lo Z1 viene commercializzato a 699 euro, cifra certo rilevante ma in linea con tutti gli altri top di gamma in commercio. Il prodotto di Sony però ha i numeri per competere con i suoi avversari grazie a un display Full HD Triluminos da 5 pollici, finalmente migliorato, robusto processore Qualcomm Snapdragon 800, 4G LTE, e la collaudata resistenza ad acqua e polvere (P55 e IP58), questa volta senza avere la necessità di coprire il jack dell’auricolare. Tra gli elementi distintivi di questo modello che ci ha sorpreso maggiormente, dopo la fotocamera, è la batteria: 3000 mAh consentono di non dipendere più dalla presa elettrica. Grazie anche alla modalità Stamina, che spegne le funzioni per risparmiare energia quando non sono in uso e le riavvia quando occorre, si arriva tranquillamente al secondo giorno di utilizzo.

Corriere della Sera

"GTA V" atteint le milliard de dollars de recettes en trois jours

Le cinquième opus de "Grand Theft Auto", déjà le jeu vidéo le plus cher jamais réalisé, est désormais aussi celui ayant atteint le plus vite le milliard de dollars de recettes, dépassant même certaines sorties de films, a annoncé vendredi 20 septembre son éditeur.

Les ventes ont dépassé le milliard de dollars après seulement trois jours de commercialisation, selon Take Two Interactive Software, propriétaire du label Rockstar Games sous lequel le jeu est sorti mardi. "Nous pensons que ceci marque l'arrivée la plus rapide à ce seuil important pour un produit de divertissement, en incluant les jeux vidéo et les longs métrages", a commenté la société dans son communiqué.

Le Monde

Guerra, nostra generazione a di fronte a sé 2-3milliardi di consumatori in piú,rispetto che aveva 10 anni fa.

Viviamo «un momento straordinariamente particolare, e credo unico come generazione di imprenditori. Un momento che ha grandissime opportunità e un rovescio della medaglia: per poter giocare la partita occorre avere una certa dimensione. L’Italia è indietro, è vero, ma può ancora colmare il gap».

Da nove anni Andrea Guerra è amministratore delegato di Luxottica, la società quotata fondata da Leonardo Del Vecchio al primo posto in Italia nella sezione moda-lusso della ricerca di Kpmg per CorrierEconomia. E che con i suoi oltre 7 miliardi di euro di ricavi nella sola produzione e distribuzione di occhiali è anche una delle più grandi aziende italiane.

La nostra generazione — spiega Guerra — per la prima volta può dire di avere di fronte a sé 2-3 miliardi di consumatori in più rispetto a quelli che aveva 10 anni fa: non c'è stata una generazione precedente il cui mercato si sia allargato tanto. Inoltre, abbiamo vissuto e stiamo vivendo una rivoluzione tecnologica che non riguarda solo Internet ma i sistemi informativi, l’intelligenza artificiale, le biotecnologie, le nanotecnologie... 

 «Se uno vuole essere un giocatore nel mondo, rispetto alla sua industria, deve essere di una certa dimensione — dice l’amministratore delegato di Luxottica—. Perché tutti questi Paesi in grandissima crescita oggi, sono per prima cosa dei continenti, con le loro regole, i loro limiti, le loro imposizioni e la loro cultura e non possiamo dire più che siamo in Europa perché il Brasile è diverso dal Messico, la Thailandia dall’Indonesia, la Cina dall’India

Corriere della Sera

Euro Bailout Fund: Germans Pay Less Than Their Neighbors

A new study shows Germany transfers less money per citizen into the European Stability Mechanism (ESM) than other euro-zone countries, SPIEGEL has learned. Although Germany contributes a larger portion of the permanent euro bailout fund than any other country -- 27 percent -- it also has the largest population and strongest economy in the European Union.
When the contributions of the ESM member countries are adjusted according to each country's respective population, Germany ranks fifth. That's the finding of a review of the Luxembourg-based euro fund authored by EU parliamentarian Elmar Brok, a member of Germany's conservative Christian Democrats.

According to his assessment, each German taxpayer contributed an average of €264.80 ($358.46) to the ESM over the past year. Luxembourg, by comparison, contributed €373 per person, with Ireland, the Netherlands and Finland also paying more per capita than Germany.

