EVENTS & FINANCIAL NEWS 30-06-2014

Market Comment

US indices closed higher on Friday, helped by shares in the Technology Hardware & Equipment, Consumer Durables & Apparel and Media sectors. On the economic data front, the University of Michigan Consumer Sentiment was 82.5 (82.2 expected) in June. The S&P 500 (1960.96) remains above its 20d moving average (1946.4 - positive slope) and its 50d moving average (1909.6 - positive slope).

European markets are expected to open on a positive note.

Foreign Exchange

The US Dollar fell against most of its major counterparts on Friday. On the conomic data front, the University of Michigan Consumer Sentiment was 82.5 (82.2 expected) in June.

The Euro was mixed, rising against the USD and GBP, while falling against the JPY. In Europe, UK GDP grew 0.8 percent from the fourth quarter, unrevised from the second estimate released on May 22. At the same time, annual growth was revised down to 3 percent from 3.1 percent. The economic sentiment indicator came in at 102.0 in June, down from 102.6 in May. In Germany, CPI rose by 0.3% in June (0.2% expected) vs -0.1% in May. In spain, retail sales fell to a seasonally adjusted annual rate of 0.5% in May, from 0.7% in the preceding month.

The Australian Dollar was mixed, gaining against the USD and GBP, while falling against the EUR and JPY.

Commodities

After the close of Wall Street, WTI Crude Future (AUG 14) was about flat to $105.74. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35).

Gold was about flat to $1316. The precious metal was above its 20D MA (@ $1280) and above its 50D MA (@ $1286).

Copper Future (SEP 14) on Comex was about flat to 316.6c/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 decreased 850 tons to 155150 tons.

European Markets

ECB: Publication of the Monetary developments in the euro area (10am CET)

Conference: 3rd Annual Conference Regulatory Process Excellence Pharma; The Road to Automated Drive 2014

Today's Economic Events

GE : MAY Retail Sales (MoM): 0.8%
UK 09:30: MAY M4 Money Supply (MoM): NA
EC 09:00: MAY Euro-zone: M3 (3 mth ave.): NA
US 14:45: JUN Chicago Purchasing Manager Index: 62

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EVENTS & FINANCIAL NEWS 27-06-2014

Market Comment

US indices consolidated on Thursday pressured by shares in the Household & Personal Products, Semiconductors & Semiconductor Equipment and Banks sectors. The S&P 500 (1957.22) remains above its 20d moving average (1944.6 - positive slope) and its 50d moving average (1907.6 - positive slope).

European markets are expected to start on a flat note.

Foreign Exchange

The US Dollar was mixed on Thursday, falling against the JPY and GBP, while rising aginst the EUR and CHF. On the conomic data front, Personal Income rose 0.4% in May, meeting expectations. Personal spending rose 0.2% (0.4% expected) in May. Initial Jobless Claims were 312K (310K expected) for the week ending June 21st.

The Euro fell against all of its major counterparts.

The Australian Dollar was mixed, gaining against the EUR and CHF, while falling against the JPY and GPB.

Commodities

After the close of Wall Street, WTI Crude Future (AUG 14) was down $0.8 to $105.75. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35).

Gold was about flat to $1317.3. The precious metal was above its 20D MA (@ $1277) and above its 50D MA (@ $1285).

Copper Future (SEP 14) on Comex was about flat to 317.25c/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 825 tons to 156000 tons.

UK Market News

UK: GfK consumer confidence index rose to +1 in June from 0 in May.

European Markets

ECB: Participation by the President at the European Council meeting in Brussels,.

Deustche Bank is considering a sale of its Maher Terminals, which operates cargo facilities at ports in the US and Canada, for up to E1B, reported Dow Jones citing sources familiar with the matter.

