Monday, May 12, 2014

EVENTS & FINANCIAL NEWS 12-05-2014

Market Comment

US indices rose on Friday helped by shares in the Retailing, Health Care Equipment & Services and Consumer Services sectors. The S&P 500 (1878.48) remains above its 20d moving average (1868.3 - positive slope) and its 50d moving average (1865.8 - positive slope).

European markets are expected to start on a positive note.

Foreign Exchange

US Dollar was firm against most of its major counterparts on Thursday. On the US economic data front, wholesale inventories rose 1.1% MoM (+0.5% expected) in March after an upwardly revised 0.7% gain the previous month.

The Euro was under pressure against its major counterparts. In Europe, Germany trade balance was an excess of E16.4B in March compared to an excess of E16.2B in February. Exports decreased by 1.8% while imports were down by 0.9%. UK industrial production fell by 0.1% in March after a 0.8% increase the month before. Economists anticipated a 0.2% decline.

Commodities

After the close of Wall Street, WTI Crude Future (JUN 14) was about flat to $100.05. The contract was below its 20D MA (@ $101.64) and below its 50D MA (@ $100.41).

Gold was about flat to $1288.8. The precious metal was below its 20D MA (@ $1297) and below its 50D MA (@ $1314).

Copper Future (JUL 14) on Comex was up 2.4c to 308.6c/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 4700 tons to 208325 tons.

European Markets

ECB: Publication of the Harmonised Competitiveness Indicators (10am CET)

Conference: 4th EDPD 2014 European Data Protection Days; European Data Protection Day


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