Market Comment
US indices dropped on Wednesday pressured by shares in the Software & Services, Real Estate and Insurance sectors. The S&P 500 (1909.78) remains above its 20d moving average (1886.3 - positive slope) and its 50d moving average (1872.3 - positive 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 firm against most of its major counterparts on Wednesday. On the US economic data front, MBA Mortgage applications for the week ended May 23rd fell 1.2%.
The Euro was mixed against its major counterparts. In Europe, euro-zone M3 money supply was up 0.8% YoY in April after a 1% advance in March. Economists anticipated a 1.1% increase. Euro-zone consumer confidence was -7.1 in May in final estimation, as in first reading. It was -8.6 the month before. In Germany, unemployment was up by 24K in May after a 25K decrease in April. Economists anticipated a 15K drop. Unemployment rate was 6.7%, flat MoM.
The Australian Dollar was under pressure against its major counterparts.
The Euro was mixed against its major counterparts. In Europe, euro-zone M3 money supply was up 0.8% YoY in April after a 1% advance in March. Economists anticipated a 1.1% increase. Euro-zone consumer confidence was -7.1 in May in final estimation, as in first reading. It was -8.6 the month before. In Germany, unemployment was up by 24K in May after a 25K decrease in April. Economists anticipated a 15K drop. Unemployment rate was 6.7%, flat MoM.
The Australian Dollar was under pressure against its major counterparts.
Commodities
After the close of Wall Street, WTI Crude Future (JUL 14) was down $1.3 to $102.86. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35).
Gold was down $6.1 to $1258.8. The precious metal was below its 20D MA (@ $1292) and below its 50D MA (@ $1297).
Copper Future (JUL 14) on Comex was about flat to 316.8c/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 6725 tons to 169825 tons.
Gold was down $6.1 to $1258.8. The precious metal was below its 20D MA (@ $1292) and below its 50D MA (@ $1297).
Copper Future (JUL 14) on Comex was about flat to 316.8c/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 6725 tons to 169825 tons.
UK Market News
UK car production rose 21.0% MoM to 133,437 vehicles in April, the biggest monthly increase since July 2012, according to the Society of Motor Manufacturers and Traders. January-April car production was up 6.9% YoY to 538,240 vehicles.
European Markets
ECB: ECB Public Holiday - Ascension Day
Austrian's market is closed on Thursday for Ascension.
Deutsche Bank could face fines and civil lawsuits concerning alleged forex manipulation of emerging-market currencies, including Russian rouble and the Argentine peso, reported Reuters citing sources familiar with the situation.
Austrian's market is closed on Thursday for Ascension.
Deutsche Bank could face fines and civil lawsuits concerning alleged forex manipulation of emerging-market currencies, including Russian rouble and the Argentine peso, reported Reuters citing sources familiar with the situation.
Today's Economic Events
US 13:30: 1Q GDP (QoQ): -0.5%
US 13:30: 1Q GDP Price (QoQ): 1.3%
US 13:30: 1Q Personal Consumption: 3.1%
US 13:30: W20 Initial Jobless Claims (Thsd): 317
US 16:00: W20 Crude Oil Inventories (WoW chg): NA
US 13:30: 1Q GDP Price (QoQ): 1.3%
US 13:30: 1Q Personal Consumption: 3.1%
US 13:30: W20 Initial Jobless Claims (Thsd): 317
US 16:00: W20 Crude Oil Inventories (WoW chg): NA
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