Wednesday, January 29, 2014


Market Comment

US indices rebounded on Tuesday led by shares in the Pharmaceuticals, Biotechnology & Life Sciences, Insurance and Software & Services sectors. The S&P 500 (1792.5) remains below its 20d moving average (1830.4 - negative slope) and its 50d moving average (1813 - positive slope). Watch today's FOMC rate decision.

European markets are expected to start on a positive note.

Foreign Exchange

US Dollar was mixed against most of its major counterparts on Tuesday. On the US economic data front, durable goods orders fell 4.3% in December (+1.8% expected), the Conference Board's consumer confidence index rose to 80.7 in January from 77.5 in December (78 expected) while the Richmond Fed Manufacturing index fell to 12 in January (13 expected) from 12 the previous month.


After the close of Wall Street, WTI Crude Future (MAR 14) was up $1.5 to $97.23. The contract was below its 20D MA (@ $98.29) and above its 50D MA (@ $96.59).

Gold was down $2.8 to $1254.3. The precious metal was above its 20D MA (@ $1243) and above its 50D MA (@ $1234).

Copper Future (MAR 14) on Comex was about flat to 325.25c/lb. The contract was below its 20D MA (@ 330.62c) and below its 50D MA (@ 326.76c). In Europe, the London Metal Exchange reported its copper inventories decreased 2825 tons to 322575 tons.

UK Market News

Shell said it has agreed to sell a 23% interest in the Parque das Conchas (BC-10) project offshore Brazil to Qatar Petroleum International for appx. $1B. The Co added: "Shell will continue to operate BC-10 with a 50% working interest and retains a significant upstream presence in Brazil. In addition to the recent entry into the Libra oil discovery, Shell is currently operating two floating, production, storage and offloading (FPSO) vessels in Brazil's offshore - the EspĂ­rito Santo at Parque das Conchas and the Fluminense at the Bijupira/Salema fields."

Antofagasta posted a 4Q production report: "Record year of copper production of 721,200 tonnes (+1.6% YoY); Group copper production in Q4 2013 was 182,900 tonnes, a 4.9% increase compared with the previous quarter as a result of strong performance across all the operations; Group gold production was 63,300 ounces in Q4 2013, a 6.4% decrease on Q3 as a result of lower gold production at Esperanza; 2013 full year gold production was 293,800 ounces compared with 299,900 ounces in 2012, reflecting lower production at Esperanza in 2013 due to lower grade, partially offset by higher throughput (...) Molybdenum production at Los Pelambres was 9,000 tonnes in 2013 compared with 12,200 tonnes in 2012 (...) Group production in 2014 is expected to be appx. 700,000 tonnes of copper, 270,000 ounces of gold and 7,500 tonnes of molybdenum."

European Markets

ECB: Publication of the Monetary developments in the euro area (10am CET); Publication of the National balance sheet of euro area monetary financial institutions, excluding the Eurosystem (10am CET)

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