Friday, May 9, 2014


Market Comment

US indices were mixed on Thursday. Shares in the Telecommunication Services, Insurance and Media sectors traded higher while shares in the Energy, Utilities and Pharmaceuticals, Biotechnology & Life Sciences sectors were under pressure. The S&P 500 (1875.63) remains above its 20d moving average (1866.1 - positive slope) and its 50d moving average (1865.4 - 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 fell to 319K (325K expected and 345K prior) in the week ended May 3rd.

The Euro was under pressure against its major counterparts. In Europe, ECB kept its main interest rate benchmark at 0.25%, as expected. President Mario Draghi said the ECB is ready to take action in June. German industrial production fell 0.5% in March after a 0.6% increase in February (revised from +0.4%). Economists anticipated a 0.2% advance.

The British Pound was mixed. BoE kept its main interest rate benchmark at 0.5%, as expected and maintained its asset purchase target at £375B.


After the close of Wall Street, WTI Crude Future (JUN 14) was about flat to $100.27. The contract was below its 20D MA (@ $101.64) and below its 50D MA (@ $100.41).

Gold was about flat to $1289. The precious metal was below its 20D MA (@ $1298) and below its 50D MA (@ $1314).

Copper Future (JUL 14) on Comex was up 2.7c to 305.9c/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 3925 tons to 213025 tons

European Markets

ECB: CB Public Holiday - Anniversary of Robert Schuman’s Declaration

Today's Economic Events

UK 09:30: MAR Industrial Production (MoM): -0.2%
GE 07:00: MAR Current Account (Bln): 14.9
GE 07:00: MAR Trade Balance (Bln): 17.4
GE 07:00: MAR Imports (MoM): 0.6%
GE 07:00: MAR Exports (MoM): 1.3%
FR 07:45: MAR Central Govt. Balance (Bln): NA
UK 09:30: MAR Manufacturing Production (MoM): 0.3%
UK 09:30: MAR Trade Balance Non EU25 (Mln GBP): -3000
UK 09:30: MAR Visible Trade Balance (Mln GBP): -9000
UK 15:00: APR GDP Estimate (NIESR): NA
US 15:00: MAR Wholesale Inventories: 0.5%

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