Wednesday, June 11, 2014


Market Comment

US indices were mixed on Tuesday. Shares in the Semiconductors & Semiconductor Equipment, Pharmaceuticals, Biotechnology & Life Sciences and Food, Beverage & Tobacco sectors traded higher while shares in the Real Estate, Consumer Services and Food & Staples Retailing sectors were under pressure. The S&P 500 (1950.79) remains above its 20d moving average (1910.4- positive slope) and its 50d moving average (1885.5 - positive slope).

European markets are expected to start on a negative note.

Foreign Exchange

US Dollar rose against most of its major counterparts on Tuesday. 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 about flat to $104.56. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35).

Gold was up $8.1 to $1260.5. The precious metal was below its 20D MA (@ $1272) and below its 50D MA (@ $1288).

Copper Future (JUL 14) on Comex was up 1.6c to 305.9c/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 425 tons to 166825 tons.

UK Market News

UK: The Savills/ Markit Total Commercial Development Activity Index was at +26.9% in May, up from +23.6% in April. Key findings included: "Stronger increases were noted for both private and public commercial projects, with the respective net balances rising from +35.3% and +1.6% to +37.8% and +10.3%. All nine monitored sub-categories registered higher activity. The fastest rise was again registered for private new build work. (...) UK commercial developers remained optimistic regarding future commercial activity."
AstraZeneca said it will present results of its research and development in diabetes at the June Scientific Sessions of the American Diabetes Association (ADA) in San Francisco, adding: "Clinical data from studies evaluating multiple approved products, including Forxiga (dapagliflozin, marketed in the US as Farxiga), Bydureon (exenatide extended-release for injectable suspension) and Onglyza (saxagliptin), as well as the investigational combination of saxagliptin and dapagliflozin, demonstrate AstraZeneca's continued commitment to addressing unmet medical needs across a wide spectrum of type 2 diabetes patients in different stages of the disease."

European Markets

ECB: Keynote address by Mr. Mersch at Global ABS Conference organised by the Association for Financial Markets in Europe in Barcelona, Spain, 10.15 a.m. CET.

Today's Economic Events

UK 09:30: APR Unemployment Rate (ILO): 6.7%
US 15:30: W22 Crude Oil Inventories (WoW chg): -1500
US 19:00: MAY Monthly Budget Satement (Bln): -131

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