EVENTS & FINANCIAL NEWS 28-02-2014

Market Comment

US indices rose on Thursday led by shares in the Telecommunication Services, Technology Hardware & Equipment and Media sectors. Fed Chair Janet Yellen said in the Congress "Unseasonably cold weather has played some role. What we need to do, and will be doing in the weeks ahead, is to try to get a firmer handle on exactly how much of that set of soft data can be explained by weather and what portion, if any, is due to softer outlook." She replied in respond to tapering "if there’s a significant change in the outlook, certainly we would be open to reconsidering." The S&P 500 (1854.29) remains above its 20d moving average (1812.1 - positive slope) and its 50d moving average (1819.5 - positive slope).

European markets are expected to start on a positive note.

Foreign Exchange

US Dollar was mixed against most of its major counterparts on Thursday. On the US economic data front, durable good orders fell 1.0% MoM (-1.7% expected) in January. Initial jobless claims rose to 348K (335K expected and 334K prior) in the week ended February 22nd.

The Euro was mixed against its major counterparts. In Europe, euro-zone M3 money supply was up 1.2% YoY in January (+1.1% expected) after a 1% advance in December. Consumer confidence was -12.7 in February in final estimation, as expected, vs -11.7 the month before. In Germany, unemployment was down by 14K in February after a 28K decrease in January. Economists anticipated a 10K drop. Unemployment rate was 6.8%, flat MoM. Separately, German CPI index was up by 0.5% in February in first estimation after a 0.6% decrease in January.

Commodities

After the close of Wall Street, WTI Crude Future (APR 14) was about flat to $102.29. The contract was above its 20D MA (@ $95.67) and above its 50D MA (@ $96.35).

Gold was about flat to $1331.2. The precious metal was above its 20D MA (@ $1298) and above its 50D MA (@ $1259).

Copper Future (MAY 14) on Comex was about flat to 320.55c/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 2050 tons to 274350 tons.

UK Market News

The UK Consumer Confidence Index remained unchanged at -7 in February (as expected), according to market research firm GfK.

European Markets

ECB: Participation by Sabine Lautenschläger in Panel 2 "Pittsburgh and beyond: are banking activities safer than before?" at Symposium on Financial Stability and the Role of Central Banks organised by the Deutsche Bundesbank in Frankfurt, Germany. (10am CET)

Today's Economic Events

GE 07:00: JAN Retail Sales (MoM): 1%
FR 07:45: JAN Producer Price Index (MoM): NA
EC 10:00: JAN Euro-Zone: Unemployment Rate: 12%
US 13:30: 4Q GDP (QoQ): 2.5%
US 13:30: 4Q GDP Price (QoQ): 1.3%
US 13:30: 4Q Personal Consumption: 2.9%
US 14:45: FEB Chicago Purchasing Manager Index: 56.4
US 14:55: FEB U. of Michigan Confidence: 81.2

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EVENTS & FINANCIAL NEWS 27-02-2014

Market Comment

US indices were flat on Wednesday. Shares in the Retailing, Consumer Durables & Apparel and Automobiles & Components sectors traded higher while shares in the Energy, Utilities and Food, Beverage & Tobacco sectors were under pressure. The S&P 500 (1845.16) remains above its 20d moving average (1808.1 - positive slope) and its 50d moving average (1817.9 - flat slope).

European markets are expected to start on a flat note.

Foreign Exchange

US Dollar jumped against most of its major counterparts on Wednesday. On the US economic data front, MBA Mortgage applications for the week ended February 21st fell 8.5% (-4.1% prior). New home sales rose 9.6% MoM in January (-3.4% expected).

The Euro was under pressure against its major counterparts. German GfK advanced consumer confidence indicator rose to 8.5 for March from 8.3 for February. Economists anticipated the index to be 8.2.

Commodities

After the close of Wall Street, WTI Crude Future (APR 14) was up $0.7 to $102.5. The contract was above its 20D MA (@ $95.67) and above its 50D MA (@ $96.35). The US Department of Energy reported that, for the week ended 21 February, crude oil inventories increased 68k barrels compared to the previous week.

