Tuesday, April 1, 2014


Market Comment

US indices jumped on Monday helped by shares in the Semiconductors & Semiconductor Equipment, Pharmaceuticals, Biotechnology & Life Sciences and Commercial & Professional Services sectors. Feb Chairman Yelen said economy needs extraordinary support for some time. The S&P 500 (1872.34) broke above its 20d moving average (1864.4 - flat slope), and remains above its 50d moving average (1834.6 - positive slope).

European markets are expected to open on a positive note.

Foreign Exchange

US Dollar was mixed against most of its major counterparts on Monday. On the US economic data front, Chicago Purchasing Manager index dropped to 55.9 (59.8 expected) in March from 59.8 the previous month while Dallas Fed Manufacturing Activity index jumped to 4.9 (3.0 expected and 0.3 prior).

The Euro was mixed against its major counterparts. In Europe, euro-zone CPI index was up by 0.5% in March YoY after a 0.7% increase in February (+0.6% expected). German retail sales increased 1.3% in February after being up by 1.7% the month before (revised from -0.5%). Economists anticipated a 0.5% decline. French GDP growth was confirmed at +0.3% in 4Q QoQ.


After the close of Wall Street, WTI Crude Future (MAY 14) was about flat to $101.51. The contract was above its 20D MA (@ $100.38) and above its 50D MA (@ $98.05).

Gold was down $10.8 to $1284.5. The precious metal was below its 20D MA (@ $1334) and below its 50D MA (@ $1307).

Copper Future (MAY 14) on Comex was down 1.3c to 302.8c/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 2025 tons to 265175 tons.

UK Market News

Ireland: The Investec/ Markit Manufacturing PMI Ireland was at 55.5 in March vs 52.9 in February. The reported pointed out: "Growth in the Irish manufacturing sector gathered momentum in March, with rates of expansion in output and new orders quickening sharply during the month. Expectations of further improvements in coming months led companies to raise staffing levels markedly and increase their inventory holdings."

European Markets

ECB: Publication of the Consolidated Financial Statement of the Eurosystem (3pm CET)

Conference: Printed Electronics Europe 2014; in-cosmetics

Today's Economic Events

GE 08:55: MAR Unemployment Change (Thsd): NA
GE 08:55: MAR Unemployment Rate: NA
EC 10:00: FEB Euro-Zone: Unemployment Rate: NA
US 15:00: FEB Construction Spending (MoM): 0.1%
US 15:00: MAR ISM - Manufacturing: 54
US 15:00: MAR ISM - Price Paid: NA
US : MAR Total Vehicule Sales (Mln): 15.8
US : MAR Domestic Vehicule Sales (Mln): 12.2

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