Market Comment
US indices jumped on Tuesday helped by shares in the Transportation, Diversified Financials and Pharmaceuticals, Biotechnology & Life Sciences sectors. The S&P 500 (1873.91) remains above its 20d moving average (1825.1 - positive slope) and its 50d moving average (1823.5 - 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 firm against most of its major counterparts on Tuesday. On the US economic data front, ISM New York dropped to 57.0 in February from 64.4 the previous month.
The Euro was mixed against its major counterparts. Euro-zone PPI index was down by 0.3% in January after a 0.2% increase the month before. Economists anticipated a 0.1% slid.
The Euro was mixed against its major counterparts. Euro-zone PPI index was down by 0.3% in January after a 0.2% increase the month before. Economists anticipated a 0.1% slid.
Commodities
After the close of Wall Street, WTI Crude Future (APR 14) was down $1.7 to $103.27. The contract was above its 20D MA (@ $95.67) and above its 50D MA (@ $96.35).
Gold was down $15.5 to $1335.1. The precious metal was above its 20D MA (@ $1311) and above its 50D MA (@ $1267).
Copper Future (MAY 14) on Comex was up 4c to 321.2c/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 1475 tons to 275200 tons.
Gold was down $15.5 to $1335.1. The precious metal was above its 20D MA (@ $1311) and above its 50D MA (@ $1267).
Copper Future (MAY 14) on Comex was up 4c to 321.2c/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 1475 tons to 275200 tons.
UK Market News
Ireland: The Investec/ Markit Services PMI Ireland was at 57.5 in February, down from 61.5 in January. The report pointed out: "Further sharp rises in activity and new business were recorded in February, despite rates of expansion easing. Higher workloads encouraged service providers to take on extra staff at the strongest pace since October 2006. Meanwhile, sentiment regarding future activity improved to the highest in just over ten years."
European Markets
ECB: Publication of the MFI interest rate statistics (10am CET)
Today's Economic Events
EC 10:00: JAN Euro-Zone: Retail Trade (MoM): 0.8%
EC 10:00: 4Q Euro-Zone: GDP (QoQ): 0.3%
US 15:00: FEB ISM - Non Manufacturing: 53.5
US 15:30: W8 Crude Oil Inventories (WoW chg): 1150
EC 10:00: 4Q Euro-Zone: GDP (QoQ): 0.3%
US 15:00: FEB ISM - Non Manufacturing: 53.5
US 15:30: W8 Crude Oil Inventories (WoW chg): 1150
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