Market Comment
US indices were mixed on Wednesday. Shares in the Banks, Media and Insurance traded higher while shares in the Energy, Household & Personal Products and Utilities sectors were under pressure. The Federal Reserve said in its Beige Book that most regions of the country reported growth in February despite harsh winter weather. The S&P 500 (1873.81) remains above its 20d moving average (1831 - positive slope) and its 50d moving average (1824.8 - positive 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 was mixed against most of its major counterparts on Wednesday. On the US economic data front, MBA Mortgage applications for the week ended February 28th jumped 9.4%. Companies added 139K (155K expected) workers in February after a downwardly revised 127K increase the previous month. Finally, ISM non-manufacturing fell to 51.6 (53.5 expected) in February from 54.0 the prior month.
The Euro was under pressure against its major counterparts. In Europe, euro zone PMI composite was 53.3 in February in final estimation vs 52.7 in prior one. It was 52.9 the month before. PMI services was 52.6, vs 51.7 expected, vs 51.6 in January. Separately, euro zone retail sales gained 1.6% in January after a 1.3% slid in December (revised from -1.6%). Economists anticipated them to be up by 0.8%. Finally, euro zone 4Q GDP growth was confirmed at +0.3%. In Germany, PMI services was 55.9 in February vs 55.4 anticipated and 53.1 a month earlier.
The Euro was under pressure against its major counterparts. In Europe, euro zone PMI composite was 53.3 in February in final estimation vs 52.7 in prior one. It was 52.9 the month before. PMI services was 52.6, vs 51.7 expected, vs 51.6 in January. Separately, euro zone retail sales gained 1.6% in January after a 1.3% slid in December (revised from -1.6%). Economists anticipated them to be up by 0.8%. Finally, euro zone 4Q GDP growth was confirmed at +0.3%. In Germany, PMI services was 55.9 in February vs 55.4 anticipated and 53.1 a month earlier.
Commodities
After the close of Wall Street, WTI Crude Future (APR 14) was down $2.4 to $100.97. 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 28 February, crude oil inventories increased 1429k barrels compared to the previous week.
Gold was up $3.3 to $1337.6. The precious metal was above its 20D MA (@ $1315) and above its 50D MA (@ $1270).
Copper Future (MAY 14) on Comex was down 1.3c to 320.1c/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 1525 tons to 273675 tons.
Gold was up $3.3 to $1337.6. The precious metal was above its 20D MA (@ $1315) and above its 50D MA (@ $1270).
Copper Future (MAY 14) on Comex was down 1.3c to 320.1c/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 1525 tons to 273675 tons.
European Markets
ECB: Governing Council meeting, 9am CET; Press conference 2:30pm CET.
Conference: FESPA Global Summit 2014
Conference: FESPA Global Summit 2014
Today's Economic Events
FR 06:30: 4Q Unemployment Rate: NA
FR 06:30: 4Q Unemployment Change (Thsd) (QoQ): NA
UK 12:00: BoE: Rates decision: 0.5%
EC 12:45: ECB: Rates decision: 0.25%
US 13:30: W8 Initial Jobless Claims (Thsd): 337
US 13:30: 4Q Nonfarm Productivity: 2.3%
US 13:30: 4Q Unit Labor Costs: -0.5%
US 15:00: JAN Factory Orders: -0.5%
FR 06:30: 4Q Unemployment Change (Thsd) (QoQ): NA
UK 12:00: BoE: Rates decision: 0.5%
EC 12:45: ECB: Rates decision: 0.25%
US 13:30: W8 Initial Jobless Claims (Thsd): 337
US 13:30: 4Q Nonfarm Productivity: 2.3%
US 13:30: 4Q Unit Labor Costs: -0.5%
US 15:00: JAN Factory Orders: -0.5%
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