Monday, February 24, 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%.


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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