Airbus Group may use engines from Rolls-Royce to upgrade its A330 with an aim to compete with Boeing's 787 Dreamliner, reported Reuters citing sources familiar with the matter.

oday's Economic Events

GE 07:00: MAY Import Prices (MoM): 0%
FR 07:45: 2Q GDP (QoQ): 0%
UK 09:30: 1Q GDP (QoQ): 0.8%
FR 07:45: MAY Producer Price Index (MoM): NA
UK 09:30: 1Q Current Account (Bln): -17.25
EC 10:00: JUN Euro-zone: Industrial Confidence: -3
EC 10:00: JUN Business Climate Indicator: 0.4
EC 10:00: JUN Euro-Zone: Economic Confidence: 103
EC 10:00: JUN Euro-Zone: Consumer Confidence: NA
GE 13:00: MAY Consumer Price Index (MoM): 0.2%
GE 13:00: MAY CPI - EU Harmonised (MoM): 0.2%
US 14:55: JUN U. of Michigan Confidence: 82

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EVENTS & FINANCIAL NEWS 26-06-2014

Market Comment

US indices gained on Wednesday helped by shares in the Media, Pharmaceuticals, Biotechnology & Life Sciences and Consumer Durables & Apparel sectors. The S&P 500 (1959.53) remains above its 20d moving average (1942.7 - positive slope) and its 50d moving average (1905.32 - positive slope).

European markets are expected to open on a positive note.

Foreign Exchange

The US Dollar was mixed on Wednesday, rising against the GBP while falling against the JPY. On the economic data front, annualized GDP was -2.9% (-1.8% expected) QoQ for Q1. The GDP Price Index and Core PCE were 1.3% and 1.2% respectively for Q1.MBA mortgage applications were -1% for the week ending June 20th. Personal Consumption was 1% (2.4% expected) for Q1. Durable goods orders were -1% (flat expected) in May. The US Services PMI was 61.2 (58 expected) in June.

The Euro was mixed, rising against the USD while falling against the AUD. In Europe, the GfK consumer confidence index rose to 8.9 in July from a revised 8.6 points in June.

The Australian Dollar rose against most of its major counterparts.

Commodities

After the close of Wall Street, WTI Crude Future (AUG 14) was up $0.6 to $106.6. 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 20 June, crude oil inventories increased 1742k barrels compared to the previous week.

Gold was about flat to $1319.8. The precious metal was above its 20D MA (@ $1274) and above its 50D MA (@ $1285).

Copper Future (SEP 14) on Comex was up 1.9c to 316.4c/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 900 tons to 156825 tons.

Today's Economic Events

US 13:30: MAY Personal Income: 0.4%
US 13:30: W24 Initial Jobless Claims (Thsd): 310
US 13:30: MAY Personal Spending: 0.4%

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EVENTS & FINANCIAL NEWS 25-06-2014

Market Comment

US indices declined on Tuesday pressured by shares in the Energy, Capital Goods and Banks sectors. The S&P 500 (1949.98) remains above its 20d moving average (1940.2 - positive slope) and its 50d moving average (1902.7 - positive slope).

European markets are expected to start on a flat note.

Foreign Exchange

The US Dollar rose against most of its major counterparts on Tuesday. On the economic data front, the FHFA House Price Index was flat MoM (+0.5% expected) for April. The Consumer Confidence Index was 85.2 (83.5 expected) in June. New Home Sales were 504K (439K expected) in the month of May, representing an 18.6% increase MoM (1.4% expected). The Richmond Fed Manufacturing Index was 3 (7 expected) in June.

The Euro gained against most of its major counterparts. In Europe, German IFO Business Climate decreased from 110.4 in May to 109.7 in June.

The Australian Dollar fell against all of its major counterparts.

Commodities

After the close of Wall Street, WTI Crude Future (AUG 14) was about flat to $106.04. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35).

Gold was about flat to $1318.5. The precious metal was above its 20D MA (@ $1271) and above its 50D MA (@ $1285).

Copper Future (SEP 14) on Comex was about flat 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 850 tons to 157725 tons.

Today's Economic Events

FR 07:45: JUN Business Confidence Indicator: 99
FR 07:45: JUN Production Outlook Indicator: NA
US 13:30: 1Q GDP (QoQ): -1.8%
US 13:30: 1Q GDP Price (QoQ): 1.3%
US 13:30: 1Q Personal Consumption: 2.5%
US 13:30: MAY Durable Goods Orders: -0.1%
US 13:30: MAY Durable Goods Ex Transportation: 0.3%
US 15:30: W24 Crude Oil Inventories (WoW chg): -1400

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EVENTS & FINANCIAL NEWS 24-06-2014

Market Comment

US indices were mixed on Monday. Shares in the Banks, Software & Services and Automobiles & Components sectors traded higher while shares in the Capital Goods, Food, Beverage & Tobacco and Household & Personal Products sectors were under pressure. The S&P 500 (1962.61) remains above its 20d moving average (1938.3 - positive slope) and its 50d moving average (1900 - positive slope).

