Having last month addressed concerns about inflation by outlining a stimulus “exit strategy,” U.S. Federal Reserve Chairman Ben S. Bernanke may turn his attention to the growing threat posed by commercial real estate at the Federal Open Market Committee’s (FOMC) two-day meeting taking place tomorrow (Tuesday) and Wednesday.

China’s economy grew by 7.9% in the second quarter, exceeding most analysts’ expectations, and lending credence to Beijing’s goal of 8% annual growth. Now, with the nation awash in liquidity and the economy picking up steam, the only task ahead of the central government is deciding when to rein in lending and let the economy stand on its own two feet.

The base metals were little changed on Wednesday. Copper held up well through mid-morning, but declined when it counted, slipping to near its pre-dawn intraday low and finishing at $1.4922/lb., down a penny.

Cruise holidays are heavily discounted right now. But Andrew Snyder says that’s not a good sign for cruise liners like Royal Caribbean (NYSE:RCL). Demand for luxury holidays is in freefall, and advance bookings mean that cruise liners cannot cut operations in the short term. RCL shares may look cheap today, but Andrew says the company faces more misery this year.

A massive slump in oil exploration spending pummeled Schlumberger Ltd. (SLB), the world’s largest oilfield services corporation, as profit fell 17% in the fourth quarter. But the company said curtailed spending could be setting the stage for a rebound in oil and gas prices as supplies dwindle.

The base metals were mixed on Tuesday. Copper declined during the pre-dawn hours, falling below $1.38, but then rallied through the day, just coming off its intraday highs late to finish at $1.4846/lb., up nearly 5 2/3 cents.

The base metals were all slightly higher on Wednesday. Copper fell from the pre-dawn hours to just after the New York open, after which it rose to just past the break-even point, finishing at $1.3679/lb., up a quarter-cent.

With the economy in a tailspin, the U.S. Federal Reserve policymakers will today (Tuesday) almost certainly cut the benchmark Federal Funds rate from its current 1.0% to 0.5%.

So the question no longer seems to be whether the Fed will ease, but whether the move will make any difference.

The Fed has been hamstrung by a credit-market double-whammy: borrowers who are in limbo due to fears of soaring unemployment, and banks that have turned off the lending spigot. Even so, a U.S. economy facing its worst financial crisis since the Great Depression demands the central bank take decisive action.

That has led to a strong undercurrent of opinion among analysts that the Fed will pursue other measures to spark a moribund U.S. economy.

“We look…

The base metals were mixed on Friday. Copper bottomed below $1.48 in the pre-dawn hours, but then pushed higher until the late morning, when it came off its highs to finish at $1.5752/lb., up 5½ cents. Nickel rose from the pre-dawn hours to mid-morning, trailed off, but then rallied late to close at $4.5503/lb., up 9¼ cents.

The base metals all had a rare close in positive territory on Thursday. Copper bottomed during the pre-dawn hours, then forged a not unbroken but steadily higher trail through the day, finishing at its intraday high of $1.6223/lb., up 3½ cents.