Global Market

Global Stock Markets Mostly Firmer; China's Party Congress Meetings On Deck

By , Money Morning

(Kitco News) – World stock markets  were mostly firmer overnight. Many world stock indexes are at or near record or multi-year highs. U.S. stock indexes are pointed toward slightly higher openings when the New York day session begins.

Gold prices are modestly up and poked to a three-week high overnight. The yellow metal bulls have the near-term technical advantage, which means the path of least resistance for prices will be sideways to higher in the near term.

China this week starts its twice-a-decade Party Congress meetings, in which major economic and cultural planning initiatives are laid out for the next five years.

In other overnight news, the Euro zone reported its exports were up 2.5% in August from July, while imports were up by only 0.4%.

The U.S. dollar index is firmer in early U.S. trading Friday. The other key outside market sees Nymex crude oil futures prices higher and trading above $52.00 a barrel. The oil bulls have the overall the near-term technical advantage.

U.S. economic data due for release Monday is light and includes the Empire State manufacturing survey.

By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com