Overnight_ commodity bubble bursts – share cafe

Having finally pulled back from the Trump euphoria highs on Monday, yesterday the local market went into consolidation mode. 9gag wiki A lacklustre session suggested traders are not prepared to go out on a limb ahead of the week’s big events, being the OPEC meeting tonight and the Italian referendum on Sunday.

There was one stand-out sector move on the day nonetheless, being telcos. Gas in babies It was not about sector gorilla Telstra, but about the once high-flying Vocus Communications (VOC), which ran up 50% from August last year to June this year and has since plummeted to well below the August 2015 price. Gas tracker Vocus had already fallen a long way since August 2016 and yesterday dropped 24% following the company’s AGM.

The initial plunge from August had been triggered by a profit warning and big plunge for peer TPG Telecom ((TPM)). 3 gases that contribute to the greenhouse effect Yesterday the boot was on the other foot, with TPG dropping 7% in sympathy. Yoga gas relief pose The telco sector as a whole fell 1.5% in an otherwise unremarkable session.

Perhaps worthy of remark, nevertheless, was a 0.6% fall in energy and a 0.9% fall in materials despite oil, iron ore and base metal prices rising overnight. Gas and electric phone number I did say “ring the bell” yesterday when iron ore hit US$80/t. Electricity physics Well, I was right. U gas station Iron ore futures began falling in yesterday’s session and the spot price has plunged 6% overnight.

The sellers were ahead of the game, moving in on the big miners yesterday. Gas after eating yogurt The oil price had ticked up but the signs of an OPEC deal being reached have begun to turn, hence nervousness likely explains a retreat from oil & gas stocks.

Last night saw a wholesale sell-off in commodity prices, with the exception, funnily enough, of thermal coal. Electricity japan It was steady, but a 5 point gain for the SPI futures overnight appears stoic ahead of what should be further falls in the resources sector today.

It would not have been a surprise to see Wall Street down meaningfully last night on the assumption Monday night’s apparent post-Trump rollover from all-time highs might have gained some traction last night as slow movers jumped in to lock in profits. Electricity outage in fort worth Indeed, the US indices did open lower but they were quick to recover.

The first revision of the US September quarter GDP saw a rise to 3.2% from 2.9% when 3.0% was expected. Gasbuddy va The consumer spending growth component of the measure was revised up to 2.8% from a prior 2.1% to mark the fastest pace since 2002.

On the subject of US consumers, I suggested yesterday last night’s Conference Board monthly consumer confidence survey would be interesting, being the first post-election. Gas variables pogil worksheet answers Well despite Trump losing the popular vote, the confidence index surged to 107.1 from 100.8 in October to mark its highest level since July 2007, which was just before the global wheels fell off.

On the subject of those wheels beginning to fall off in 2007, last night saw the Case-Shiller 20-city house price index for October hit an all-time high. H gas l gas brennwert Yes, that means house prices in America’s biggest cities are now higher than they were in 2006 – the peak of the housing bubble that ultimately brought the world undone.

Should we be thrilled or very afraid? Thrilled seems to be the go for now. E suvidha electricity bill lucknow While Wall Street closed only mildly higher last night, the fact the selling did not continue after Monday’s dip was a positive sign.

The OPEC oil ministers are already in Vienna ahead of tonight’s official meeting. A gas mixture is made by combining The ministers are running to and fro holding pre-meeting meetings as they try to negotiate some sort of deal. Electricity consumption Right now, the sign are not good. Electricity schoolhouse rock Iran, for one, will stand firm on its desire to return to pre-sanction production levels.

Which puts an OPEC-wide cut in doubt. Ideal gas kinetic energy But also in doubt is a pure binary outcome – production cut or no production cut. Ag gaston birmingham With US$45/bbl for WTI the pivot point between the outcomes, 55 and 35 are seen as the two price point possibilities. Gas station jokes However there are possibilities in between – production freeze instead of cut, a cut of less than the one million barrels per day hoped for, a cut but with exemptions — who knows? Anything could happen tonight and probably will.

The rallies we have seen these past months in bulk and base metal prices has been to a large part justifiably driven by supply-side constraints meeting better than expected demand. Gaz 67b tamiya 1 35 But the rallies we have seen in the last couple of weeks have, despite efforts to the contrary from Beijing, been driven by pure speculation. Electricity review worksheet answers Speculative bubbles, particularly in commodities, inevitable burst.

Base metal prices began to roll over in Shanghai and the selling gained momentum as trading opened on the London Metals Exchange. Gas key bolt carrier On the LME, aluminium closed down 1.5% last night, copper 2.8%, nickel 4.7%, zinc 5.9% and lead 6.7%.

The good news is despite some rather spectacular price falls last night, they really only represent a blow-off from the sharp run-up over the past week in particular. Gas 91 octane It is not the end of the world.

The local session will also see earnings reports from Aristocrat Leisure ((ALL)), Collins Foods ((CKF)), Freelancer ((FLN)), SAI Global ((SAI)), SMS Management & Technology ((SMX)) and Touchcorp ((TCH)). Gas vs electric stove safety Medibank Private ((MPL)) will host an investor day and there is a rush of last minutes AGMs to round out the month.