Wednesday, April 23, 2014


Market Comment

US indices gained on Tuesday helped by shares in the Pharmaceuticals, Biotechnology & Life Sciences, Automobiles & Components and Consumer Services sectors. The S&P 500 (1879.55) remains above its 20d moving average (1859.9 - positive slope) and its 50d moving average (1854.8 - 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 Tuesday. On the US economic data front, FHFA House Price index rose 0.6% MoM (+0.5% expected) in February after a downwardly revised 0.4% gain the previous month. Richmond Fed manufacturing index jumped to 7 (2 expected) in April from -7 the prior month. Finally existing home sales fell 0.2% MoM (-1.0% expected) in March.

The Euro was under pressure against its major counterparts. In Europe, euro zone consumer confidence index was -8.7 in April vs -9.3 in March. Economists anticipated the index to be unchanged.


After the close of Wall Street, WTI Crude Future (JUN 14) was down $1.8 to $101.88. The contract was above its 20D MA (@ $100.59) and above its 50D MA (@ $100.09).

Gold was down $5.6 to $1284.2. The precious metal was below its 20D MA (@ $1299) and below its 50D MA (@ $1321).

Copper Future (JUL 14) on Comex was about flat to 303.65c/lb. The contract was above its 20D MA (@ 300.44c) and below its 50D MA (@ 310.7c).

European Markets

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

Conference: World CDx Frankfurt 2014

Deutsche Bank may reduce its equities operations in Latin America, reported Bloomberg citing sources familiar with the situation

Today's Economic Events

UK 09:30: MAR Public Sector Net Borrowing (Bln): 8.5
UK 09:30: MAR Public Finances (PSNCR) (Bln): NA
US 15:00: MAR New Home Sales (Thsd): 450
US 15:30: W15 Crude Oil Inventories (WoW chg): 3000

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