Market Comment
US indices declined on Tuesday pressured by shares in the Telecommunication Services, Software & Services and Household & Personal Products sectors. The S&P 500 (1924.24) remains above its 20d moving average (1894.2 - positive slope) and its 50d moving average (1876.8 - positive slope).
European markets are expected to start on a flat note.
European markets are expected to start on a flat note.
Foreign Exchange
US Dollar was mixed against most of its major counterparts on Tuesday. On the US economic data front, factory orders rose 0.7% MoM (+0.5% expected) in April after an upwardly revised 1.5% gain the previous month.
The Euro was firm against its major counterparts. In Europe, euro-zone CPI index was up by 0.5% in May YoY after a 0.7% increase the month before. Economists anticipated a 0.6% gain. Euro-zone unemployment rate fell to 11.7% in April vs 11.8% in March and 11.8% expected.
The Australian Dollar was mixed against its major counterparts.
The Euro was firm against its major counterparts. In Europe, euro-zone CPI index was up by 0.5% in May YoY after a 0.7% increase the month before. Economists anticipated a 0.6% gain. Euro-zone unemployment rate fell to 11.7% in April vs 11.8% in March and 11.8% expected.
The Australian Dollar was mixed against its major counterparts.
Commodities
After the close of Wall Street, WTI Crude Future (JUL 14) was about flat to $102.8. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35).
Gold was about flat to $1245.7. The precious metal was below its 20D MA (@ $1281) and below its 50D MA (@ $1292). The 14d RSI below 30 (28.06) indicates gold was oversold.
Copper Future (JUL 14) on Comex was down 2.8c to 314.25c/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 2000 tons to 168825 tons.
Gold was about flat to $1245.7. The precious metal was below its 20D MA (@ $1281) and below its 50D MA (@ $1292). The 14d RSI below 30 (28.06) indicates gold was oversold.
Copper Future (JUL 14) on Comex was down 2.8c to 314.25c/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 2000 tons to 168825 tons.
UK Market News
UK: Shop prices declined 1.4% YoY in May (vs -1.4% in April, -1.7% in March), reported the British Retail Consortium.
European Markets
ECB: Publication of the MFI interest rate statistics (10am CET); Publication of the ECB’s Convergence Report (12pm CET)
Conference: Grid Support And Ancillary Services Forum
Deutsche Bank may price new shares at E21.00-21.50 apiece in its E8B capital hike, reported Reuters citing market participants.
Conference: Grid Support And Ancillary Services Forum
Deutsche Bank may price new shares at E21.00-21.50 apiece in its E8B capital hike, reported Reuters citing market participants.
Today's Economic Events
EC 10:00: 1Q Euro-Zone: GDP (QoQ): 0.2%
EC 10:00: APR Euro-Zone: PPI (MoM): -0.1%
US 13:30: 1Q Nonfarm Productivity: -3%
US 13:30: APR Trade Balance (Bln): -40.8
US 13:30: 1Q Unit Labor Costs: 5.3%
US 15:00: MAY ISM - Non Manufacturing: 55.5
US 15:30: W21 Crude Oil Inventories (WoW chg): -1000
EC 10:00: APR Euro-Zone: PPI (MoM): -0.1%
US 13:30: 1Q Nonfarm Productivity: -3%
US 13:30: APR Trade Balance (Bln): -40.8
US 13:30: 1Q Unit Labor Costs: 5.3%
US 15:00: MAY ISM - Non Manufacturing: 55.5
US 15:30: W21 Crude Oil Inventories (WoW chg): -1000
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