Market Comment
US indices jumped on Tuesday helped by shares in the Semiconductors & Semiconductor Equipment, Technology Hardware & Equipment and Banks sectors. The S&P 500 (1911.91) remains above its 20d moving average (1884.7 - positive slope) and its 50d moving average (1871.3 - positive 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 Tuesday. On the US economic data front, durables good orders rose 0.8% MoM (-0.7% expected) in April after an upwardly revised 3.6% gain the previous month. FHFA House Price index increased 0.7% MoM (+0.5% expected) in March while the Conference Board consumer confidence index jumped to 83.0 as expected in May from 81.7 the previous month. Finally, Richmond Fed manufacturing index was unchanged at 7 (8 expected) in May while Dallas Fed manufacturing activity dropped to 8.0 (9.5 expected) from 11.7 the prior month.
The Euro was mixed against its major counterparts. In Europe, French consumer confidence index was flat at 85 in May, as expected.
The Euro was mixed against its major counterparts. In Europe, French consumer confidence index was flat at 85 in May, as expected.
Commodities
After the close of Wall Street, WTI Crude Future (JUL 14) was about flat to $104.13. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35).
Gold was down $27.4 to $1265.4. The precious metal was below its 20D MA (@ $1294) and below its 50D MA (@ $1299).
Copper Future (JUL 14) on Comex was about flat to 317.15c/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 increased 700 tons to 176550 tons.
Gold was down $27.4 to $1265.4. The precious metal was below its 20D MA (@ $1294) and below its 50D MA (@ $1299).
Copper Future (JUL 14) on Comex was about flat to 317.15c/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 increased 700 tons to 176550 tons.
European Markets
ECB: Publication of the Monetary developments in the euro area and the National balance sheet of euro area monetary financial institutions, excluding the Eurosystem (10am CET)
Today's Economic Events
GE 07:00: APR Import Prices (MoM): 0%
FR 07:45: APR Producer Price Index (MoM): NA
GE 08:55: MAY Unemployment Change (Thsd): -15
EC 09:00: APR Euro-zone: M3 (3 mth ave.): 1.2%
EC 10:00: MAY Euro-zone: Industrial Confidence: -4
EC 10:00: MAY Business Climate Indicator: 0.3
GE 08:55: MAY Unemployment Rate: 6.7%
EC 10:00: MAY Euro-Zone: Economic Confidence: 102.2
EC 10:00: MAY Euro-Zone: Consumer Confidence: -7.1
FR 07:45: APR Producer Price Index (MoM): NA
GE 08:55: MAY Unemployment Change (Thsd): -15
EC 09:00: APR Euro-zone: M3 (3 mth ave.): 1.2%
EC 10:00: MAY Euro-zone: Industrial Confidence: -4
EC 10:00: MAY Business Climate Indicator: 0.3
GE 08:55: MAY Unemployment Rate: 6.7%
EC 10:00: MAY Euro-Zone: Economic Confidence: 102.2
EC 10:00: MAY Euro-Zone: Consumer Confidence: -7.1
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