Tuesday, June 10, 2014


Market Comment

US indices rose on Monday led by shares in the Banks, Technology Hardware & Equipment and Capital Goods sectors. The S&P 500 (1951.27) hit a new record high, and remains above its 20d moving average (1907.7 - positive slope) and its 50d moving average (1883.7 - positive slope).

European markets are expected to start on a positive note.

Foreign Exchange

US Dollar was mixed against most of its major counterparts on Monday. On the US economic data front, no major news was released.

The Australian Dollar was firm against its major counterparts.


After the close of Wall Street, WTI Crude Future (JUL 14) was up $1.8 to $104.41. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35).

Gold was about flat to $1253.3. The precious metal was below its 20D MA (@ $1273) and below its 50D MA (@ $1288).

Copper Future (JUL 14) on Comex was about flat to 305.4c/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 167250 tons.

UK Market News

UK retail sales grew 0.5% YoY like-for-like in May (vs +1.8% in the prior year) and were up 2.0% on a total basis (vs +3.4% in the prior year), according to the British Retail Consortium. The BRC pointed out: "Clothing was the best performing category, reporting its highest growth since December 2011, while Food was the lowest, reporting a decline in total terms."

European Markets

Deutsche Telecom may bid for France's Orange, reported Reuters citing rumours among traders.

Banks: Raiffeisen Bank International (+2.31% to E25.96) reached a new 3-month relative high against the ATX.

Today's Economic Events

UK 09:30: APR Industrial Production (MoM): NA
UK 09:30: APR Manufacturing Production (MoM): NA
UK 15:00: MAY GDP Estimate (NIESR): NA
US 15:00: APR Wholesale Inventories: NA

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