Gold was down $11.9 to $1328.8. The precious metal was above its 20D MA (@ $1294) and above its 50D MA (@ $1256). The 14d RSI above 70 (73.71) indicates gold was overbought.

Copper Future (MAY 14) on Comex was down 3c to 319.7c/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 2750 tons to 276400 tons.

UK Market News

RSA Insurance swung to a FY13 loss before tax of £244M from a profit of £448M in the previous year.

Premier Oil, Spectris, Howden Joinery Group, Derwent London, Capita Group, BAT, Man Group, Reed Elsevier, Jupiter Fund Management: FY results expected.

Barratt Developments, Redrow Plc Countrywide: 1H results expected.

European Markets

ECB: Speech by Peter Praet at Session II "Regaining control in the eurozone" at a conference entitled "Bretton Woods @ 70 - Regaining Control of the International Monetary System" organised by the Austrian Federal Ministry of Finance, the Reinventing Bretton Woods Committee and the Oesterreichische Nationalbank in Vienna, Austria. (4:30pm CET); Publication of the National balance sheet of euro area monetary financial institutions, excluding the Eurosystem (10am CET)

Today's Economic Events

GE 07:00: JAN Import Prices (MoM): -0.2%
GE 08:55: FEB Unemployment Change (Thsd): -10
EC 09:00: JAN Euro-zone: M3 (3 mth ave.): 1.2%
EC 10:00: FEB Euro-zone: Industrial Confidence: -4
EC 10:00: FEB Business Climate Indicator: 0.2
GE 08:55: FEB Unemployment Rate: 6.8%
EC 10:00: FEB Euro-Zone: Economic Confidence: 100.8
EC 10:00: FEB Euro-Zone: Consumer Confidence: -12.7
GE 13:00: JAN Consumer Price Index (MoM): 0.6%
GE 13:00: JAN CPI - EU Harmonised (MoM): 0.7%
US 13:30: W7 Initial Jobless Claims (Thsd): 335
US 13:30: JAN Durable Goods Orders: -1.6%
US 13:30: JAN Durable Goods Ex Transportation: -0.3%

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EVENTS & FINANCIAL NEWS 26-02-2014

Market Comment

US indices declined on Tuesday pressured by shares in the Diversified Financials, Technology Hardware & Equipment and Transportation sectors. The S&P 500 (1845.12) remains above its 20d moving average (1805.4 - positive slope) and its 50d moving average (1816.5 - flat slope).

European markets are expected to start on a flat note.

Foreign Exchange

US Dollar fell against most of its major counterparts on Tuesday. On the US economic data front, house price index rose 0.8% MoM (+0.3% expected) in December while the Conference Board's consumer confidence index slid to 78.1 (80 expected) in February from 79.4 (downwardly revised) the previous month. Finally, the Richmond Fed Manufacturing index dropped to -6 in February (+5 expected) from 12 the prior month.

The Euro was mixed against its major counterparts. In Europe, German 4Q GDP growth was confirmed at +0.4%. French business confidence index was flat at 94 in February vs 95 expected by economists.

Commodities

After the close of Wall Street, WTI Crude Future (APR 14) was down $0.8 to $102.02. The contract was above its 20D MA (@ $95.67) and above its 50D MA (@ $96.35).

Gold was up $4.3 to $1341.3. The precious metal was above its 20D MA (@ $1291) and above its 50D MA (@ $1254). The 14d RSI above 70 (70.85) indicates gold was overbought.

Copper Future (MAY 14) on Comex was down 1.8c to 322.15c/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 3325 tons to 279150 tons.

UK Market News

Real Estate: Capital & Counties Properties (+2.81% to 392p) and Derwent London (+0.97% to 2803p) reached a new 3-month relative high against the FTSE 100.

Retail: Marks & Spencer (+1.09% to 511p) reached a new 3-month relative high against the FTSE 100.

Stock/Benchmark ratio(s) 50D MA cross over: RSA Insurance (+3.59% to 101p), Thomas Cook Group (+1.27% to 183.5p)

European Markets

ECB: Keynote speech by Mr. Mersch at The Luxembourg Renminbi Forum "China: progressing towards financial market liberalisation and currency internationalisation" organised by Luxembourg for Finance in Luxembourg. (2pm CET)

Health Care: Fresenius Medical Care (-5.73% to E49.82) reached a new 3-month relative low against the Dax.

