Tuesday, April 29, 2014


Market Comment

US indices were mixed on Monday. Shares in the Technology Hardware & Equipment, Household & Personal Products and Telecommunication Services sectors traded higher while shares in the Banks, Consumer Services and Semiconductors & Semiconductor Equipment sectors were under pressure. The S&P 500 (1869.43) remains above its 20d moving average (18623 - positive slope) and its 50d moving average (1859.1 - positive slope).

European markets are expected to start on a positive note.

Foreign Exchange

US Dollar was under pressure against most of its major counterparts on Monday. On the US economic data front, pending home sales rose 3.4% MoM (+1.0% expected) in March after an upwardly revised 0.5% decline the previous month. Dallas Fed manufacturing activity index jumped to 11.7 (6.0 expected) in April from 4.9 the prior month.

The Euro was firm against its major counterparts. In Europe, German import price index fell by 0.6% in March after a 0.1% decline in February. Economists anticipated a 0.1% decrease.


After the close of Wall Street, WTI Crude Future (JUN 14) was about flat to $100.95. The contract was above its 20D MA (@ $100.59) and above its 50D MA (@ $100.09).

Gold was down $7.2 to $1296.1. The precious metal was below its 20D MA (@ $1299) and below its 50D MA (@ $1319).

Copper Future (JUL 14) on Comex was about flat to 309.2c/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 1950 tons to 237000 tons.

European Markets

ECB: Publication of the Monetary developments in the euro area (10am CET); Publication of the Consolidated Financial Statement of the Eurosystem (3pm CET)

Today's Economic Events

UK 09:30: 4Q GDP (QoQ): NA
EC 09:00: MAR Euro-zone: M3 (3 mth ave.): NA
EC 10:00: APR Euro-zone: Industrial Confidence: NA
EC 10:00: APR Business Climate Indicator: NA
EC 10:00: APR Euro-Zone: Economic Confidence: NA
EC 10:00: APR Euro-Zone: Consumer Confidence: NA
GE 13:00: MAR Consumer Price Index (MoM): NA
GE 13:00: MAR CPI - EU Harmonised (MoM): NA
US 15:00: APR Consumer Confidence: 83.15

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