Crude Oil Selloff Continues

The last trading day of the month and the quarter finds a number of markets which have staged strong performance lately backsliding a bit. US index futures are down 0.2%-0.3%, Gold is down 0.4% and Silver is down 1.4%.

Some reports have suggested that this could be related to concerns over a potential US government shutdown. But traders didn’t care yesterday when the NASDAQ gained 0.5%, so this appears to be more a case of end of quarter profit taking.

More notable is the continued selloff in crude oil amid speculation that OPEC+ may raise production at Friday’s meeting, adding supply to a market with uncertain demand. US Crude is down 1.8% while Brent Crude is down 1.3% so far today.  Copper is also under pressure, falling 0.5%.

Asia Pacific trading saw Hong Kong and Shanghai climb 0.9% and 0.5% respectively on the back of better-than-expected PMI data out of China. Of the four government and private reports, three were above expectations and all were above 50 in expansion territory. Today brings the US Chicago PMI report (Street 43.0) at 9:45 am EDT, followed by Manufacturing PMI numbers from around the world tomorrow.  

In Europe today, the DAX and FTSE are both up about 0.2%. The US Dollar is drifting downward moderately against most of the majors. The Australian Dollar is having a good day, up 0.6% after the Reserve Bank of Australia maintained its benchmark rate at 3.60% as had been widely expected.

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