Industrial Goods & Services: MTU Aero Engines (-2.24% to E62.55) reached a new 3-month relative low against the Dax.

Telecommunications: Telefonica Deutschland (-2.57% to E5.91) reached a new 3-month relative low against the Dax.

Today's Economic Events

UK 09:30: 4Q GDP (QoQ): 0.7%
US 15:00: JAN New Home Sales (Thsd): 400
US 15:30: W7 Crude Oil Inventories (WoW chg): 1300

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EVENTS & FINANCIAL NEWS 25-02-2014

Market Comment

US indices gained on Monday helped by shares in the Energy, Banks and Health Care Equipment & Services sectors. The S&P 500 (1847.61) remains above its 20d moving average (1802.23 - positive slope) and its 50d moving average (1815.3 - flat slope).

European markets are expected to open on a negative note.

Foreign Exchange

US Dollar was mixed against most of its major counterparts on Monday. On the US economic data front, the Chicago Fed National Activity Index fell to -0.39 in January (-0.20 expected) from -0.03 (revised) in December and the Dallas Fed Manufacturing Activity index fell to 0.3 in February (+3 expected) from 3.8 (revised) in January.

Commodities

After the close of Wall Street, WTI Crude Future (APR 14) was about flat to $102.64. The contract was above its 20D MA (@ $95.67) and above its 50D MA (@ $96.35). The 14d RSI above 70 (71.17) indicates WTI Crude Future (APR 14) was overbought.

Gold was up $12 to $1336.3. The precious metal was above its 20D MA (@ $1287) and above its 50D MA (@ $1252).

Copper Future (MAY 14) on Comex was down 2.7c to 323.3c/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 2875 tons to 282475 tons.

European Markets

ECB: Publication of the Consolidated Financial Statement of the Eurosystem (3pm CET)

Conference: Manufacturing Pex Europe; 9th International Conference Innovative Seating 2014; 3rd International Conference - Advances in Rotor Blades for Wind Turbines

Today's Economic Events

FR 07:45: FEB Business Confidence Indicator: NA
FR 07:45: FEB Production Outlook Indicator: NA
US 15:00: FEB Consumer Confidence: 80

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EVENTS & FINANCIAL NEWS 24-02-2014

Market Comment

US indices declined on Friday pressured by shares in the Telecommunication Services, Energy and Technology Hardware & Equipment sectors. The S&P 500 (1836.25) remains above its 20d moving average (1799.4 - flat slope) and its 50d moving average (1814.4 - flat slope).

European markets are expected to start on a negative note.

Foreign Exchange

US Dollar was mixed against most of its major counterparts on Friday. On the US economic data front, existing home sales dropped 5.1% MoM (-4.1% expected) in January after a downwardly revised 0.8% gain the previous month.

The British Pound was mixed against its major counterparts. UK retail sales were down by 1.5% in January after a 2.5% increase the month before. Economists expected them to slid 1%.

Commodities

After the close of Wall Street, WTI Crude Future (APR 14) was down $0.6 to $102.19. The contract was above its 20D MA (@ $95.67) and above its 50D MA (@ $96.35). The 14d RSI above 70 (74.28) indicates WTI Crude Future (APR 14) was overbought.

Gold was about flat to $1324. The precious metal was above its 20D MA (@ $1283) and above its 50D MA (@ $1250).

Copper Future (MAY 14) on Comex was about flat to 325.6c/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 4250 tons to 285350 tons.

UK Market News

Rolls-Royce announced the securing of a $90M production contract for engines to power MV-22 aircraft operated by the US Marine Corps.

RSA Insurance Group said it is considering measures, including a rights issue, to strengthen its balance sheet.

Hiscox Ltd reported FY13 results: "Profit before tax of £244.5M (2012: £217.5M) (...) the Board proposes to pay a special distribution of 36p per ordinary share. Such amounts will be paid by way of a C/D share scheme. (...) In addition, a sum of 14.0p per share will be paid instead of a final dividend (...) together with the interim dividend of 7.0p per share, represents a total dividend for 2013 equal to 21.0p per share (2012: 18.0p)."

