Market Comment
US indices dropped on Wednesday pressured by shares in the Telecommunication Services, Utilities and Pharmaceuticals, Biotechnology & Life Sciences sectors. The S&P 500 (1888.53) remains above its 20d moving average (1878 - positive slope) and its 50d moving average (1867.9 - flat slope).
European markets are expected to start on a flat note.
European markets are expected to start on a flat 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 9th rose 3.6%. PPI final demand increased 0.6% MoM (+0.2% expected) in April while PPI Ex Food and Energy gained 1.9% MoM (+1.4% expected).
The Euro was mixed against its major counterparts. In Europe, euro zone industrial production fell by 0.3% in March, as expected, after a 0.2% increase the month before. German CPI was down by 0.2% in April in final estimation, as in prior one. Prices had increased by 0.3% in March.
The British Pound was under pressure. In UK, unemployment rate was down to 6.8% for the January-March period vs 6.9% for the previous one. Jobless claims were down by 25.1K in April vs -30.6K the month before. Economists anticipated them to be down by 30K.
The Euro was mixed against its major counterparts. In Europe, euro zone industrial production fell by 0.3% in March, as expected, after a 0.2% increase the month before. German CPI was down by 0.2% in April in final estimation, as in prior one. Prices had increased by 0.3% in March.
The British Pound was under pressure. In UK, unemployment rate was down to 6.8% for the January-March period vs 6.9% for the previous one. Jobless claims were down by 25.1K in April vs -30.6K the month before. Economists anticipated them to be down by 30K.
Commodities
After the close of Wall Street, WTI Crude Future (JUN 14) was about flat to $101.98. The contract was above its 20D MA (@ $101.64) and above its 50D MA (@ $100.41). The US Department of Energy reported that, for the week ended 9 May, crude oil inventories increased 947k barrels compared to the previous week.
Gold was up $12.1 to $1305.7. The precious metal was above its 20D MA (@ $1295) and below its 50D MA (@ $1311).
Copper Future (JUL 14) on Comex was up 1.9c to 315.45c/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 5500 tons to 197475 tons.
Gold was up $12.1 to $1305.7. The precious metal was above its 20D MA (@ $1295) and below its 50D MA (@ $1311).
Copper Future (JUL 14) on Comex was up 1.9c to 315.45c/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 5500 tons to 197475 tons.
Today's Economic Events
FR 06:30: 1Q GDP (QoQ): 0.1%
EC 10:00: MAY Euro-Zone: CPI (MoM): 0.2%
EC 10:00: 4Q Euro-Zone: GDP (QoQ): 0.4%
US 13:30: W18 Initial Jobless Claims (Thsd): 320
US 13:30: APR Consumer Price Index (MoM): 0.3%
US 13:30: MAY Empire Manufacturing: 6
US 13:30: APR CPI - Ex Food & Energy (MoM): 0.1%
US 14:15: APR Industrial Production (MoM): 0%
US 14:15: APR Industrial Capacity Utilization: 79.1%
US 15:00: MAY Philadelphia Fed.: 14
US 15:00: MAY NAHB Housing Market: 49
EC 10:00: MAY Euro-Zone: CPI (MoM): 0.2%
EC 10:00: 4Q Euro-Zone: GDP (QoQ): 0.4%
US 13:30: W18 Initial Jobless Claims (Thsd): 320
US 13:30: APR Consumer Price Index (MoM): 0.3%
US 13:30: MAY Empire Manufacturing: 6
US 13:30: APR CPI - Ex Food & Energy (MoM): 0.1%
US 14:15: APR Industrial Production (MoM): 0%
US 14:15: APR Industrial Capacity Utilization: 79.1%
US 15:00: MAY Philadelphia Fed.: 14
US 15:00: MAY NAHB Housing Market: 49
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