European markets are expected to start on a positive note.

Foreign Exchange

The US Dollar was under pressure against most of its major counterparts on Monday. On the economic data front, US Manufacturing PMI was 57.5 (56 expected) for the month of June. Existing Home Sales were $4.89M ($4.74M expected) for the month of May, representing a 4.9% increase MoM.

The Euro fell against most of its major counterparts. In the Eurozone, the preliminary manufacturing purchasing managers’ index declined to a seasonally adjusted 51.9 this month, down from a final reading of 52.2 in May.

The Australian Dollar gained against most of its major counterparts.

Commodities

After the close of Wall Street, WTI Crude Future (AUG 14) was down $0.8 to $106.02. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35). The 14d RSI above 70 (74.86) indicates WTI Crude Future (AUG 14) was overbought.

Gold was up $2.7 to $1317.5. The precious metal was above its 20D MA (@ $1268) and above its 50D MA (@ $1284).

Copper Future (SEP 14) on Comex was up 2.7c to 313.95c/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 850 tons to 158575 tons.

European Markets

ECB: Public Hearing on the draft ECB Regulation on fees in Frankfurt, Germany. (10am CET); Publication of the Consolidated Financial Statement of the Eurosystem (3pm CET)

Conference: Continuous Delivery Summit - Berlin; Genotoxic Impurities

Today's Economic Events

GE : MAY Import Prices (MoM): NA
GE 09:00: JUN IFO - Business Climate: 110.1
GE 09:00: JUN IFO - Current Assessment: NA
GE 09:00: JUN IFO - Expectations: NA
US 15:00: MAY New Home Sales (Thsd): 440
US 15:00: JUN Consumer Confidence: 83.5

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EVENTS & FINANCIAL NEWS 23-06-2014

Market Comment

US indices rose on Friday led by shares in the Pharmaceuticals, Biotechnology & Life Sciences, Energy and Materials sectors. The S&P 500 (1962.87), closed at a historical high, remains above its 20d moving average (1935.2 - positive slope) and its 50d moving average (1897.5 - positive slope).

European markets are expected to start on a flat note.

Foreign Exchange

The US Dollar was up against all of its major counterparts with the exception of the CAD on Friday. There was no major economic data.

The Euro was mixed, falling against the USD and CAD, while rising against the GPB and JPY. In Europe, German Producer Price Inflation fell to a seasonally adjusted annual rate of -0.2%, from -0.1% in the preceding month.

The Australian Dollar was relatively flat, while falling against the USD and CAD.

Commodities

After the close of Wall Street, WTI Crude Future (AUG 14) was up $0.8 to $106.83. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35).

Gold was down $5.5 to $1314.9. The precious metal was above its 20D MA (@ $1267) and above its 50D MA (@ $1284).

Copper Future (SEP 14) on Comex was up 3.8c to 311.3c/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 575 tons to 159425 tons.

European Markets

ECB: Publication of the Euro area investment fund statistics (10am CET); Keynote speech by Mr. Mersch at panel "Is the Growth of Competitiveness of the European Economy possible without ensuring Financial Safety?" at the European Financial Congress organised Gdansk Institute for Market Economics in Sopot, Poland. (2pm CET)

Today's Economic Events

US 15:00: MAY Existing Home Sales (Mln): 4.73

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EVENTS & FINANCIAL NEWS 20-06-2014

Market Comment

US indices were mixed on Thursday. Shares in the Consumer Services, Utilities and Food, Beverage & Tobacco sectors traded higher while shares in the Consumer Durables & Apparel, Retailing and Banks sectors were under pressure. The S&P 500 (1959.48) remains above its 20d moving average (1931.7 - positive slope) and its 50d moving average (1895.7 - positive slope).

European markets are expected to start on a flat note.

Foreign Exchange

The US Dollar was mixed on Thursday, falling against the EUR and GBP, while rising against the AUD and NZD. On the US economic data front, initial jobless claims were 312K (313K expected) for the week of June 14th. The Philadelphia Fed Business Outlook was 17.8 (14 expected) for the month of June. The US Leading Index was 0.5% (0.6% expected) for the month of May.

The Euro was mixed, falling against the GBP and CHF, while rising against the USD and JPY. In Europe, UK retail sales soften by 0.5% in May, the first monthly decline since January and reflecting lower fuel prices.

