A night of encouraging data saw sentiment swing back a pro-growth stance. Although UK GDP fell more than 20% for the quarter, an 8.7% bounce back in June eased concerns. Stronger than expected US inflation and a draw on US crude oil inventories over the week sparked buying in industrial commodities and shares.

Havens came under pressure. The US dollar and Japanese yen traded lower, and commodity currencies found support. Longer bond yields moved higher again as interest rate curves steepened, and gold languished just below the 2011 high. Silver proved the exception by gyrating through a 7%+ range before closing higher.

Crude oil markets jumped after Department of Energy data showed a 4.5 million reduction in stockpiles over the week. Reserves of petroleum (-700 k) and distillate (-2.3 mio) also fell, painting a stronger demand picture. Copper followed crude oil’s lead.

European stocks surged for a second night, and US indices finished firmly in the green, led by a 2.1% rise in the Nasdaq 100 index. Cisco systems reported earnings and revenue above forecasts, but was trounced in aftermarket trading after reducing forward guidance. Australian companies reporting today include Woodside, Telstra, AMP, Breville Group, Treasury Wine Estates, QBE, AGL and Evolution Mining.

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