Market Comment
US indices jumped on Tuesday led by shares in the Software & Services, Automobiles & Components and Pharmaceuticals, Biotechnology & Life Sciences sectors. The S&P 500 (1872.25) remains above its 20d moving average (1856.8 - positive slope) and its 50d moving average (1830.2 - flat slope). Watch today's FOMC rate decision.
European markets are expected to open on a flat note.
European markets are expected to open on a flat note.
Foreign Exchange
US Dollar was mixed against most of its major counterparts on Tuesday. On the US economic data front, CPI rose 0.1% MoM as expected in February. Housing starts fell 0.2% MoM (+3.4% expected) after an upwardly revised 11.2% decline the previous month while building permits jumped 7.7% MoM (+1.6% expected).
The Euro was mixed against its major counterparts. In Europe, EU27 new car registrations were up by 8% in February after a 5.5% increase in January. In Germany, ZEW survey index for current situation was up to 51.3 in March vs 50 the month before and 52 expected. The index for expectations fell to 44.6 vs 55.7 in February and 52 anticipated by economists.
The Euro was mixed against its major counterparts. In Europe, EU27 new car registrations were up by 8% in February after a 5.5% increase in January. In Germany, ZEW survey index for current situation was up to 51.3 in March vs 50 the month before and 52 expected. The index for expectations fell to 44.6 vs 55.7 in February and 52 anticipated by economists.
Commodities
After the close of Wall Street, WTI Crude Future (APR 14) was up $1.5 to $99.6. The contract was above its 20D MA (@ $95.67) and above its 50D MA (@ $96.35).
Gold was down $11.5 to $1355.6. The precious metal was above its 20D MA (@ $1343) and above its 50D MA (@ $1295).
Copper Future (MAY 14) on Comex was about flat to 295.3c/lb. The contract was below its 20D MA (@ 330.62c) and below its 50D MA (@ 326.76c). The 14d RSI below 30 (28.93) indicates Copper Future (MAY 14) contract was oversold. In Europe, the London Metal Exchange reported its copper inventories increased 18375 tons to 271750 tons.
Gold was down $11.5 to $1355.6. The precious metal was above its 20D MA (@ $1343) and above its 50D MA (@ $1295).
Copper Future (MAY 14) on Comex was about flat to 295.3c/lb. The contract was below its 20D MA (@ 330.62c) and below its 50D MA (@ 326.76c). The 14d RSI below 30 (28.93) indicates Copper Future (MAY 14) contract was oversold. In Europe, the London Metal Exchange reported its copper inventories increased 18375 tons to 271750 tons.
UK Market News
Smiths Group reported 1H pre-tax profit (headline basis) of £215M vs £223M in the previous year on revenue of £1.4B vs £1.5B. The Board declared an interim dividend of 12.75p per share, up 2% YoY. Looking ahead, the Co said: "We anticipate improved underlying trading in the 2H driven by a strong John Crane order book, some recovery in Smiths Interconnect and further growth in Flex-Tek.(...)At current rates, foreign exchange headwinds will increase sharply in the 2H, with a 4-5% impact on full year earnings. We will maintain our focus on investing to drive sales growth in what are attractive long-term markets, and delivering further operational improvements, while providing strong cash conversion and returns."
Vodafone Group Plc: Moody's Ratings changed the outlook to "negative" from "stable" on the A3 senior unsecured and provisional (P)Baa2 preferred stock shelf ratings of the Co and related rated entities. The ratings agency said: "The rating action follows the announcement that Vodafone has agreed to acquire Grupo Corporativo ONO (rated at Cableuropa S.A.U.) for a total consideration of E7.2B (£6.0B). ONO is the second-largest provider of broadband internet, pay television and fixed telephony services in Spain. Vodafone will fund this deal primarily with existing cash resources and debt, resulting in deterioration in its credit metrics. The transaction is subject to anti-trust clearance and is expected to close in 3Q2014. Moody's believes that there is a high degree of certainty that this transaction will receive the required approvals."
European Markets
ECB: Governing Council meeting of the ECB in Frankfurt (9am CET)
Conference: Cloud Security (CCSK)
Conference: Cloud Security (CCSK)
Today's Economic Events
FR 07:45: JAN Current Account (Bln): NA
UK 09:30: JAN Unemployment Rate (ILO): 7.2%
US 14:30: W10 Crude Oil Inventories (WoW chg): 2625
US 18:00: Fed: Rates decision: 0.25%
UK 09:30: JAN Unemployment Rate (ILO): 7.2%
US 14:30: W10 Crude Oil Inventories (WoW chg): 2625
US 18:00: Fed: Rates decision: 0.25%
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