Market Comment
US indices rose on Wednesday helped by shares in the Automobiles & Components, Media and Capital Goods sectors. The S&P 500 (1890.9) remains above its 20d moving average (1865.9 - flat slope), and its 50d moving average (1836.5 - positive slope).
European markets are expected to start on a positive note.
European markets are expected to start on a positive note.
Foreign Exchange
US Dollar was firm against most of its major counterparts on Wednesday. On the US economic data front, MBA Mortgage applications for the week ended March 18th fell 1.2%. Companies added 191K (195K expected) workers in March after an upwardly revised 178K increase the previous month according to the ADP report. Finally, factory orders rose 1.6% MoM (+1.2% expected) in February.
The Euro was under pressure against its major counterparts. In Europe, euro zone PPI index fell by 0.2% in February after a 0.4% decline the month before (revised from -0.3%). Economists expected the prices to be flat.
The Euro was under pressure against its major counterparts. In Europe, euro zone PPI index fell by 0.2% in February after a 0.4% decline the month before (revised from -0.3%). Economists expected the prices to be flat.
Commodities
After the close of Wall Street, WTI Crude Future (MAY 14) was about flat to $99.4. 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 28 March, crude oil inventories fell 2379k barrels compared to the previous week.
Gold was up $11 to $1289.9. The precious metal was below its 20D MA (@ $1329) and below its 50D MA (@ $1309).
Copper Future (MAY 14) on Comex was about flat to 303.85c/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 1875 tons to 261375 tons.
Gold was up $11 to $1289.9. The precious metal was below its 20D MA (@ $1329) and below its 50D MA (@ $1309).
Copper Future (MAY 14) on Comex was about flat to 303.85c/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 1875 tons to 261375 tons.
European Markets
ECB: ECB Governing Council meeting (9am CET); Monetary Policy Decision (1:45pm CET); Press conference following the meeting (2:30pm CET)
Today's Economic Events
EC 10:00: FEB Euro-Zone: Retail Trade (MoM): -0.5%
EC 12:45: ECB: Rates decision: 0.25%
US 13:30: W12 Initial Jobless Claims (Thsd): 318
US 13:30: FEB Trade Balance (Bln): -38.5
US 15:00: MAR ISM - Non Manufacturing: 53.5
EC 12:45: ECB: Rates decision: 0.25%
US 13:30: W12 Initial Jobless Claims (Thsd): 318
US 13:30: FEB Trade Balance (Bln): -38.5
US 15:00: MAR ISM - Non Manufacturing: 53.5
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