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.
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.
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.
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)
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.
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
US 15:00: JAN New Home Sales (Thsd): 400
US 15:30: W7 Crude Oil Inventories (WoW chg): 1300
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