Friday, May 2, 2014

EVENTS & FINANCIAL NEWS 02-05-2014

Market Comment

US indices were mixed on Thursday. Shares in the Real Estate, Media and Retailing sectors traded higher while shares in the Semiconductors & Semiconductor Equipment, Materials and Household & Personal Products sectors were under pressure. The S&P 500 (1883.68) remains above its 20d moving average (1862.8 - flat slope) and its 50d moving average (1861.9 - positive slope).

European markets are expected to open on a flat note.

Foreign Exchange

US Dollar was mixed against most of its major counterparts on Thursday. On the US economic data front, initial jobless claims for the week ended April 26th rose to 344K (320K expected and 330K prior). Personal income increased 0.5% MoM (+0.4% expected) in March while personal spending gained 0.9% (+0.6% expected). ISM manufacturing index jumped to 54.9 (54.3 expected) in April from 53.7 the previous month. Finally, consumer spending rose 0.2% MoM (+0.5% expected) in April after a downwardly revised 0.2% decline the previous month.

Commodities

After the close of Wall Street, WTI Crude Future (JUN 14) was about flat to $99.43. The contract was below its 20D MA (@ $100.59) and below its 50D MA (@ $100.09).

Gold was down $6.5 to $1285. The precious metal was below its 20D MA (@ $1300) and below its 50D MA (@ $1318).

Copper Future (JUL 14) on Comex was about flat to 302.5c/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 2325 tons to 231000 tons.

Today's Economic Events

EC 10:00: MAR Euro-Zone: Unemployment Rate: 11.9%
US 13:30: APR Unemployment Rate: 6.6%
US 13:30: APR Change in Nonfarm Payrolls (Thsd): 215
US 13:30: APR Change in Manufact. Payrolls (Thsd): 7
US 15:00: MAR Factory Orders: 1.5%

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