Source: Spiegel International

Digital Innovation:Real Time Bidding and Mobile Advertising

Real-time bidding is a programmatic buying of advertising placements.It involves computerized, algorithm-driven trading that allows for quick buying of ad impressions according to pre-set parameters. Recently, Twitter is the latest tech company to enter the RTB race with this month's acquisition of MoPub, an ad exchange with a real-time bidding platform. 

On the desktop, automated buying of display ads has already made huge inroads.
But it is in mobile where programmatic buying may make the most difference. That's because smartphones are advertising platforms that we carry in our pockets, and with RTB that means marketers can reach us in real-time, and target potential customers according to location and context.

  Source: BussinessInsider

Christine Lagarde: The Euro Zone and the Emerging Markets do matter for the U.S. Economy.

The critical role of the United States in the Global Economy.
The recovery gaining strength here is good news for America—and good news for the world. Admittedly, U.S. growth will be more modest this year than we would want—still well below 2 percent. Even so, it should accelerate significantly next year, by about one percentage point.
Indeed, the fundamentals of the U.S. economy have been improving gradually. Households have lowered their debt and benefited from the recovery in house prices and the strong performance of the stock market. The housing sector is looking brighter, with ample potential for construction activity to pick up further. The private sector is yet again proving to be the primary engine of growth and job creation—and the main reason for weak growth this year is the very large ongoing fiscal adjustment, a theme I will return to shortly.
  Job creation is fundamental for local or global recovery. The latest labor indicators in the U.S.
have been mixed. The unemployment rate has declined to 7.3 percent in August, but the participation rate has continued to decline, and employment remains well below pre-crisis levels. So the issue of jobs remains paramount.
  So what should U.S. policymakers do?
  First, fix public finances.
it would have been more advisable to have a slower pace of fiscal consolidation in the short run without using the blunt instrument of sequester—more action is needed to reduce long-run pressure on the budget. This includes addressing entitlement spending and higher revenues.
  Second, the exit from unconventional monetary policies should be gradual, linked to progress in the recovery and employment, and that it should be clearly communicated and in a dialogue.
   Third, finish the financial reform.
   Progress has been done,in terms of new capital and liquidity standards for banks.
   But policymakers need to turn their attention to the outstanding danger zones, especially derivatives and shadow banking. 
   Financial sector reform, of course, is not the sole responsibility of the United States. It needs to be tackled in many countries and regions, ideally in a coordinated and consistent way to ensure the healthy function of the entire global financial system.
   This brings me back to the point of global connections.
   The United States plays a unique role in the global economy. I am thinking, for instance, of global trade—of which the U.S. accounts for 11 percent. The U.S. also represents 20 percent of global manufacturing value-added. I know that you recognize the potential of an even bigger market.
  
America’s global financial ties are even deeper. Foreign banks hold about $5½ trillion of U.S. assets, while American banks hold about $3 trillion of foreign claims. Meanwhile, close to half of the S&P500’s sales originate from foreign operations.

These interconnections have great benefits for the United States. But they are not without risks—two-way risks—and we saw some of these play out during this crisis.

We all remember, five years ago, how the collapse of one U.S. bank ushered in a harsh new reality across sectors, across countries, and across the world. As those tensions traveled across the Atlantic, for example, they exposed tensions in Europe.

Considering that 20 percent of U.S. exports are destined for Europe, and that more than half of U.S. overseas assets are held in Europe, you clearly have a large stake in the recovery there.

And yet, despite the risks, I know that you are also deeply aware of how much can be gained from engaging with the rest of the world.

 The recovery of the Euro Zone and the Global economy does matters for U.S. Economy.

 As the needs of our member countries have changed over time, so too the IMF has refined, repurposed and restocked its toolkit.

During this crisis, this has included a significant increase in our financial support, with over $300 billion in loans in over 50 countries—not just in Europe, but also in many other parts of the world, including in Africa and other low-income nations. We also introduced more flexible types of support that act as insurance for crisis prevention and have helped countries like Colombia, Mexico, and Poland.

