from Dan Norcini:
Yesterday the focus was on concerns about a potential slowing of Chinese growth as officials there let it be known that they were attempting to throttle back a housing market that is showing serious signs of price inflation. That led to widespread selling of growth related commodities across the board as evidenced by the sharp selloff in crude oil ( a good deal of this was related to the increase in crude oil stocks as well) and in copper, a particularly growth sensitive metal. It also tripped up gold.
Talk about a change in sentiment in one day! Today the tone was set by more abysmal economic data coming out of the US. Factory activity showed the slowest gains in a year.
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