Thursday, April 24, 2014


Market Comment

US indices declined on Wednesday pressured by shares in the Telecommunication Services, Software & Services and Retailing sectors. The S&P 500 (1875.39) remains above its 20d moving average (1860.4 - positive slope) and its 50d moving average (1856.3 - 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 Wednesday. On the US economic data front, MBA Mortgage Applications for the week ended April 18th fell 3.3%. Markit US Manufacturing PMI slid to 55.4 (56.0 expected) in April from 55.5 the previous month. Finally, new home sales dropped 14.5% MoM (+2.3% expected) in March.

The Euro was mixed against its major counterparts. In Europe, euro zone PMI manufacturing index rose to 53.3 in April in preliminary estimation vs 53 in March. Economists anticipated to be unchanged. euro zone PMI services index was up to 53.1 vs 52.2 the month before and 52.5 expected by the consensus. German PMI manufacturing was up to 54.2 in April vs 53.7 in March and 53.8 expected. German PMI services was 55 in April vs 53 in March and 53.3 anticipated.


After the close of Wall Street, WTI Crude Future (JUN 14) was about flat to $101.48. 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 18 April, crude oil inventories increased 3524k barrels compared to the previous week.

Gold was about flat to $1284.7. The precious metal was below its 20D MA (@ $1298) and below its 50D MA (@ $1320).

Copper Future (JUL 14) on Comex was about flat to 303.95c/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 950 tons to 240975 tons.

European Markets

ECB: Keynote speech by the President at the conference "De Nederlandsche Bank 200 years: central banking in the next two decades" organised by De Nederlandsche Bank in Amsterdam, Netherlands. (11am CET)

Today's Economic Events

GE : MAR Import Prices (MoM): -0.1%
FR 07:45: APR Business Confidence Indicator: 100
FR 07:45: APR Production Outlook Indicator: NA
GE 09:00: APR IFO - Business Climate: 110.4
GE 09:00: APR IFO - Current Assessment: 115.6
GE 09:00: APR IFO - Expectations: 105.8
US 13:30: W15 Initial Jobless Claims (Thsd): 313
US 13:30: MAR Durable Goods Orders: 2%
US 13:30: MAR Durable Goods Ex Transportation: 0.6%

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