HSBC Kingspan: FY results expected.

ECB: Publication of the Euro area HICP statistics (seasonally adjusted) (10am CET)

Conference: 7th Forum e -Discovery D-A-CH; REMIT and Markttransparenzstelle - Regulatorisches Reporting in Prozessen and IT

Today's Economic Events

GE : JAN Import Prices (MoM): NA
GE 09:00: FEB IFO - Business Climate: NA
GE 09:00: FEB IFO - Current Assessment: NA
GE 09:00: FEB IFO - Expectations: NA
EC 10:00: FEB Euro-Zone: CPI (MoM): NA

.

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EVENTS & FINANCIAL NEWS 21-02-2014

Market Comment

US indices rebounded on Thursday led by shares in the Telecommunication Services, Transportation and Materials sectors. The S&P 500 (1839.78) remains above its 20d moving average (1799 - flat slope) and its 50d moving average (1813.8 - flat slope).

European markets are expected to open on a flat note.

Foreign Exchange

US Dollar was firm against most of its major counterparts on Thursday. On the US economic data front, initial jobless claims fell to 336K (335K expected and 339K prior) in the week ended February 15th. CPI rose 0.1% MoM in January while leading indicators index increased 0.3% MoM as expected. Finally, the Philly Fed index dropped to -6.3 (8.0 expected) in February from 9.4 the previous month.

The Euro was under pressure against its major counterparts. In Europe, euro-zone PMI composite was down to 52.7 in February vs 52.9 in January and 53.1 expected. Euro-zone consumer confidence index was -12.7 in February vs -11.7 the month before and -11 anticipated by consensus.

Commodities

After the close of Wall Street, WTI Crude Future (APR 14) was about flat to $102.82. The contract was above its 20D MA (@ $95.67) and above its 50D MA (@ $96.35). The 14d RSI above 70 (73.39) indicates WTI Crude Future (APR 14) was overbought. The US Department of Energy reported that, for the week ended 14 February, crude oil inventories increased 973k barrels compared to the previous week.

Gold was up $11.8 to $1323.4. The precious metal was above its 20D MA (@ $1280) and above its 50D MA (@ $1248).

Copper Future (MAY 14) on Comex was about flat to 326.35c/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 1025 tons to 289600 tons.

UK Market News

UK: The Knight Frank/Markit House Price Sentiment Index hit a record high of 60.7 in February, up from 58.7 in January. Key findings included: "Households perceived that the value of their home rose in February, (...) This is the 11th consecutive month that households reported a rise in the value of their property. (...) Households in every region expect the value of their home to rise over the next 12 months, with expectations rising to a record high in six of the 11 regions, led by London (81.8)."

Ireland: Fitch Ratings has affirmed the country's ratings at "BBB+", outlooks "Stable". The rating firm pointed out: "Ireland successfully completed its three-year adjustment programme in December 2013. All quarterly fiscal targets of the Troika (EU, ECB, IMF) programme have been met, (...) has returned to market financing and has built up cash buffers equivalent of 13% of GDP by end-January 2014, (...) Fitch forecasts a budget deficit of 4.8% of GDP in 2014, implying a balanced primary position, compared with a primary deficit of more than 9% of GDP in 2009 excluding bank recapitalisation. (...) The acceleration of economic growth and larger than expected fall in unemployment in 2H13 are signs of a broad-based recovery. GDP growth could reach 1.6% in 2014 and 2.2% in 2015 (...) Fitch expects the current account surplus to remain around 4% of GDP in 2014-15, similar to 2013."

European Markets

SGL Carbon said that it expects a FY13 net loss of E400M (vs FY12 net income of E7M) and that it will not propose a dividend for the year, citing weak operational result and impairment charges in the Business Area Carbon Fibers & Composites (CFC) and in the deferred tax assets. The Co added: "The negative trends observed in the final quarter 2013 have continued into the first weeks of the new fiscal year 2014, particularly in the main business with graphite electrodes. If this development does not improve significantly in the course of the year, it will be difficult to achieve the operating earnings level of 2013, as the expected improvements in most other Business Units will not suffice to compensate for the decline in the graphite electrode business."