The Australian Dollar fell against all of its major counterparts.

Commodities

After the close of Wall Street, WTI Crude Future (JUL 14) was up $0.6 to $106.61. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35).

Gold was up $41.6 to $1319.3. The precious metal was above its 20D MA (@ $1266) and above its 50D MA (@ $1284).

Copper Future (SEP 14) on Comex was about flat to 306.95c/lb. The contract was below its 20D MA (@ 307.41c) and above its 50D MA (@ 303.17c). In Europe, the London Metal Exchange reported its copper inventories decreased 675 tons to 160000 tons.

UK Market News

The Knight Frank/Markit House Price Sentiment Index was at 62.5 in June, down from 63.2 in May. Key findings included: "Expectations for future price growth, while still positive, fell to a 6-month low in June, indicating that households are expecting more modest gains than in previous months. In London, expectations for future house price growth moderated again from recent peaks to the lowest level since December 2013. (...) Some 6.2% of UK households said they planned to buy a property in the next year. This is up from 5.1% in April, but down slightly from 6.5% in May."

Lloyds Banking Group announced the IPO pricing of its TSB unit: "The Offer price has been set at 260p per TSB Ordinary Share (...) TSB's market capitalisation is appx. £1,300M (...) Due to significant investor demand for TSB Ordinary Shares, the Offer Size has been set above the expected Offer Size of 25%. The Offer comprises 175M existing TSB Ordinary Shares being sold by Lloyds (prior to any exercise of the over-allotment option), representing 35% of the 500M TSB Ordinary Shares that will be in issue at Admission (...) Appx. 30% of the Offer has been allocated to retail investors under the Intermediaries Offer (...) Gross proceeds realised by Lloyds will be £455M (prior to any exercise of the over-allotment option) (...) it is expected that Lloyds will hold, through Lloyds Bank plc, 65% of TSB's Ordinary Shares (assuming no exercise of the over-allotment option)."

European Markets

ECB: Publication of the Euro area monthly balance of payments (10am CET); ECOFIN meeting in Luxembourg.

Siemens and Mitsubishi Heavy Industries have raised the cash contribution of their offer for Alstom's energy unit by E1.2B to E8.2B, saying: "The total valuation of Alstom's energy business increases by E400M to E14.6B. (...) MHI now intends to buy a 40% stake in the combined steam, grid and hydro business of Alstom. (...) cash contribution from MHI increases by E800M, from E3.1B up to E3.9B, (...) Siemens had been able to increase its cash offer by E400M."

Today's Economic Events

GE 07:00: MAY Producer Price Index (MoM): 0%
FR 07:45: 2Q Wages (QoQ): NA
EC 09:00: APR Euro-Zone: Current Account (Bln) (MoM): NA
UK 09:30: MAY Public Sector Net Borrowing (Bln): NA
UK 09:30: MAY Public Finances (PSNCR) (Bln): NA
EC 15:00: MAY Euro-Zone: Consumer Confidence: -6.5

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EVENTS & FINANCIAL NEWS 19-06-2014

Market Comment

US indices gained on Wednesday helped by shares in the Utilities, Transportation and Food & Staples Retailing sectors. The Fed announced that it would continue to taper by slowing the pace of purchases by $10B. The pace of treasury purchases will be $20B ($25B prior), the pace of MBS purchases will be $15B ($20B prior), the Federal Funds Target Rate remains at 0.25% (0.25% expected). The S&P 500 (1956.98) remains above its 20d moving average (1928.1 - positive slope) and its 50d moving average (1893.5 - positive slope).

European markets are expected to start on a positive note.

Foreign Exchange

The US Dollar was under pressure against most of its counterparts on Wednesday. On the US economic data front,MBA Mortgage applications were -9.2% for the week of June 13 (+10.3% the prior week). The Current Account Balance was below expectations at -$111.2B (-$97B expected) for Q1. The Fed announced that it would continue to taper by slowing the pace of purchases by $10B. The pace of treasury purchases will be $20B ($25B prior), the pace of MBS purchases will be $15B ($20B prior), the Federal Funds Target Rate remains at 0.25% (0.25% expected).

The Euro gained against most of its counterparts. In the Eurozone, construction output rose by 0.8 percent in April from March, when it was down 0.3 percent. Minutes of the BOE meeting said "the relatively low probability attached to a bank rate increase this year implied by some financial market prices was somewhat surprising".

