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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