Tuesday, May 27, 2014


Market Comment

US indices gained on Friday led by shares in the Consumer Durables & Apparel, Technology Hardware & Equipment and Automobiles & Components sectors. The S&P 500 (1900.53) remains above its 20d moving average (1882.6 - positive slope) and its 50d moving average (1869.9 - positive slope). Market was closed on Monday for Memorial Day.

European markets are expected to start on a flat note.

Foreign Exchange

US Dollar was mixed against most of its major counterparts on Monday. On the US economic data front, no major news was released.

The Euro was mixed against its major counterparts. In Europe, German GfK advanced consumer confidence indicator was flat at 8.5 for June, as expected.

The Australian Dollar was flat against its major counterparts.


After the close of Wall Street, WTI Crude Future (JUL 14) was about flat to $104.18. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35).

Gold was about flat to $1292.8. The precious metal was below its 20D MA (@ $1295) and below its 50D MA (@ $1301).

Copper Future (JUL 14) on Comex was up 2c to 318.7c/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 1500 tons to 174350 tons.

UK Market News

AstraZeneca: Pfizer has given up its pursuit of the Co, saying: "We continue to believe that our final proposal was compelling and represented full value for AstraZeneca." Meanwhile the Co said: "We welcome the opportunity to continue building on the momentum we have already demonstrated as an independent company. We are fully focused on the delivery of our strategy. We have attractive growth prospects and a rapidly progressing pipeline. In the coming months, we anticipate positive news flow across our core therapeutic areas." The stock was downgraded to "sell" from "hold" at Societe Generale.

European Markets

ECB: Publication of the Consolidated Financial Statement of the Eurosystem (3pm CET); Closing remarks by the President at ECB Forum on Central Banking "Monetary Policy in a changing financial landscape" organised by the European Central Bank in Sintra, Portugal. (4pm CET)

Today's Economic Events

GE : APR Retail Sales (MoM): NA
US 13:30: APR Durable Goods Orders: -0.2%
US 13:30: APR Durable Goods Ex Transportation: 0.1%
US 15:00: MAY Consumer Confidence: 83

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