Above all, the IMF has given much greater emphasis to global interconnections in its analysis—in particular, economic spillovers between countries, and also the critically important financial sector. To be effective into the future, we must continue to evolve and anticipate what lies ahead.

What I have tried to describe today is a journey. A journey that the United States and the IMF have taken hand-in-hand. As our leading shareholder and steadfast partner for nearly 70 years, we have worked together for a mutual goal of global stability and shared prosperity.

The U.S. Chamber of Commerce plays a vital role in this journey. Your focus on trade, on openness, on jobs, and on growth is essential—to helping the U.S., to helping the world, and to helping the IMF do its job.

Speech of Christine Legarde at the U.S. Chamber of Commerce

Azerbaijan agrees with Shah Deniz Consortium to develop a pipeline and sales of gas to Europe

The Shah Deniz consortium,lead by BP,announced today that 25-year sales agreements have been concluded for just over 10 billion cubic metres a year (BCMA) of gas to be produced from the Shah Deniz field in Azerbaijan as a result of the development of Stage 2 of the Shah Deniz project. Nine companies will purchase this gas in Italy, Greece and Bulgaria.

The Shah Deniz Stage 2 project is set to bring gas directly from Azerbaijan to Europe for the first time, opening up the Southern Gas Corridor.

In total 16 BCMA of Shah Deniz Stage 2 gas will be delivered through more than 3500 kilometres of pipelines through Azerbaijan, Georgia, Turkey, Greece, Bulgaria, Albania and under the Adriatic Sea to Italy.

Today’s agreements for European gas sales follow the signing of agreements with BOTAS in 2011 to sell 6 BCMA of gas in Turkey.

“We are delighted that the years of negotiations led by SOCAR with multiple European companies have come to a successful conclusion. These agreements mark the biggest gas sales in the history of Azerbaijan. They also mark the beginning of direct links between Azerbaijan’s huge gas resources and the European markets. Azerbaijan is committed to long-term cooperation with the Shah Deniz gas purchasers said Rovnag Abdullayev, President of SOCAR.

Commenting on the agreements, Gordon Birrell, Regional President for BP in Azerbaijan, Georgia and Turkey, and President of the Operator of the Shah Deniz PSA, said: “The Shah Deniz consortium is proud to be involved in the conclusion of one of the biggest gas deals in the history of the oil and gas industry. On behalf of the Shah Deniz consortium, I would like to thank all the companies involved in these negotiations.The strong demand for Shah Deniz gas gives us confidence in the long-term development of Azerbaijan’s gas resources. Today’s signings represent another important milestone bringing us closer to a final investment decision on the Shah Deniz 2 project”.

The buyers who have today agreed to buy the gas are: Axpo Trading AG, Bulgargaz EAD, DEPA Public Gas Corporation of Greece S.A., Enel Trade SpA, E.ON Global Commodities SE, Gas Natural Aprovisionamientos SDG SA, GDF SUEZ S.A., Hera Trading srl and Shell Energy Europe Limited. Of the total 10 BCMA, around 1 BCMA will go to buyers intending to supply to each of Bulgaria and Greece and the rest will go to buyers intending to supply Italy and adjacent market hubs.

The completion of these agreements follows expressions of interest from many different companies for Shah Deniz gas and marks the completion of the Shah Deniz 2 gas sales process.

The gas sales agreements will enter into force following the final investment decision on the Shah Deniz Stage 2 project which is targeted for late this year.

The Shah Deniz co-venturers are: BP, operator (25.5 per cent), Statoil (25.5 per cent), SOCAR (10 per cent), Total (10 per cent), Lukoil (10 per cent), NICO (10 per cent) and TPAO (9 per cent).

Source: BP Press Release

EU Commission approves Vodafone takeover of Kabel Deutschland

Vodafone  won EU approval on Friday for its 7.7 billion euro ($10.43 billion) acquisition of Germany's largest cable company, Kabel Deutschland 

British group Vodafone - the world's second-largest telecoms operator - announced the deal in June, which will help the company to fend off rivals in its most important market.

"While Kabel Deutschland primarily offers cable TV, fixed line telephony and Internet access services, Vodafone's core busines consists of mobile telephony services EU Com

"While Kabel Deutschland primarily offers cable TV, fixed line telephony and Internet access services, Vodafone's core business consists of mobile telephony services," EU Comission  added.

