Thursday, May 8, 2014


Market Comment

US indices were mixed on Wednesday. Shares in the Diversified Financials, Utilities and Food, Beverage & Tobacco sectors traded higher while shares in the Retailing, Consumer Durables & Apparel and Software & Services sectors were under pressure. The S&P 500 (1878.21) remains above its 20d moving average (1865.9 - positive slope) and its 50d moving average (1864.8 - positive slope).

European markets are expected to start on a positive 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 May 2nd rose 5.3%.

The Euro was mixed against its major counterparts. In Europe, German factory orders were down by 2.8% in March after a 0.9% increase in February (revised from +0.6%). Economists anticipated a 0.3% gain. French industrial production fell 0.7% in March after a 0.1% increase the month before. Consensus expected a 0.3% gain.


After the close of Wall Street, WTI Crude Future (JUN 14) was up $1.2 to $100.71. The contract was below its 20D MA (@ $101.64) and above its 50D MA (@ $100.41). The US Department of Energy reported that, for the week ended 2 May, crude oil inventories fell 1781k barrels compared to the previous week.

Gold was down $18.4 to $1289.6. The precious metal was below its 20D MA (@ $1300) and below its 50D MA (@ $1315).

Copper Future (JUL 14) on Comex was down 2.1c to 303.6c/lb. The contract was below its 20D MA (@ 304.03c) and below its 50D MA (@ 305.13c). In Europe, the London Metal Exchange reported its copper inventories decreased 8475 tons to 216950 tons.

European Markets

ECB: Governing Council meeting of the ECB in Brussels, Belgium (9am CET) and press conference afterwards (2:30pm CET)

Conference: 7th European Conference on Rare Diseases and Orphan Products

Today's Economic Events

GE 07:00: MAR Industrial Production (MoM): 0.2%
UK 12:00: BoE: Rates decision: 0.5%
EC 12:45: ECB: Rates decision: 0.25%
US 13:30: W17 Initial Jobless Claims (Thsd): 325

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