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EVENTS & FINANCIAL NEWS 20-02-2014

Market Comment

US indices declined on Wednesday pressured by shares in the Banks, Diversified Financials and Media sectors. Fed officials agreed further gradual reductions in their stimulus would be appropriate as long as the economy keeps improving, according to FOMC minutes of Jan 28-29. The S&P 500 (1828.75) remains above its 20d moving average (1799.2 - flat slope) and its 50d moving average (1813.1 - flat slope).

European markets are expected to start on a negative note.

Foreign Exchange

US Dollar was mixed against most of its major counterparts on Wednesday. On the US economic data front, MBA Mortgage applications for the week ended February 14th dropped 4.1% (-2.0% prior). PPI final demand rose 0.2% MoM (+0.1% expected) in January. Housing starts slumped 16.0% MoM (-4.9% expected) in January while building permits fell 5.4% MoM (-1.6% expected). Finally, Fed officials agreed further gradual reductions in their stimulus would be appropriate as long as the economy keeps improving.

The Euro was mixed against its major counterparts. In Europe, euro zone construction output was up by 0.9% in December after a 0.2% decline the month before (revised from -0.6%).

The British Pound was firm against its major counterparts. UK unemployment rate increased to 7.2% for the October-December period from 7.1% in the previous period. Economists expected it to be flat. Jobless claims were down by 27.6K in January vs -27.7K the month before. Economists anticipated them to be down by 20K.

Commodities

After the close of Wall Street, WTI Crude Future (MAR 14) was up $1 to $103.44. The contract was above its 20D MA (@ $95.67) and above its 50D MA (@ $96.35). The 14d RSI above 70 (73.51) indicates WTI Crude Future (MAR 14) was overbought.

Gold was down $10.2 to $1311.8. The precious metal was above its 20D MA (@ $1277) and above its 50D MA (@ $1247).

Copper Future (MAR 14) on Comex was about flat to 327.85c/lb. The contract was below its 20D MA (@ 330.62c) and above its 50D MA (@ 326.76c). In Europe, the London Metal Exchange reported its copper inventories decreased 2525 tons to 290625 tons.

European Markets

ECB: Publication of the Euro area financial vehicle corporations statistics (10am CET); Presentation and participation by Mr Constcio in panel discussion at the "12th Annual European Financial Services Conference" (11:30am CET)

Today's Economic Events

FR 07:45: JAN Consumer Price Index (MoM): -0.4%
FR 07:45: JAN CPI - EU Harmonised (MoM): -0.5%
GE 07:00: JAN Producer Price Index (MoM): 0.2%
EC 15:00: JAN Euro-Zone: Consumer Confidence: -11
US 13:30: W6 Initial Jobless Claims (Thsd): 334
US 13:30: JAN Consumer Price Index (MoM): 0.1%
US 13:30: JAN CPI - Ex Food & Energy (MoM): 0.1%
US 15:00: FEB Philadelphia Fed.: 8
US 15:00: JAN Leading Indicators: 0.4%
US 16:00: W6 Crude Oil Inventories (WoW chg): NA

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EVENTS & FINANCIAL NEWS 19-02-2014

Market Comment

US indices were mixed on Tuesday. Shares in the Pharmaceuticals, Biotechnology & Life Sciences, Insurance and Automobiles & Components sectors traded higher while shares in the Household & Personal Products, Transportation and Telecommunication Services sectors were under pressure. The S&P 500 (1840.76) remains above its 20d moving average (1800 - flat slope) and its 50d moving average (1812.2 - flat slope).

European markets are expected to open on a flat note.

Foreign Exchange

US Dollar was under pressure against most of its major counterparts on Tuesday. On the US economic data front, Empire manufacturing index dropped to 4.48 (8.50 expected) in February from 12.51 the previous month while NAHB Housing Market index fell to 46 (56 expected) in February from 56 the prior month.

The Euro was firm against its major counterparts. In Europe, EU27 new car registrations were up by 5.5% in January after a 13.3% increase in December. In Germany, ZEW survey index for current situation was up to 50 in February vs 41.2 the month before and 44 expected. The index for expectations fell to 55.7 vs 61.7 in January and 61.5 anticipated by economists.