Vodafone, which this month agreed the sale of its stake in U.S. operator Verizon Wireless for $130 billion, wants to buy Kabel Deutschland to offer more television and fixed-line services  in Germany, its largest European mobile market.

The British company last week said earlier this week it had secured 76.48 percent of Kabel Deutschland shares, which is above the 75 percent minimum acceptance condition it had set.

So-called "quad-play" services offering TV, broadband, mobile and fixed-line telephony have caught on rapidly in markets such as France and Spain, but the largely fragmented German cable market is still some way behind.

Source: Reuters

Gold and Silver,Profit taking

December Comex gold futures prices are solidly lower in early U.S. trading Friday, as shorter-term traders are taking some profits after the recent strong price gains. Prices are also seeing a downside technical correction after the big rally late this week. December Comex gold was last down $19.70 at $1,349.60 an ounce. Spot gold was last quoted down $15.30 at $1350.25. December Comex silver last traded down $0.747 at $22.545 an ounce.
European markets were quieter in overnight trading and China markets were closed for a holiday. India did surprise the market place with a hike in its key interest rate by 0.25% in an effort to curb inflation and support its currency, the rupee. But overall, the world market place is pausing to catch its breath after a very active 36 hours of trading following the surprise move by the U.S. Federal Reserve on Wednesday 

The U.S. budget and debt ceiling issues are looming and will be hotly debated by the U.S. Congress and the Obama administration the next few weeks. This will become the brakingnews matter for the market place, and one that could be significantly bearish for most markets, as there is already talk the U.S. government could shut down for a short time.

Technically, December gold futures bears have the overall near-term technical advantage. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,400.00. Bears' next near-term downside breakout price objective is closing prices below solid technical support at $1,300.00. First resistance is seen at the overnight high of $1,368.40 and then at this week’s high of $1,375.40. First support is seen at Friday’s low of $1,346.20 and then at $1,336.00.  

December silver futures bears have the overall near-term technical advantage. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $24.25 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at this week’s low of $21.225. First resistance is seen at $23.00 and then at Friday’s high of $23.18. Next support is seen at the overnight low of $22.455 and then at $22.25.

Source  Jim Wyckoff   Kitco Metals

Kitco  Metals

Copper futures slip after Bullard's comments

Copper futures slipped in thin trading on Friday, easing after a Federal Reserve official said the U.S. central bank may cut back on its stimulus next month.

The most actively traded copper contract, for December delivery, recently traded down 1.5 cents, or 0.5%, at $3.332 a pound on the Comex division of the New York Mercantile Exchange.

Copper had surged the prior trading session, rallying along with equities and some other commodities after the Federal Reserve's decision late Wednesday to keep its $85 billion-a-month bond-buying program steady.

The Fed's stimulus programs drew buyers to copper on the belief that it will accelerate growth, and, in turn, metals demand. Copper is used in a wide range of manufactured products.

But James Bullard, president of the Federal Reserve Bank of St. Louis, said on Bloomberg TV Friday that "a small taper is possible in October." Mr. Bullard said the Fed's decision to stand pat this week, which surprised many market participants, was "borderline."

After FOMC decision Asian markets are looking for IPO's and fundraising issuing bonds

With the Fed decision to postpone its tapering of his bond buying program.
"With economic fundamentals still weak in some places and investors expecting the Fed to act later this year, companies are trying to seize what could be a brief window in which to do deals. This week saw the most new share sales in Asia since May, while companies outside of Japan have sold US$15 billion of bonds so far this month, the largest amount in four months.

The run of deals comes after a choppy three months, when Asian countries from Indonesia to India were hit by heavy selloffs in their stocks, bonds and currency markets as investors anticipated a tapering of the Fed's quantitative-easing program, which had flooded the world with cash.
For the many Chinese companies looking to list, Hong Kong is the only option because mainland China stopped approving new listings last October amid flagging share prices. Hong Kong's stock market has rallied 8.2% since September, boosting the allure of new offerings. 
For now, the pipeline of stocks and bonds looks healthy, the strongest in months. China state-owned energy company China General Nuclear Power Corp. plans to issue a benchmark U.S. dollar bond, which would be at least $500 million, according to a person familiar with the situation. And Korean companies including Woori Bank are lined up to issue bonds next week, with at least $2.5 billion of funds scheduled to be raised, according to a person close to the planned deals".according to the Wall Street Journal.

