Andrew Su
Compass Global Markets
Over the weekend three people died in Bangkok as unrest escalated as protesters continue demonstrations to oust Thai Prime Minister Yingluck Shinawatra. Tear gas was launched at protestors by police as they breached barriers surrounding Government House and the PM's office. The leader of the protest, a former Deputy Prime Minister has vowed that he will not negotiate with the government over his intentions to stamp out the political networks of former Prime Minister Thaksin Shinawatra.
Sotheby's, the famed auction house, has held its landmark first auction in mainland China which raised $37 million. The headliner was a painting by a Chinese French artist which sold for $14.7 million. China is one of the fastest growing markets in the world for luxury goods and international auction houses. In November, a Chinese buyer set a record for a case of wine when he paid $474,000 for 12 bottles of Romanee- Conti and China's richest man purchased a Picasso at Christie's for $28.2 million.
U.S. equity markets have set more records with the S&P 500 recording its longest consecutive run of weekly rises in a decade as investor optimism over the U.S. economy rises. The iconic jeweller, Tiffany and Co., surged almost 10% on better than expected profits while a surging Apple saw the NASDAQ rise above 4,000 for the first time in 13 years. The S&P 500 closed Friday marginally lower by 0.08% at 1,805.81. Earlier in Europe, the DAX gained 0.19% while the FTSE fell 0.06%.
Commodity prices finished the week on a positive note with the major indexes gaining more than 0.3%. WTI has gained marginally by 0.5% to $92.72 after a series of heavy losses precipitated by rising inventories. Precious metals gained with gold rising 1% to $1,250 while silver rallied 1.8% to $20.03. Copper rose 0.45%. Agricultural commodities were mostly higher led by soybeans and coffee.
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