Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
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The United States’ 10-year Treasury yields hit highest since July 2015 on Thursday after OPEC nations agreed to their first production cut in eight years at the ministerial meeting held in Vienna.
The yield on the benchmark 10-year Treasury note rose 4-1/2 basis points to 2.41 percent, the yield on long-term 30-year Treasury inched 5 basis points to 3.07 percent and the yield on short-term 2-year note also bounced 2-1/2 basis point to 1.13 percent by 12:00 GMT.
Crude oil prices rallied after OPEC agreed to output cuts in OPEC ministerial gathering at Vienna yesterday. The International benchmark Brent futures rose 1.41 percent to $52.60 and West Texas Intermediate (WTI) jumped 1.03 percent to $49.95 by 12:20 GMT.
The Organization of the Petroleum Exporting Countries (OPEC) has agreed to cut production by roughly 1.2 Mb/d to 32.5, which equates to a 4.5-4.6 percent cut per member country. We believe the outcome is consistent with our view of what OPEC production levels were expected to be in 2017 irrespective of the deal reached yesterday, reported Barclays in its research note.
In other words, the meeting is highly unlikely to substantially affect the oil market balance. Compared with our assessment of OPEC supply last month, we have adjusted our first-quarter of 2017 production estimate lower by 350 kb/d, which will result in a slightly steeper draw than our balances were forecasting, they added.
Moreover, the preliminary third-quarter GDP reading increased 3.2 percent, above market expectations for a 3.1 percent result, as compared to the 1.4 percent reading seen in the second quarter of 2016. Additionally, the country’s exports increased 10.1 percent in the third-quarter of 2016, alongside a 2.1 percent increase from imports.
Markets now await a flurry of data on Thursday, highlighted by jobless claims, construction spending, ISM manufacturing and vehicle sales releases, though likely looking ahead to the November employment report on Friday.
Meanwhile, the S&P 500 Futures traded 2.75 points lower to 2,196 by 12:20 GMT. While at 12:00 GMT, the FxWirePro's Hourly Dollar Strength Index stood neutral at -28.17 (lower than -75 represents bearish trend).
