RANDGOLD RESOURCES LTD (GOLD) 83.27 -$0.30 (-0.36%) 12:20AM (15 mins delay)

The slumbering bull went walkabout yesterday ahead of the kickoff in earning season as the cheerleaders of the V shaped recovery heralded the pickup in the US service sector. Indeed in the past 24 hours the news flow has certainly had a better tone, as evident in the bounce in US and European equity markets. The gain in services ISM to 50.9 means it is above 50 for the first time in 12 months. In terms of the details, business activity and new orders posted the strongest gains. The employment index, however, remained below 50 at 44.3. So the data remains equivocal, bearing in mind the Nonfarm Payrolls and the Manufacturing disappointments last week.

The US markets have opened up sharply with the likes of Alcoa (AA) (ahead of their earnings tomorrow), AK Steel (AKS) and Newmont Mining (NEM) bid on a strong performance by mining and metal producers in Europe. Barrick Gold (ABX) is moving ahead with the yellow metal at $1039 and Exxon (XOM) is well supported with the black stuff back over $71 barrel. Corning (GLW) is getting a lift from a UBS upgrade to a “buy” on demand from China. Regional financial names like Hartford (HIG), Zions Bancorp (ZION) and Regions Financial (RF) are also seeing a lot of buying this afternoon.