Trading was relative light in the commodity sector as investors continued to gauge the implications of macroeconomic indicators and government officials' comment on global economic outlook. Despite broad-based decline in risk assets, the dataflow was not entirely poor last week. US' industrial production rose +1% m/m in July after contracting -0.1% a month ago while UK's retail sales and net borrowing showed signs of improvement. Unfortunately, the market only focused on the weak side of the economy and reacted vigorously when US initial jobless claims surprisingly rose to 500K in the week ended August 14 from an upwardly revised 488K in the prior week and ECB member Axel Weber signaled stimulus should stay for the rest of the year.
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