Wednesday, February 19, 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.


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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