Monday, March 10, 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%).


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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