Market Comment
US indices dropped on Thursday pressured by shares in the Materials, Diversified Financials and Insurance sectors. The S&P 500 (1870.85) broke below its 20d moving average (1878.4 - positive slope) and remains above its 50d moving average (1867.9 - flat 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 mixed against most of its major counterparts on Thursday. On the US economic data front, Empire Manufacturing index jumped to 19.01 (6.00 expected) in May from 1.29 the previous month. CPI rose 0.3% MoM as expected in April while industrial production fell 0.6% MoM (flat expected). Initial jobless claims declined to 297K (320K expected and 321K prior) in the week ended May 10th. Finally, the Philly Fed index fell to 15.4 (14.0 expected) in May from 16.6 the previous month while the NAHB Housing Market index slid to 45 (49 expected) from 46.
The Euro was mixed against its major counterparts. In Europe, euro zone GDP growth was 0.2% in 1Q, or the same pace than the previous quarter.
The Euro was mixed against its major counterparts. In Europe, euro zone GDP growth was 0.2% in 1Q, or the same pace than the previous quarter.
Commodities
After the close of Wall Street, WTI Crude Future (JUN 14) was down $0.9 to $101.51. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35).
Gold was down $9.8 to $1296.1. The precious metal was above its 20D MA (@ $1295) and below its 50D MA (@ $1310).
Copper Future (JUL 14) on Comex was down 1.4c to 314.55c/lb. The contract was above its 20D MA (@ 307.41c) and above its 50D MA (@ 303.17c). In Europe, the London Metal Exchange reported its copper inventories decreased 6400 tons to 191075 tons.
Gold was down $9.8 to $1296.1. The precious metal was above its 20D MA (@ $1295) and below its 50D MA (@ $1310).
Copper Future (JUL 14) on Comex was down 1.4c to 314.55c/lb. The contract was above its 20D MA (@ 307.41c) and above its 50D MA (@ 303.17c). In Europe, the London Metal Exchange reported its copper inventories decreased 6400 tons to 191075 tons.
European Markets
ECB: Participation by Mr. Coeuré in a panel at conference "Ensuring Sustainable Finance in Transition Economies" co-organised by the Institute of International Finance (IIF), the European Bank for Reconstruction and Development (EBRD) and Narodowy Bank Polska in Warsaw, Poland. (11:30 CET)
Today's Economic Events
FR 07:45: 1Q Non-Farm Payrolls (QoQ): NA
FR 07:45: 1Q Wages (QoQ): NA
EC 10:00: MAR Euro-Zone: Trade Balance (Bln): NA
EC 10:00: MAR Euro-Zone: Trade Balance (Bln) (MoM): NA
US 13:30: APR Housing Starts (Thsd): 980
US 13:30: APR Bulding Permits (Thsd): 1010
US 14:55: APR U. of Michigan Confidence: 84.5
FR 07:45: 1Q Wages (QoQ): NA
EC 10:00: MAR Euro-Zone: Trade Balance (Bln): NA
EC 10:00: MAR Euro-Zone: Trade Balance (Bln) (MoM): NA
US 13:30: APR Housing Starts (Thsd): 980
US 13:30: APR Bulding Permits (Thsd): 1010
US 14:55: APR U. of Michigan Confidence: 84.5
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