Monday, March 10, 2014

EVENTS & FINANCIAL NEWS 10-03-2014

Market Comment

US indices were mixed on Friday. Shares in the Diversified Financials, Banks and Insurance sectors traded higher while shares in the Real Estate, Media and Software & Services sectors were under pressure. Non-farm payrolls increased by 175K (149K expected) in February vs revised 129K gain in January while unemployment rate rose to 6.7% (6.6% expected) from 6.6%. The S&P 500 (1878.04) remains above its 20d moving average (1842.5 - positive slope) and its 50d moving average (1827 - positive slope).

European markets are expected to open on a negative note.

Foreign Exchange

US Dollar was mixed against most of its major counterparts on Friday. On the US economic data front, the trade deficit widened by 0.3% to $39.1B in January. Non farm payrolls increased by 175K (149K expected) in February after an upwardly revised 129K gain the previous month while unemployment rate unexpectedly rose to 6.7% (6.6% expected) from 6.6%.

The Euro was mixed against its major counterparts. Germany industrial production increased 0.8% in January, as expected, after a 0.1% gain in December (revised from -0.6%).

Commodities

After the close of Wall Street, WTI Crude Future (APR 14) was up $1 to $102.54. The contract was above its 20D MA (@ $95.67) and above its 50D MA (@ $96.35).

Gold was down $10.8 to $1340.1. The precious metal was above its 20D MA (@ $1323) and above its 50D MA (@ $1275).

Copper Future (MAY 14) on Comex was down 13.1c to 308.75c/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 3175 tons to 269000 tons.

UK Market News

GlaxoSmithKline PLC said it has increased its stake in its publicly-listed pharmaceuticals subsidiary in India GlaxoSmithKline Pharmaceuticals to 75% from 50.7% through an open offer of its subsidiary GlaxoSmithKline Pte.
Vodafone Group reached a preliminary deal to purchase Spanish cable group Ono after raising its initial bid for the company, reported Reuters citing two people with knowledge of the discussions.

European Markets

ECB: Participation by the President and Mr. Coeuré in the Eurogroup meeting; Publication of the Harmonised Competitiveness Indicators (10am CET)

Confernce: Retail Banking in Europe

Today's Economic Events

No major economic report expected

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