Friday, March 7, 2014

EVENTS & FINANCIAL NEWS 07-03-2014


Market Comment

US indices were mixed on Thursday. Shares in the Consumer Services, Diversified Financials and Media sectors traded higher while shares in the Pharmaceuticals, Biotechnology & Life Sciences, Food & Staples Retailing and Utilities sectors were under pressure. The S&P 500 (1877.03) remains above its 20d moving average (1837.3 - positive slope) and its 50d moving average (1826 - positive slope). Watch today US employment report.

European markets are expected to open on a flat note.

Foreign Exchange

US Dollar was under pressure against most of its major counterparts on Thursday. On the US economic data front, initial jobless claims fell to 323K (336K expected and 349K prior) in the week ended March 1st. Factory orders slid 0.7% MoM (-0.5% expected) in January after a downwardly revised 2.0% decline the previous month.

The Euro jumped against its major counterparts. In Europe, ECB kept its benchmark interest rate at 0.25%, as expected. ECB raised its 2014 growth forecast for euro-zone to 1.2% vs 1.1% previously. German factory orders were up by 1.2% in January after a 0.2% decline in December. Economist anticipated a 0.9% increase.

The British Pound was mixed against its major counterparts. Bank of England kept its benchmark interest rate at 0.5% and held its asset purchase target at £375B.

Commodities

After the close of Wall Street, WTI Crude Future (APR 14) was about flat to $101.99. The contract was above its 20D MA (@ $95.67) and above its 50D MA (@ $96.35).

Gold was up $13.7 to $1350.6. The precious metal was above its 20D MA (@ $1320) and above its 50D MA (@ $1273).

Copper Future (MAY 14) on Comex was up 1.4c to 321.65c/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 1500 tons to 272175 tons.

UK Market News

The February Recruitment and Employment Confederation and KPMG Report on Jobs pointed out: "- Faster rise in permanent placements but growth of temp billings eases; - Salaries for permanent staff increase at sharpest rate since October 2007; - Candidate availability declines at stronger pace."

Today's Economic Events

GE 07:00: JAN Wholesale Price Index (MoM): NA
FR 07:45: JAN Trade Balance (Mln): -4950
FR 07:45: JAN Central Govt. Balance (Bln): NA
GE 11:00: JAN Industrial Production (MoM): 0.8%
US 13:30: JAN Trade Balance (Bln): -38.5
US 13:30: FEB Unemployment Rate: 6.6%
US 13:30: FEB Change in Nonfarm Payrolls (Thsd): 146
US 13:30: FEB Change in Manufact. Payrolls (Thsd): 5
US 20:00: JAN Consumer Credit (Bln): 14

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