Wednesday, April 2, 2014


Market Comment

US indices rose on Tuesday led by shares in the Automobiles & Components, Retailing and Technology Hardware & Equipment sectors. The S&P 500 (1885.52) remains above its 20d moving average (1865 - flat slope), and its 50d moving average (1835.5 - 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 Tuesday. On the US economic data front, ISM manufacturing index rose to 53.7 (54.0 expected) in March from 53.2 the previous month. Construction spending increased 0.1% MoM (flat expected) in February after a downwardly revised 0.2% decline in January.

The Euro was firm against its major counterparts. In Europe, euro zone PMI manufacturing was 53 in March in final estimation, as in prior one and 53.2 the month before. Euro zone unemployment rate was flat in February at 11.9%. In Germany, PMI manufacturing was 53.7 in March in final estimation vs 53.8 in prior one and 54.8 in February. In Germany, unemployment was down by 12K in March after a 15K decrease in February (revised from -14K). Economists anticipated a 10K drop. Unemployment rate was 6.7%, flat MoM.


After the close of Wall Street, WTI Crude Future (MAY 14) was down $2.2 to $99.34. The contract was below its 20D MA (@ $100.38) and above its 50D MA (@ $98.05).

Gold was down $4.3 to $1279.7. The precious metal was below its 20D MA (@ $1331) and below its 50D MA (@ $1308).

Copper Future (MAY 14) on Comex was up 1.1c to 303.7c/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 1925 tons to 263250 tons.

European Markets

ECB: publication of the MFI interest rate statistics (10am CET); participation by Mr. Const├óncio in informal ECOFIN meeting in Athens, Greece.

Today's Economic Events

EC 10:00: FEB Euro-Zone: PPI (MoM): 0%
US 15:00: FEB Factory Orders: 1.2%
US 15:30: W12 Crude Oil Inventories (WoW chg): 2500

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