Friday, March 21, 2014


Market Comment

US indices rebounded on Thursday helped by shares in the Banks, Telecommunication Services and Semiconductors & Semiconductor Equipment sectors. The S&P 500 (1872.01) remains above its 20d moving average (1860 - positive slope) and its 50d moving average (1831.6 - positive slope).

European markets are expected to open on a flat note.

Foreign Exchange

US Dollar was firm against most of its major counterparts on Thursday. On the US economic data front, initial jobless claims rose to 320K (322K expected and 315K prior) in the week ended March 15th. Existing home sales fell 0.4% MoM as expected in February while leading index increased 0.5% MoM (+0.2% expected). Finally, the Philly Fed index jumped to 9.0 (3.2 expected) in March from -6.3 the previous month.

The Euro fell against its major counterparts. German PPI was flat in February after a 0.1% slid in January. Economists expected the index to be up by 0.1%.


After the close of Wall Street, WTI Crude Future (APR 14) was down $0.9 to $99.43. The contract was above its 20D MA (@ $95.67) and above its 50D MA (@ $96.35).

Gold was down $2.6 to $1327.1. The precious metal was below its 20D MA (@ $1345) and above its 50D MA (@ $1299).

Copper Future (MAY 14) on Comex was down 5.3c to 293.35c/lb. The contract was below its 20D MA (@ 330.62c) and below its 50D MA (@ 326.76c). The 14d RSI below 30 (29.62) indicates Copper Future (MAY 14) contract was oversold. In Europe, the London Metal Exchange reported its copper inventories decreased 1875 tons to 267850 tons.

uropean Markets

ECB: Publication of the Euro area monthly balance of payments (10am CET)

Deutsche Euroshop reported FY profit of E173M vs E122.5M a year ago and NAV up 7% YoY to E1.65B.

Today's Economic Events

FR 07:45: 1Q Wages (QoQ): NA
EC 09:00: JAN Euro-Zone: Current Account (Bln) (MoM): NA
UK 09:30: FEB Public Sector Net Borrowing (Bln): 7.85
UK 09:30: FEB Public Finances (PSNCR) (Bln): NA
EC 15:00: FEB Euro-Zone: Consumer Confidence: -12.3

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