Global Stocks Up As Commodity Mkts Rebounding; Busy Day For U.S. Data

Jon Economy

This is a syndicated repost courtesy of Money Morning. To view original, click here. Reposted with permission.
(Kitco News) – World stock markets were mostly higher overnight, boosted in part by upbeat corporate earnings reports and upturns in several raw commodity markets. U. S. stock indexes are pointed toward higher openings when the New York day session begins.
Gold prices are slightly lower on mild profit taking from recent good gains. The gold bulls still have the overall near-term technical advantage as prices are in an uptrend on the daily chart.
In overnight news, the Euro zone reported its gross domestic product at up 0.6% in the second quarter from the first, and up 2.1%, year-on-year. The second quarter saw the best GDP performance for the Euro zone since 2011.
The Euro zone manufacturing purchasing managers’ index (PMI) came in at 56.6 in July versus 57.4 in June. A reading of 56.8 was expected for July. A number above 50.0 suggests expansion in the sector.

This post was published at Wall Street Examiner by Jim Wyckoff ‘ August 1, 2017.