Federal Reserve officials created new uncertainty

   In an article published today in the Wall Street Journal says that after the press release of the FMOC:
Fed officials have created new uncertainties, about how long they will keep with easy money.
In the news Conference after the FMOC meeting,Mr Bernanke seemed to have change his mind
on his guidance given in June,where he said that the bond buying program would end in 2014.
Now Mr Bernanke said ''Wednesday that he thought the decision not to begin pulling back on bond purchases was right given a weaker economy than the Fed expected a few months ago and one facing new threats from a fiscal showdown in Washington. He also said the Fed might still proceed with a pullback in the months ahead if the economy cooperates.

In his defense, Mr. Bernanke said that he has never said the Fed would start the pullback in September and that the decision always depended on the economy's vigor. "I don't recall stating that we would do any particular thing in this meeting," Mr. Bernanke said at the news conference.

Germany´s top economic adviser we have to rethink our country´s energy policies

Germany's top economic adviser has called for a radical rethink of the country's energy policies, warning that the green dream is going badly wrong as costs spiral out of control. "We need a drastic policy shift," said Christoph Schmidt, chairman of Germany's Council of Economic Experts. "They haven't paid any attention to costs. These are now huge." The government has vowed to break dependence on fossil fuels and source 50% of all electricity from wind, solar and other renewables by 2030, and 80% by mid-century. But cost estimates have reached €1trn (£840bn) over the next 25 years, The Daily Telegraph says. 

Warren Buffet supports Ben Bernanke

Billionaire investor Warren Buffett has compared the Federal Reserve to a hedge fund, as he supported keeping Ben Bernanke in charge of the US central bank. The 82-year-old, who has led Berkshire Hathaway for more than four decades, hailed the Fed's ability to make money from bond purchases as a result of quantitative easing, which in five years has more than tripled its balance sheet to more than $3.6trn. "The Fed is the greatest hedge-fund in history," he said, according to The Daily Telegraph.

SPAIN RATING MAY BE DUE FOR UPGRADE BEFORE YEAR-END

Not long ago, investors were wondering what would happen if Spain's credit rating was reduced to "junk bond" level in the wake of a succession of reductions to the rating from the leading agencies Standard & Poor ("BBB") and Moody's ("Baa3"). 

But if in the past, analysts and investors did not want anything to do with Spain, they are now beginning to show strong support for the country (the last evidence of which was the "Viva España" report from Morgan Stanley). If this is the current case, then the credit ratings agencies could start to share the same opinion.

Citing sources in the banking sector, specifically financial institutions that work with the Treasury, the Spanish newspaper Expansión reported on Friday that this "change in outlook" has resulted in the public entity and many others in the financial sector to expect "S&P to improve their outlook for Spain's rating to stable prior to the end of the year". Specifically, the president of the Centre for Economic and Politic Research (CEPR), Guillermo de la Dehesa, believes that the agency "is waiting for publication of the official fourth quarter figures that will confirm if the economy has reached the bottom".

Back in June, the company noted that they would be able to revise their outlook on Spain to stable "if we continue to see improvements to the external situation of the economy, at the same time as returning to growth, or if the structural and fiscal reforms, in addition to the support received from the Eurozone, stabilise the credit metrics". 

Source:  LiveCharts

Bank of India hikes interest rate

the Reserve Bank of India [RBI] surprised markets with a 25 basis-point rise in its main policy rate but unwound some short-term tightening measures.

The Bank changed its main policy rate to 7.5% from 7.25% in an attempt to curb inflation which reached a six-month high of 6.1% earlier this week. 

"Bringing down inflation to more tolerable levels warrants raising the repo rate by 25 basis points immediately," RBI President Raghuram Rajan said.

Source: Livecharts

Precious Metals Prices 8.12 a.m. Eastern Time

Gold Price Futures     3 months    US$  1,253.70

Silver Price Futures    3 months    US$      22.62