Market Comment
US indices gained on Thursday helped by shares in the Utilities, Pharmaceuticals, Biotechnology & Life Sciences and Consumer Durables & Apparel sectors. The S&P 500 (1892.49) remains above its 20d moving average (1880.7 - flat slope) and its 50d moving average (1868.8 - flat slope).
European markets are expected to start on a positive note.
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, initial jobless claims rose to 326K (310K expected and 298K prior) in the week ended May 17th. Existing homes sales increased 1.3% MoM (+2.2% expected) in April while Conference Board leading index rose 0.4% MoM as expected. Finally, Chicago Fed national activity index dropped to -0.32 (0.00 expected) in April from 0.34 the previous month and Markit US manufacturing PMI index rose to 56.2 (55.5 expected) in May.
The Euro was mixed against its major counterparts. In Europe, euro zone PMI manufacturing index fell to 52.5 in May in preliminary estimation vs 53.4 in April. Economists anticipated to be 53.2. Euro zone PMI services index was up to 53.5 vs 53.1 the month before and 53 expected by the consensus. German PMI manufacturing was down to 52.5 in May vs 53.4 in April and 53.2 expected. German PMI services was 53.5 in May vs 53.1 in April and 53 anticipated.
The Euro was mixed against its major counterparts. In Europe, euro zone PMI manufacturing index fell to 52.5 in May in preliminary estimation vs 53.4 in April. Economists anticipated to be 53.2. Euro zone PMI services index was up to 53.5 vs 53.1 the month before and 53 expected by the consensus. German PMI manufacturing was down to 52.5 in May vs 53.4 in April and 53.2 expected. German PMI services was 53.5 in May vs 53.1 in April and 53 anticipated.
Commodities
After the close of Wall Street, WTI Crude Future (JUL 14) was about flat to $103.82. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35).
Gold was up $2.8 to $1294.8. The precious metal was below its 20D MA (@ $1296) and below its 50D MA (@ $1304).
Copper Future (JUL 14) on Comex was up 1.7c to 314c/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 1750 tons to 177350 tons.
Gold was up $2.8 to $1294.8. The precious metal was below its 20D MA (@ $1296) and below its 50D MA (@ $1304).
Copper Future (JUL 14) on Comex was up 1.7c to 314c/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 1750 tons to 177350 tons.
UK Market News
UK: The Knight Frank/Markit House Price Sentiment Index rose to another record high of 63.2 in May from 62.7 in April. The report pointed out: "Households in all regions perceive that the value of their home rose over the last month. Expectations for future price growth also hit a record high in May, indicating that prices are expected to rise at the strongest rate since the index began in early 2009. In London and the South East expectations for house price growth moderated from recent peaks. Some 6.5% of UK households plan to buy a property in the next year."
European Markets
ECB: Speech by Mr. Coeuré at closing session "Currency Wars and the Future of the International Monetary System" at The Maurice Allais Workshops on "International Monetary Policy: Trends and Inflection Points" organised by Fondation Maurice Allais in Paris France (5:15pm CET)
Today's Economic Events
GE 09:00: MAY IFO - Business Climate: 110.9
GE 09:00: MAY IFO - Current Assessment: 115.4
GE 09:00: MAY IFO - Expectations: 106.5
US 15:00: APR New Home Sales (Thsd): 425
GE 09:00: MAY IFO - Current Assessment: 115.4
GE 09:00: MAY IFO - Expectations: 106.5
US 15:00: APR New Home Sales (Thsd): 425
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