Market Comment
US indices declined on Tuesday pressured by shares in the Retailing, Insurance and Banks sectors. The S&P 500 (1867.72) remains above its 20d moving average (1864.6 - flat slope) and its 50d moving average (1864.1 - 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 under pressure against most of its major counterparts on Tuesday. On the US economic data front, the trade deficit narrowed by 3.6% to $40.4B ($40.0B expected) in March.
The Euro was mixed against its major counterparts. In Europe, euro zone PMI composite was 54 in April in final estimation, flat vs the prior one. It was 53.1 the month before. PMI services was 54.5, vs 53.5 in first estimation and 52.2 in March. Separately, euro zone retail sales gained 0.3% in March after a 0.1% increase in January (revised from +0.4%). Economists anticipated them to be down by 0.2%. In Germany, PMI services was 54.7 in April in final estimation vs 55 anticipated and 53 the month earlier.
The British Pound was firm against its major counterparts. UK PMI services increased to 58.7 in April (57.8 expected) vs 57.6 in March.
The Euro was mixed against its major counterparts. In Europe, euro zone PMI composite was 54 in April in final estimation, flat vs the prior one. It was 53.1 the month before. PMI services was 54.5, vs 53.5 in first estimation and 52.2 in March. Separately, euro zone retail sales gained 0.3% in March after a 0.1% increase in January (revised from +0.4%). Economists anticipated them to be down by 0.2%. In Germany, PMI services was 54.7 in April in final estimation vs 55 anticipated and 53 the month earlier.
The British Pound was firm against its major counterparts. UK PMI services increased to 58.7 in April (57.8 expected) vs 57.6 in March.
Commodities
After the close of Wall Street, WTI Crude Future (JUN 14) was about flat to $99.58. The contract was below its 20D MA (@ $101.64) and below its 50D MA (@ $100.41).
Gold was down $2.6 to $1307.7. The precious metal was above its 20D MA (@ $1301) and below its 50D MA (@ $1316).
Copper Future (JUL 14) on Comex was about flat to 305.3c/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 4375 tons to 225425 tons.
Gold was down $2.6 to $1307.7. The precious metal was above its 20D MA (@ $1301) and below its 50D MA (@ $1316).
Copper Future (JUL 14) on Comex was about flat to 305.3c/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 4375 tons to 225425 tons.
Today's Economic Events
FR 07:45: MAR Trade Balance (Mln): NA
US 13:30: 4Q Nonfarm Productivity: -1.1%
US 13:30: 4Q Unit Labor Costs: 2.8%
US 15:30: W17 Crude Oil Inventories (WoW chg): 1000
US 20:00: MAR Consumer Credit (Bln): 15.5
US 13:30: 4Q Nonfarm Productivity: -1.1%
US 13:30: 4Q Unit Labor Costs: 2.8%
US 15:30: W17 Crude Oil Inventories (WoW chg): 1000
US 20:00: MAR Consumer Credit (Bln): 15.5
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