Friday, May 30, 2014


Market Comment

US indices rose on Thursday helped by shares in the Materials, Technology Hardware & Equipment and Food, Beverage & Tobacco sectors. The S&P 500 (1920.03) remains above its 20d moving average (1888.1 - positive slope) and its 50d moving average (1873.3 - positive slope).

European markets are expected to start on a flat note.

Foreign Exchange

US Dollar was mixed against most of its major counterparts on Thursday. On the US economic data front, GDP fell at a 1% (-0.5% expected) annualized rate in 1Q. Initial jobless claims fell to 300K (318K expected and 327K prior) in the week ended May 24th. Finally, pending home sales rose 0.4% MoM (+1.0% expected) in April but dropped 9.4% YoY (-8.7% expected).

The Australian Dollar jumped against its major counterparts.


After the close of Wall Street, WTI Crude Future (JUL 14) was up $0.8 to $103.53. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35). The US Department of Energy reported that, for the week ended 23 May, crude oil inventories increased 1657k barrels compared to the previous week.

Gold was down $2.9 to $1255.2. The precious metal was below its 20D MA (@ $1290) and below its 50D MA (@ $1296).

Copper Future (JUL 14) on Comex was down 2.8c to 314.6c/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 2675 tons to 172500 tons.

UK Market News

The UK Consumer Confidence Index rose to a 9-year high of 0 in May (vs -2 expected) from -3 in April, according to market research firm GfK.

European Markets

Siemens will remove 11,600 posts, reported Bloomberg citing the Co's CEO.

Today's Economic Events

GE 07:00: APR Retail Sales (MoM): 0.2%
US 13:30: APR Personal Income: 0.3%
US 13:30: APR Personal Spending: 0.2%
US 14:45: MAY Chicago Purchasing Manager Index: 61
US 14:55: MAY U. of Michigan Confidence: 82.5

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