6:30AM European markets end winning streak due to emerging profit-taking.
European markets were lower on Tuesday. By mid morning, the FTSE 100 in London slipped 0.2% to 6,157.8, Frankfurt Xetra Dax shed 0.8% to 6,137.87, and the CAC 40 in Paris lost 0.7% to 5,324.88.

Advancers

There were only a few advancers on Tuesday. Total of France gained 1% while in the UK BP added 1.7%.

Decliners

Spanish oil company Repsol fell 5.5% in spite of Sacyr Vallehermoso, the construction group, announcing it had built a 9% stake over recent sessions and wanted to extend its holding to 15%.

JP Morgan reduced its rating on the Spanish retail banking sector to underweight, with downgrades for both Banesto and Banco de Sabadell, which fell 1.5% and 1.5%, respectively.

BBVA, which remains the top pick of JP Morgan in the sector, nevertheless fell 1.8% after Deutsche Bank downgraded it from buy to hold. Santander, which was among the top picks of both JPM and Deutsche, shed 2%. Natexis, the securities devision of French mutual lender Banques Populaires, fell 4.1%.

Oil and gold

Oil prices rose above $60 a barrel Tuesday as traders are awaiting an OPEC meeting later in the week for a clearer price direction. Cold weather forecasts in the U.S. also prompted traders to bid up the cost of home-heating fuels. Light, sweet crude for November delivery rose 24 cents to $60.18 a barrel in Asian electronic trading on the New York Mercantile Exchange

Gold traded in London at $594.90 a troy ounce, up from $592.55 late Monday.

Currencies

The U.S. dollar was lower against most other major currencies in European trading Tuesday morning. The euro was quoted at $1.2531, unchanged from late Monday in New York. The British pound was quoted at $1.8666, up from $1.8612. The dollar bought 118.63 Japanese yen, down from 119.11.

5:00AM Gold and silver futures advanced sharply on Monday, on dollar weakness.
December gold surged $5.80 to close at $598.50 a troy ounce on the NYME, while December silver added 23 cents to $11.91. January platinum rose $8 to $1,091.30 an ounce and December palladium gained $8.60 to $324.55 an ounce. High-grade copper futures finished sharply higher Monday, drawing some support from strength in other metals. The most active December copper contract advanced 16.75 cents to settle at $3.5810 per pound.

November crude oil futures gained $1.37 to end at $59.94 a barrel. The contract expires Friday. The November heating oil contract moved up 3.87 cents to $1.7585 a gallon. The November gasoline contract settled up 2.33 cents at $1.4917 a gallon. November natural gas gained 78.5 cents to close at $6.444 a million British thermal units.

On the New York Board of Trade, December Arabica coffee futures closed 2.15 cents lower at $1.0190 a pound, with March down 2.10 cents at $1.0590. The most-active December contract settled down $10 at $1,406 per metric ton. March futures on raw sugar in foreign ports ended 0.58 cent higher at 11.71 cents a pound.