Monday, March 31, 2014


Market Comment

US indices rose on Friday led by shares in the Energy, Consumer Services and Automobiles & Components sectors. The S&P 500 (1857.62) remains below its 20d moving average (1863.1 - flat slope), and above its 50d moving average (1834.1 - positive slope).

European markets are expected to start on a flat note.

Foreign Exchange

US Dollar was firm against most of its major counterparts on Friday. On the US economic data front, both personal income and personal spending rose 0.3% MoM as expected in February. The Thomson Reuters/University of Michigan final index of sentiment fell to 80 (80.5 expected) in February from 81.6 the previous month.

The Euro was mixed against its major counterparts. In Europe, euro-zone consumer confidence was confirmed at -9.3 in March vs -12.7 the month before. German CPI index was up by 0.3% in March after a 0.5% increase in February. Economists anticipated a 0.4% gain.


After the close of Wall Street, WTI Crude Future (MAY 14) was about flat to $101.62. The contract was above its 20D MA (@ $100.38) and above its 50D MA (@ $98.05).

Gold was about flat to $1292.7. The precious metal was below its 20D MA (@ $1337) and below its 50D MA (@ $1307).

Copper Future (MAY 14) on Comex was up 4.2c to 303.5c/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 decreased 1350 tons to 267200 tons.

European Markets

ECB: Participation by Ms Nouy in exchange of views "Challenges regarding the comprehensive assessment and stress testing of EU banks" at The Eurofi High Level Seminar 2014 organised in association with the Greek EU Presidency on "Combining Resilience and Growth" in Athens, Greece. (11:15am CET)

Conference: hreskonferenz Pharma Packaging

Today's Economic Events

FR 07:45: 1Q GDP (QoQ): NA
GE : FEB Retail Sales (MoM): -0.5%
UK 09:30: FEB M4 Money Supply (MoM): NA
US 14:45: MAR Chicago Purchasing Manager Index: 58.5

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