DAILY FUNDAMENTAL REPORT- METALS & ENERGY
Gold fell as a lower euro, due to an impasse to
restructure Greek debt, and weakness in crude oil and
equities prompted investors to take profits.
Oil prices fell on revived concerns about the euro zone's
debt problems and their potential to slow the global
economy, but tensions between Iran and the West
helped limit losses.
Base metals were largely higher LME premarket
trading, with some extending yesterday's advances and
setting fresh multi-month highs on follow-through
German Ifo Business Climate
GBP Prelim GDP q/q
US Pending Home Sales m/m
GLOBAL ECONOMIC UPDATE
The euro retreated from a near three-week high against the dollar
on Tuesday as a stalemate in the talks to restructure Greece's debt
raised concerns that Greece might succumb to a disorderly default.
Greece's private creditors pleaded with European officials who
rejected as insufficient their bond swap offer to hammer together a
deal that will ensure Greece secures needed bailout funds before
14.5 billion Euros of bond redemptions fall due in March.
The Nikkei average climbed to a fresh three-month high on Wednesday, boosted by gains in blue-chip
exporters like Toyota Motor, while market attention turned from the stalled Greek debt talks to a Federal
Reserve meeting later in the day. Exporters recouped some of their recent losses, with automakers
extending gains from the previous session as the yen weakened slightly against the dollar and euro, while
battered electronics firms made a comeback ahead of their earnings next week.