Monday, April 21, 2014

EVENTS & FINANCIAL NEWS 21-04-2014

Market Comment

US indices closed into positive territory on Wednesday boosted by shares in Commercial & Professional Services, Media and Software & Services sectors. US industrial production rose 0.7% MoM (+0.5% expected) in March after an upwardly revised 1.2% increase the prior month. The S&P 500 (1862.31) jumped above its 20d moving average (1858.86 - negative slope) and its 50d moving average (1848.89 - positive slope).

European markets are expected to start on a positive 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 April 11th rose 4.3%. Housing starts increased 2.8% MoM (+7.0% expected) in March after an upwardly revised 1.9% gain the previous month while building permits declined 2.4% MoM (-0.4% expected). Finally, industrial production rose 0.7% MoM (+0.5% expected) in March after an upwardly revised 1.2% increase the prior month.

The Euro was mixed against its major counterparts. In Europe, euro zone CPI increased 0.9% in March after a 0.3% gain the month before. Economists anticipated prices to be up by 1%.

The British Pound was firm. In UK, unemployment rate was down to 6.9% for the December-February period vs 7.2% for the previous one. Jobless claims were down by 30.4K in March vs -37K the month before. Economists anticipated them to be down by 30K.

Commodities

After the close of Wall Street, WTI Crude Future (MAY 14) was about flat to $103.86. The contract was above its 20D MA (@ $100.59) and above its 50D MA (@ $100.09). The US Department of Energy reported that, for the week ended 11 April, crude oil inventories increased 10013k barrels compared to the previous week.

Gold was about flat to $1302.4. The precious metal was below its 20D MA (@ $1305) and below its 50D MA (@ $1319).

Copper Future (JUL 14) on Comex was up 3.8c to 302.05c/lb. The contract was above its 20D MA (@ 300.44c) and below its 50D MA (@ 310.7c). In Europe, the London Metal Exchange reported its copper inventories decreased 475 tons to 242300 tons.

European Markets

ECB: Publication of the Euro area investment fund statistics, 10 a.m. CET

ECB: Participation of Mr Mersch in a press conference on the occasion of launching the ECB cooperation programme with central banks in Western Balkans, 4 p.m. CET

Today's Economic Events

GE 07:00: MAR Producer Price Index (MoM): 0%
EC 09:00: FEB Euro-Zone: Current Account (Bln) (MoM): NA
US 13:30: W14 Initial Jobless Claims (Thsd): 315
US 15:00: APR Philadelphia Fed.: 10

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