Commodities

After the close of Wall Street, WTI Crude Future (MAR 14) was up $2.4 to $102.66. The contract was above its 20D MA (@ $95.67) and above its 50D MA (@ $96.35).

Gold was down $6.4 to $1322.4. The precious metal was above its 20D MA (@ $1273) and above its 50D MA (@ $1245).

Copper Future (MAR 14) on Comex was up 1.9c to 328.3c/lb. The contract was below its 20D MA (@ 330.62c) and above its 50D MA (@ 326.76c). In Europe, the London Metal Exchange reported its copper inventories decreased 2875 tons to 293150 tons.

UK Market News

Mondi Plc issued a trading statement: "It can now be confirmed that underlying operating profit for the year ended 31 December 2013 is expected to be above that achieved in 2012 (E574M). (...) it expects earnings per share (EPS) for the year ended 31 December 2013 to be (...) basic EPS (euro cents) 77-82 (2012 50.1); basic headline EPS (euro cents) 88-93 (2012 62.9); basic underlying EPS (euro cents) 92-97 (2012 69.2)."

ECB: Governing Council meeting of the ECB in Frankfurt (10am CET); Public Hearing on the consultation document on the draft ECB SSM Framework Regulation in Frankfurt, Germany. (10am - 1230pm CET)

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EVENTS & FINANCIAL NEWS 18-02-2014

Market Comment

US indices rose last Friday helped by shares in the Household & Personal Products, Energy and Media sectors. The S&P 500 (1838.63) remains above its 20d moving average (1799.9 - negative slope) and its 50d moving average (1811.3 - flat slope). Market was closed on Monday for Presidents' Day.

European markets are expected to start on a positive note.

Foreign Exchange

US Dollar was mixed against most of its major counterparts on Monday. On the US economic data front, no major data were released as US markets were closed for Presidents' day.

The British Pound fell against its major counterparts. In Europe, according to Rightmove, UK house prices are up by 3.3% in February after a 1% increase in January.

Commodities

After the close of Wall Street, WTI Crude Future (MAR 14) was up $0.6 to $100.92. The contract was above its 20D MA (@ $95.67) and above its 50D MA (@ $96.35).

Gold was up $10.3 to $1329. The precious metal was above its 20D MA (@ $1269) and above its 50D MA (@ $1244). The 14d RSI above 70 (75.32) indicates gold was overbought.

Copper Future (MAR 14) on Comex was up 1.6c to 328.05c/lb. The contract was below its 20D MA (@ 330.62c) and above its 50D MA (@ 326.76c). In Europe, the London Metal Exchange reported its copper inventories decreased 3100 tons to 296025 tons.

UK Market News

BHP Billiton said 1H net income surged 82.9% YoY to $8.1B on revenue of $33.9B, up 5.9%, pointing out: "A substantial improvement in productivity and additional volume from our low risk, largely brownfield investment program contributed to a significant increase in profitability in the December 2013 half year. Underlying EBIT increased by 15% to $12.4B and Underlying attributable profit increased by 31% to $7.8B. (...) A 65% increase in net operating cash flow and a 25% reduction in cash outflows from investing activities led to a $7.8B increase in free cash flow. (...) (iron ore) Underlying EBIT for the December 2013 half year increased by $1.7B to $6.5B. (...) (copper) decreased by $200M to $2.9B. (...) (petroleum) decreased by $534M to $2.6B. (...) (coal) increased by $431M to $510M. (...) Our interim dividend of 59 US cents per share was unchanged from last year's final dividend." On the outlook the Co commented: "Chinese steel production growth rates are expected to decelerate to levels considerably below GDP growth in the short term as the economy matures following a period of steel-intensive, infrastructure-led growth. In this context, a more balanced iron ore market is anticipated with substantial new supply from the high quality, low cost basins of Western Australia and Brazil expected to exceed demand growth. (...) with global growth rates expected to rise, demand for steel making raw materials from markets outside of China should also rise. This will predominantly benefit metallurgical coal demand given the reliance of these markets on higher quality, imported product. (...) Growth in copper production has exerted some downward pricing pressure, with the supply of concentrate exceeding smelter capacity."

