Thursday, March 27, 2014

EVENTS & FINANCIAL NEWS 27-03-2014

Market Comment

US indices declined on Wednesday pressured by shares in the Software & Services, Materials and Transportation sectors. The S&P 500 (1852.56) broke below its 20d moving average (1863.44 - positive slope), and remains above its 50d moving average (1833.7 - positive slope).

European markets are expected to start on a flat note.

Foreign Exchange

US Dollar was mixed against most of its major counterparts on Wednesday. On the US economic data front, MBA Mortgage applications for the week ended March 21st fell 3.5%. Durable good orders increased 2.2% MoM (+0.8% expected) in February after a downwardly revised 1.3% decline the previous month. Finally, Markit US composite PMI rose to 55.8 in March from 54.1 the prior month.

The Euro was under pressure against its major counterparts. In Europe, German GfK advanced consumer confidence indicator was flat at 8.5 for April, as expected.

Commodities

After the close of Wall Street, WTI Crude Future (MAY 14) was up $1 to $100.19. The contract was below its 20D MA (@ $100.38) and above its 50D MA (@ $98.05). The US Department of Energy reported that, for the week ended 21 March, crude oil inventories increased 6619k barrels compared to the previous week.

Gold was down $8 to $1303.2. The precious metal was below its 20D MA (@ $1341) and below its 50D MA (@ $1305).

Copper Future (MAY 14) on Comex was down 4.1c to 296.5c/lb. The contract was below its 20D MA (@ 307.74c) and below its 50D MA (@ 319.17c). In Europe, the London Metal Exchange reported its copper inventories increased 2925 tons to 269750 tons.

UK Market News

London Stock Exchange Group issued a pre-close period update: "Total equity capital raised on the Group's markets for 11 months to date increased 91% to £28.3B (2013: £14.8B), with 162 new issues (2013: 107); (...) Average daily UK equity value traded up 8% and Italian average daily volumes up 3% year to date; (...) In fixed income trading, MTS cash and Bondvision markets value traded increased 46%, driven by improved market conditions in Italy, (...) LCH.Clearnet recorded increases in OTC derivatives clearing volumes, with IRS notional cleared of $472T, up 17% YoY; global client clearing of swaps performing well with over $8.8T notional cleared in February, more than doubling year on year."

European Markets

ECB: Publication of the Monetary developments in the euro area (10am CET); Publication of the National balance sheet of euro area monetary financial institutions, excluding the Eurosystem (10am CET)

Today's Economic Events

UK 09:30: FEB Retail Sales (MoM): 0.3%
EC 09:00: FEB Euro-zone: M3 (3 mth ave.): 1.2%
US 12:30: 4Q GDP (QoQ): 2.7%
US 12:30: 4Q GDP Price (QoQ): 1.6%
US 12:30: 4Q Personal Consumption: 2.8%
US 12:30: W11 Initial Jobless Claims (Thsd): 325

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