Market Comment
US indices were mixed last Friday. Shares in the Media, Household & Personal Products and Health Care Equipment & Services sectors traded higher while shares in the Automobiles & Components, Consumer Durables & Apparel and Pharmaceuticals, Biotechnology & Life Sciences sectors were under pressure. The S&P 500 (1859.45) remains above its 20d moving average (1815.3 - positive slope) and its 50d moving average (1820.9 - positive slope).
European markets are expected to start on a negative note.
European markets are expected to start on a negative note.
Foreign Exchange
US Dollar was under pressure against most of its major counterparts on Friday. On the US economic data front, GDP grew at a 2.4% annualized rate (+2.5% expected) in 4Q. Chicago Purchasing Manager index rose to 59.8 (56.4 expected) in February from 59.6 the previous month. The Thomson Reuters/University of Michigan final index of sentiment increased to 81.6 in February from 81.2 the prior month. Finally, pending home sales rose 0.1% MoM (+1.8% expected) in January after an upwardly revised 5.8% decline the previous month.
The Euro was firm against its major counterparts. In Europe, euro zone unemployment rate was flat at 12% in January, as expected. CPI index was up by 0.8% YoY in February, at the same pace than the month before. Economists expected a 0.7% increase. German retail sales were up by 2.5% in January after a 2.1% decrease in December (revised from -2.5%). Consensus anticipated a 1% gain.
The Euro was firm against its major counterparts. In Europe, euro zone unemployment rate was flat at 12% in January, as expected. CPI index was up by 0.8% YoY in February, at the same pace than the month before. Economists expected a 0.7% increase. German retail sales were up by 2.5% in January after a 2.1% decrease in December (revised from -2.5%). Consensus anticipated a 1% gain.
Commodities
After the close of Wall Street, WTI Crude Future (APR 14) was about flat to $102.44. The contract was above its 20D MA (@ $95.67) and above its 50D MA (@ $96.35).
Gold was down $5.6 to $1325.7. The precious metal was above its 20D MA (@ $1302) and above its 50D MA (@ $1262).
Copper Future (MAY 14) on Comex was down 1.1c to 319.05c/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 increased 1875 tons to 276225 tons.
Gold was down $5.6 to $1325.7. The precious metal was above its 20D MA (@ $1302) and above its 50D MA (@ $1262).
Copper Future (MAY 14) on Comex was down 1.1c to 319.05c/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 increased 1875 tons to 276225 tons.
UK Market News
Ireland: The Investec/ Markit Manufacturing PMI Ireland was at 52.9 in February vs 52.8 in January. The reported pointed out: "The Irish manufacturing sector recorded a further solid improvement in business conditions in February. The rate of growth in production eased, but new orders increased at a faster pace, leading firms to raise their rate of job creation. Input cost inflation remained broadly stable, while manufacturers lowered their output prices for the second month running."
AstraZeneca said the US FDA has approved its BYDUREON Pen (exenatide extended-release for injectable suspension) as an adjunct to diet and exercise to improve glycaemic control in adults with type 2 diabetes.
AstraZeneca said the US FDA has approved its BYDUREON Pen (exenatide extended-release for injectable suspension) as an adjunct to diet and exercise to improve glycaemic control in adults with type 2 diabetes.
European Markets
ECB: Introductory statement by the President, Mario Draghi at the Quarterly Hearing before the Committee on Economic and Monetary Affairs (ECON) of the European Parliament in Brussels, Belgium. (3pm CET)
Siemens announced the winning of a $253M contract to help expand the power supply system in Qatar.
Siemens announced the winning of a $253M contract to help expand the power supply system in Qatar.
Today's Economic Events
UK 09:30: JAN M4 Money Supply (MoM): NA
US 13:30: JAN Personal Income: 0.2%
US 13:30: JAN Personal Spending: 0.1%
US 15:00: JAN Construction Spending (MoM): -0.4%
US 15:00: FEB ISM - Manufacturing: 52.2
US 15:00: FEB ISM - Price Paid: NA
US 11:59: FEB Total Vehicule Sales (Mln): 15.4
US 11:59: FEB Domestic Vehicule Sales (Mln): NA
US 13:30: JAN Personal Income: 0.2%
US 13:30: JAN Personal Spending: 0.1%
US 15:00: JAN Construction Spending (MoM): -0.4%
US 15:00: FEB ISM - Manufacturing: 52.2
US 15:00: FEB ISM - Price Paid: NA
US 11:59: FEB Total Vehicule Sales (Mln): 15.4
US 11:59: FEB Domestic Vehicule Sales (Mln): NA
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