European Markets

ECB: Publication of the Consolidated Financial Statement of the Eurosystem (3pm CET); Publication of the Euro area monthly balance of payments (10am CET); Participation of Mr. Praet in panel "Fixing Finance" at Lisbon Summit organised by The Economist in Lisbon, Portugal.(11:30am CET)

Conference: 6th Annual Disposable Solutions for Biomanufacturing

MTU Aero Engines FY results expected

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EVENTS & FINANCIAL NEWS 14-02-2014

Market Comment

US indices rose on Thursday led by shares in the Utilities, Semiconductors & Semiconductor Equipment and Consumer Durables & Apparel sectors. The S&P 500 (1829.83) remains above its 20d moving average (1800.2 - negative slope) and its 50d moving average (1810.4 - flat slope).

European markets are expected to open on a flat note.

Foreign Exchange

US Dollar was under pressure against most of its major counterparts on Thursday. On the US economic data front, retail sales advance fell 0.4% MoM in January (flat expected) after a downwardly revised 0.1% decline the previous month. Initial jobless claims rose to 339K (330K expected and 331K prior) in the week ended February 8th.

The Euro was firm against its major counterparts. In Europe, CPI in Germany rose by 1.3 percent in January 2014 over the same period in the previous year.

Commodities

After the close of Wall Street, WTI Crude Future (MAR 14) was about flat to $100.29. The contract was above its 20D MA (@ $95.67) and above its 50D MA (@ $96.35).

Gold was up $11 to $1302.1. The precious metal was above its 20D MA (@ $1262) and above its 50D MA (@ $1241).

Copper Future (MAR 14) on Comex was about flat to 325.05c/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 1375 tons to 300675 tons.

UK Market News

Anglo American reported that FY13 net loss narrowed to $961M from $1.5B in the previous year (LPS down to $0.75 from $1.17), pointing out: "The effects of such a difficult macro-economic environment were exacerbated by operating challenges at key operations and adversarial labour relations in South Africa. Despite the challenges, significant operating improvements in Copper, Metallurgical Coal and Diamonds in the second half of the year and the sharp fall in the South African rand in the final quarter, drove a 6% increase in underlying operating profit to $6.6B, with underlying EBITDA increasing to $9.5B, up by 7%. (...) underlying earnings decreased by 7% to $2.7B. (...) the Board has recommended to maintain the final dividend of 53 US cents per share, giving a total dividend of 85 US cents per share for the year (2012: 85 US cents per share)." Further, the Co said: "Supply growth in the near to medium term poses challenges to the prices of some global commodities, most notably iron ore and copper. However, in the long term, prices for Anglo American's products are expected to be supported by supply constraints in many jurisdictions and the challenges producers face in bringing new supply into production. Economic uncertainty, as we are seeing currently, tends to restrain new supply; in the longer term Anglo American therefore expects to see tightening market fundamentals and a recovery in price performance to support further margin improvement and returns."

Vodafone said its India unit has acquired spectrum licences in 11 telecom circles in the Indian government's 900 MHz and 1800 MHZ spectrum auction for appx. £1.9B.

Coca-Cola HBC posted FY13 comparable net income up 3% YoY to E293M (EPS up to E0.81 from E0.78) and comparable EBIT flat at E454M on sales of E6.9B, down 2%. The Co proposed raising dividend to E0.354 per share from E0.340 in the previous year.

European Markets

ECB: Keynote speech by Yves Mersch at the Institute of International European Affairs in Dublin, Ireland. (11am local time)

Automobiles & Parts: Continental (+1.21% to E167) and Rheinmetall AG (+0.98% to E50.66) closed at a 3-month relative high against the Dax.

Construction & Materials: Hochtief (-1.05% to E60.07) reached a new 3-month relative low against the Dax.

Industrial Goods & Services: MTU Aero Engines (-2.26% to E62.3) closed at a 3-month relative low against the Dax.

Contact Us:

Direct:04-3841906
Web: www.cfb.ae
Email:info@cfb.ae

For more information please visit our website century financial brokers.

Here are some useful links that you can follow:

Here is a CFB blog that gives useful daily Gold Analysis on dailybasis.

You can also follow CFB on facebook (useful advice on posts regularly)

Here is another blog that provides regular news and information and is very useful for Forex Signals.