Market Comment
US indices dropped on Thursday pressured by shares in the Transportation, Automobiles & Components and Retailing sectors. The S&P 500 (1930.11) remains above its 20d moving average (1914.8 - positive slope) and its 50d moving average (1887.8 - 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 under pressure gainst most of its major counterparts on Thursday. On the US economic data front, retail sales rose 0.3% MoM (0.6% expected) in May. The import price index increased by 0.1% MoM (0.2% expected) in May. Initial Jobless Claims were 317K last week (310K expected), which were higher than the previous week (312K).
The Euro was up against most of its major counterparts. In Europe, euro zone industrial production increased 0.8% in April after a 0.4% decline in March (revised from -0.3%). Economists anticipated a 0.5% gain. French consumer prices were flat in May, as in April. Economists expected a 0.1% increase.
The Australian Dollar rose against most of its major counterparts.
The Euro was up against most of its major counterparts. In Europe, euro zone industrial production increased 0.8% in April after a 0.4% decline in March (revised from -0.3%). Economists anticipated a 0.5% gain. French consumer prices were flat in May, as in April. Economists expected a 0.1% increase.
The Australian Dollar rose against most of its major counterparts.
Commodities
After the close of Wall Street, WTI Crude Future (JUL 14) was up $2.5 to $106.91. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35).
Gold was up $12.1 to $1273.2. The precious metal was above its 20D MA (@ $1268) and below its 50D MA (@ $1287).
Copper Future (JUL 14) on Comex was down 2.7c to 301.35c/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 1025 tons to 165725 tons.
Gold was up $12.1 to $1273.2. The precious metal was above its 20D MA (@ $1268) and below its 50D MA (@ $1287).
Copper Future (JUL 14) on Comex was down 2.7c to 301.35c/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 1025 tons to 165725 tons.
UK Market News
Bank of England Governor Mark Carney said UK interest rates could rise sooner than markets expect.
Fitch Ratings has affirmed the UK's Long-term foreign and local currency Issuer Default Ratings (IDRs) at "AA+", outlook "Stable". The rating firm pointed out: "Favourable macroeconomic trends, including strong GDP growth, falling unemployment and inflation close to the 2% target, have continued in the UK economy since our last review in December 2013. Quarterly GDP growth has been strong, on average 0.8% qoq, since 2Q13, the least volatile among the major advanced economies. Fitch judges growth to be partly cyclical, reflecting the gradual closing of the previous large output gap."
Fitch Ratings has affirmed the UK's Long-term foreign and local currency Issuer Default Ratings (IDRs) at "AA+", outlook "Stable". The rating firm pointed out: "Favourable macroeconomic trends, including strong GDP growth, falling unemployment and inflation close to the 2% target, have continued in the UK economy since our last review in December 2013. Quarterly GDP growth has been strong, on average 0.8% qoq, since 2Q13, the least volatile among the major advanced economies. Fitch judges growth to be partly cyclical, reflecting the gradual closing of the previous large output gap."
European Markets
ECB: Participation by Mr. Coeuré in panel discussion "Europe: What needs to be done?" at 20th Dubrovnik Economic Conference organised by the Croatian National Bank in Dubrovnik, Croatia. (2:30pm CET)
Today's Economic Events
FR 06:30: 2Q Non-Farm Payrolls (QoQ): NA
EC 10:00: APR Euro-Zone: Trade Balance (Bln): NA
GE 07:00: MAY Consumer Price Index (MoM): -0.1%
EC 10:00: APR Euro-Zone: Trade Balance (Bln) (MoM): NA
GE 07:00: MAY CPI - EU Harmonised (MoM): -0.3%
US 14:55: MAY U. of Michigan Confidence: 83
EC 10:00: APR Euro-Zone: Trade Balance (Bln): NA
GE 07:00: MAY Consumer Price Index (MoM): -0.1%
EC 10:00: APR Euro-Zone: Trade Balance (Bln) (MoM): NA
GE 07:00: MAY CPI - EU Harmonised (MoM): -0.3%
US 14:55: MAY U. of Michigan Confidence: 83
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