Thursday, June 12, 2014


Market Comment

US indices declined on Wednesday pressured by shares in the Utilities, Banks and Capital Goods sectors. The S&P 500 (1943.89) remains above its 20d moving average (1912.7 - positive slope) and its 50d moving average (1887 - 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 Wednesday. On the US economic data front, MBA Mortgage Applications for the week ended June 6th rose 10.3%.

The British Pound was firm against its major counterparts. In UK, unemployment rate was down to 6.6% for the February-April period vs 6.8% for the previous one. Jobless claims were down by 27.4K in May vs -28.4K the month before. Economists anticipated them to be down by 25K.

The Australian Dollar was firm against its major counterparts.


After the close of Wall Street, WTI Crude Future (JUL 14) was about flat to $104.45. 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 6 June, crude oil inventories fell 2596k barrels compared to the previous week.

Gold was about flat to $1261.3. The precious metal was below its 20D MA (@ $1270) and below its 50D MA (@ $1287).

Copper Future (JUL 14) on Comex was down 1.8c to 303.5c/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 75 tons to 166750 tons.

UK Market News

UK: The Royal Institution of Chartered Surveyors net house price balance was at +57 in May (vs +52 expected, +55 in April).

AstraZeneca announced a global licence agreement with AIM-listed respiratory diseases specialist Synairgen Plc for SNG001, "a novel, inhaled interferon beta (IFN-beta) in clinical development for treating respiratory tract viral infections in patients with severe asthma". The Co pointed out: "AstraZeneca will pay Synairgen a $7.25M up-front fee and potential development, regulatory and commercial milestones of up to $225M. In addition, AstraZeneca will pay tiered royalties ranging from single-digit up to mid-teens on commercial sales. AstraZeneca will be responsible for future development costs."

European Markets

ECB: Keynote address by Yves Mersch at Global ABS Conference organised by the Association for Financial Markets in Europe in Barcelona, Spain. (10:15am CET)

Conference: Aircraft Economic Life Summit; Pharmacovigilance System Master File & Inspections

Today's Economic Events

FR 07:45: MAY Consumer Price Index (MoM): 0.1%
FR 07:45: MAY CPI - EU Harmonised (MoM): 0%
GE 07:00: MAY Wholesale Price Index (MoM): NA
EC 10:00: APR Euro-Zone: Industrial Production (MoM): 0.5%
US 13:30: W22 Initial Jobless Claims (Thsd): 310
US 13:30: MAY Retail Sales: 0.6%
US 13:30: MAY Retail Sales less Autos: 0.4%
US 15:00: APR Business Inventories: 0.4%

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