Monday, February 3, 2014

EVENTS & FINANCIAL NEWS...

Market Comment

US indices dropped on Friday pressured by shares in the Retailing, Automobiles & Components and Banks sectors. The S&P 500 (1782.59) remains below its 20d moving average (1821.9 - negative slope) and its 50d moving average (1812.4 - negative slope).

European markets are expected to start on a flat note.

Foreign Exchange

US Dollar rose against most of its major counterparts on Friday. On the US economic data front, personal income was flat MoM in December (+0.1% expected) while personal spending rose 0.4% MoM (+0.2% expected) in December. Finally, University of Michigan Confidence index for January rose to 81.2 (81 expected) from 80.4 in December.

Commodities

After the close of Wall Street, WTI Crude Future (MAR 14) was down $0.7 to $97.55. The contract was below its 20D MA (@ $98.29) and above its 50D MA (@ $96.59).

Gold was about flat to $1244.2. The precious metal was below its 20D MA (@ $1247) and above its 50D MA (@ $1234).

Copper Future (MAR 14) on Comex was down 3.2c to 319.4c/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 1675 tons to 314525 tons.

UK Market News

Ireland: The Investec Manufacturing PMI Ireland was at 52.8 in January vs 53.5 in December. The report pointed out: "Business conditions in the Irish manufacturing sector continued to improve in January as output, new orders and employment all increased again. However, there were some signs of an easing in momentum at the start of the year as production growth slowed to the weakest in five months and firms lowered their purchasing activity."

European Markets

ECB: Hearing of Sabine Lautenschl√§ger at "Exchange of views with the European Parliament, ECON Committee, as candidate for the Vice-Chair of the SSM" in Strasbourg, France.

Commerzbank is negotiating the sale of a E4B portfolio of Spanish property loans to private equity firms Apollo and Cerberus, according to German weekly magazine WirtschaftsWoche.

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