Commodities are on the upswing in early European trade

Commodities are on the upswing in early European trade as risk appetite firms across financial markets. Regional shares are trading 0.5 percent higher on average, picking up where Asian bourses left off in the wake of a supportive Federal Reserve policy announcement. Unexpectedly strong third-quarter UK GDP figures are likewise offering a boost.

Growth-geared copper and crude oil prices are following stocks higher as the day’s news-flow buoys overall confidence in the trajectory of global economic growth. Meanwhile, gold and silver are enjoying a de-facto lift as the chipper mood dents safe-haven demand for the US Dollar by virtue of being denominated in terms of the benchmark currency.

S&P 500 index futures are trading firmly higher, hinting more of the same is likely ahead as Wall Street comes online. September’s US Durable Goods and Pending Home Sales reports headline the economic calendar in the hours ahead, with improvements expected on both fronts. This stands to reinforce a risk-on tone amid hopes that a firming recovery in the US will help offset sluggish performance in Asia and a recession in Europe.



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