Market Comment
US indices consolidated last Friday pressure by shares in the Utilities, Pharmaceuticals, Biotechnology & Life Sciences and Software & Services sectors. Nonfarm payrolls rose by 288K (218K expected) in April while unemployment rate dropped to 6.3% (6.6% expected) from 6.7% the previous month. The S&P 500 (1881.14) remains above its 20d moving average (1862.5 - flat slope) and its 50d moving average (1862.7 - positive slope).
European markets are expected to start on a negative note.
European markets are expected to start on a negative note.
Foreign Exchange
US Dollar was mixed against most of its major counterparts on Friday. On the US economic data front, nonfarm payrolls rose by 288K (218K expected) in April while unemployment rate dropped to 6.3% (6.6% expected) from 6.7% the previous month. Finally, factory orders increased 1.1% MoM (1.5% expected) in March after a downwardly revised 1.5% gain the prior month.
The Euro was mixed against its major counterparts. In Europe, Markit's Purchasing Managers' Index (PMI) for the German manufacturing sector, rose to 54.1 in April from 53.7 in March. Eurozone unemployment rate edged down to 11.8% in March.
The Euro was mixed against its major counterparts. In Europe, Markit's Purchasing Managers' Index (PMI) for the German manufacturing sector, rose to 54.1 in April from 53.7 in March. Eurozone unemployment rate edged down to 11.8% in March.
Commodities
After the close of Wall Street, WTI Crude Future (JUN 14) was about flat to $99.79. The contract was below its 20D MA (@ $101.64) and below its 50D MA (@ $100.41).
Gold was up $14.3 to $1298.6. The precious metal was below its 20D MA (@ $1300) and below its 50D MA (@ $1317).
Copper Future (JUL 14) on Comex was up 4.5c to 306.6c/lb. The contract was above its 20D MA (@ 304.03c) and above its 50D MA (@ 305.13c). In Europe, the London Metal Exchange reported its copper inventories decreased 1200 tons to 229800 tons.
Gold was up $14.3 to $1298.6. The precious metal was below its 20D MA (@ $1300) and below its 50D MA (@ $1317).
Copper Future (JUL 14) on Comex was up 4.5c to 306.6c/lb. The contract was above its 20D MA (@ 304.03c) and above its 50D MA (@ 305.13c). In Europe, the London Metal Exchange reported its copper inventories decreased 1200 tons to 229800 tons.
UK Market News
UK's and Ireland's markets are closed on Monday for May Day.
Basic Resources oil & gas and telecom shares gained most in London on Friday.
Basic Resources oil & gas and telecom shares gained most in London on Friday.
European Markets
ECB: Participation by the President and Mr Coeuré in the Eurogroup meeting in Brussels, Belgium.
Today's Economic Events
EC 10:00: MAR Euro-Zone: PPI (MoM): NA
US 15:00: APR ISM - Non Manufacturing: 54.
US 15:00: APR ISM - Non Manufacturing: 54.
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