The Australian Dollar rose against all of its major counterparts.

Commodities

After the close of Wall Street, WTI Crude Future (JUL 14) was about flat to $106.18. 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 13 June, crude oil inventories fell 579k barrels compared to the previous week.

Gold was up $3.9 to $1274.5. The precious metal was above its 20D MA (@ $1264) and below its 50D MA (@ $1284).

Copper Future (SEP 14) on Comex was about flat to 306.4c/lb. The contract was below its 20D MA (@ 307.41c) and above its 50D MA (@ 303.17c). In Europe, the London Metal Exchange reported its copper inventories decreased 525 tons to 160675 tons.

European Markets

ECB: ECB Public Holiday - Corpus Christi; Participation by the President and Mr. Coeuré in the Eurogroup meeting in Luxembourg.

Today's Economic Events

UK 09:30: MAY Retail Sales (MoM): -0.6%
US 13:30: W23 Initial Jobless Claims (Thsd): 312
US 15:00: JUN Philadelphia Fed.: 14
US 15:00: MAY Leading Indicators: 0.6%

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EVENTS & FINANCIAL NEWS 18-06-2014

Market Comment

US indices rose on Tuesday led by shares in the Banks, Insurance and Diversified Financials sectors. The S&P 500 (1941.99) remains above its 20d moving average (1923.91 - positive slope) and its 50d moving average (1891.3 - positive slope). Watch today Fed's rate decision.

European markets are expected to start on a flat note.

Foreign Exchange

US Dollar was rose against all of its counterparts on Tuesday. On the US economic data front, CPI rose by 0.4% MoM in May (0.2% expected). This represented a 2.1% rise YoY. Housing data for the month of May missed expectations with Housing Starts of 1001K (1030K expected) and building permits of 991K (1050K expected).

The Euro was mixed, falling against the USD and GBP, while rising against the JPY and AUD. In Europe, in UK, consumer price inflation rose at a seasonally adjusted 1.5% last month, slowing from 1.8% in April and compared to expectations for a reading of 1.7%. In Germany, The ZEW sentiment survey showed the indicator for economic expectations fell to 29.8 in June from 33.1 in May, below expectations. In Europe, car sales rose 4.5 percent year-on-year in May, slightly slower than the 4.6 percent rise posted in April. Regarding stocks, Shire said it has hired Citigroup as it may receive takeover offers. Whitbread jumped after sales at its Premier Inn hotels and Costa Coffee chain topped analysts’ estimates.

The Australian Dollar fell against all of its major counterparts.

Commodities

After the close of Wall Street, WTI Crude Future (JUL 14) was down $0.7 to $106.17. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35).

Gold was about flat to $1270.4. The precious metal was above its 20D MA (@ $1265) and below its 50D MA (@ $1285).

Copper Future (SEP 14) on Comex was up 1.3c to 305.7c/lb. The contract was below its 20D MA (@ 307.41c) and above its 50D MA (@ 303.17c). In Europe, the London Metal Exchange reported its copper inventories decreased 1050 tons to 161200 tons.

European Markets

ECB: General Council meeting of the ECB in Frankfurt (9am CET)

Today's Economic Events

US 15:30: W23 Crude Oil Inventories (WoW chg): -750
US 19:00: Fed: Rates decision: 0.25%

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EVENTS & FINANCIAL NEWS 17-06-2014

Market Comment

US indices gained on Monday helped by shares in the Health Care Equipment & Services, Utilities and Automobiles & Components sectors. The S&P 500 (1937.78) remains above its 20d moving average (1921.1 - positive slope) and its 50d moving average (1889.7 - positive slope). The FOMC meeting starts today and will announce its rate decision tomorrow.

European markets are expected to start on a flat note.

Foreign Exchange

US Dollar was under pressure against most of its counterparts on Monday. On the US economic data front, Empire Manufacturing was larger than expected at 19.28 (15 expected). Net Long Term TIC Flows were -$24.2B (+37.5B expected). Industrial Production rose 0.6% MoM in May (0.5% expected).

The Euro was up against most of its counterparts. In Europe, Eurozone inflation eased to 0.5 percent in May from 0.7 percent in April, in line with expectations.

The Australian Dollar fell against all of its major counterparts.

