On Friday, markets reacted to the jobs report from the Labor Department that in many respects came in below expectations but wasn’t sufficiently terrible as to have a clear impact on the Fed’s expected slowdown in asset purchases (aka “tapering”). The major stock indexes in the U.S. initially dipped on the news but were treading water in afternoon trading. Commodity prices were broadly higher as the DJ-UBS Commodity Futures Index advanced nearly 0.8% and crude oil futures jumped to over $110/bbl. In London, base metal prices were firmer this morning but at $7,200/mt (=$3.266/lb.), the LME official 3-mo. copper asking price was unchanged from Monday. At $1,829/mt (=83 cents/lb.), LME official 3-mo. aluminum was up on the week and LME base metals were holding onto modest gains across the board in PM trading. In currency trading the dollar lost ground against most trading rivals, slipping to $1.318 vs. the Euro and around 99 Japanese Yen, while in the bond market the yield on 10-yr. Treasury notes pulled back to 2.93%…
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