Commodities

After the close of Wall Street, WTI Crude Future (JUL 14) was about flat to $106.79. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35). The 14d RSI above 70 (75.05) indicates WTI Crude Future (JUL 14) was overbought.

Gold was down $4.2 to $1272.7. The precious metal was above its 20D MA (@ $1266) and below its 50D MA (@ $1286).

Copper Future (SEP 14) on Comex was up 1.5c to 304.25c/lb. The contract was below its 20D MA (@ 307.41c) and above its 50D MA (@ 303.17c). In Europe, the London Metal Exchange reported its copper inventories decreased 1450 tons to 162250 tons.

European Markets

ECB: Governing Council meeting of the ECB in Frankfurt (9am CET); Publication of the Consolidated Financial Statement of the Eurosystem (9am CET)

Today's Economic Events

UK 09:30: MAY PPI - Input (MoM): NA
UK 09:30: MAY PPI - Output (MoM): NA
UK 09:30: MAY CPI - EU Harmonised (MoM): NA
US 13:30: MAY Consumer Price Index (MoM): 0.2%
GE 10:00: JUN Zew Survey (Econ. Sentiment): NA
GE 10:00: JUN Zew Survey (Current Situation): NA
US 13:30: MAY CPI - Ex Food & Energy (MoM): 0.2%
US 13:30: MAY Housing Starts (Thsd): 1036
US 13:30: MAY Bulding Permits (Thsd): 1070

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EVENTS & FINANCIAL NEWS 16-06-2014

Market Comment

US indices gained on Friday led by shares in the Semiconductors & Semiconductor Equipment, Energy and Consumer Services sectors. The S&P 500 (1936.16) remains above its 20d moving average (1918.1 - positive slope) and its 50d moving average (1888.8 - positive slope).v

European markets are expected to start on a positive note.

Foreign Exchange

US Dollar was up against most of its counterparts on Friday, with the exception of the GBP. On the US economic data front, PPI was -0.2% MoM (+0.1% expected) in May. The Michigan Consumer Confidence Index also missed expectations with a rating of 81.2 (83 expected).

The Euro was mixed, falling against the US Dollar and GPB, while rising against the JPY and AUD. In Europe, euro zone trade balance was an excess of E15.7B in April vs an excess of E16.7B in March. German consumer prices fell 0.1% in May in final estimation, as expected, after a 0.2% decrease the month before. YoY, prices gained 0.9%. UK construction output increased by 1.2% in April after a 0.2% decline the month before (revised from -1%). Economists anticipated a 1.5% rise.

The Australian Dollar fell against most of its major counterparts.

Commodities

After the close of Wall Street, WTI Crude Future (JUL 14) was about flat to $106.79. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35). The 14d RSI above 70 (73.62) indicates WTI Crude Future (JUL 14) was overbought.

Gold was up $4.2 to $1277.7. The precious metal was above its 20D MA (@ $1268) and below its 50D MA (@ $1286).

Copper Future (JUL 14) on Comex was up 1.3c to 302.85c/lb. The contract was below its 20D MA (@ 307.41c) and below its 50D MA (@ 303.17c). In Europe, the London Metal Exchange reported its copper inventories decreased 2025 tons to 163700 tons.

UK Market News

S&P has revised its outlook on the UK to "stable" from "negative", saying: "The outlook revision reflects our view of the robust and broadening recovery in the UK economy, and the further progress that the government is making on consolidating public finances. We expect the economy to expand by nearly 3.0% this year, and 2.5% in 2015, driven by business investment and private consumption. We see improving credit and capital market conditions as supportive of growth, along with an expected gradual resumption of positive real wage gains."

The average advertised UK house price rose 0.1% MoM (+7.7% YoY) in June compared with +3.6% MoM (+8.9% YoY) in May, according to online estate agency Rightmove.

European Markets

ECB: Publication of the Euro area HICP statistics (seasonally adjusted) (10am CET)

Deutsche Lufthansa may form a new low-cost platform within its Eurowings regional carrier to compete against Ryanair and Easyjet, according to German magazine Der Spiegel.

Today's Economic Events

EC 10:00: JUN Euro-Zone: CPI (MoM): NA
US 13:30: JUN Empire Manufacturing: 15
US 14:15: MAY Industrial Production (MoM): 0.5%
US 14:15: MAY Industrial Capacity Utilization: 78.8%
US 15:00: JUN NAHB Housing Market: NA

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