Market Comment
US indices were mixed on Thursday. Shares in the Consumer Services, Utilities and Food, Beverage & Tobacco sectors traded higher while shares in the Consumer Durables & Apparel, Retailing and Banks sectors were under pressure. The S&P 500 (1959.48) remains above its 20d moving average (1931.7 - positive slope) and its 50d moving average (1895.7 - positive slope).
European markets are expected to start on a flat note.
European markets are expected to start on a flat note.
Foreign Exchange
The US Dollar was mixed on Thursday, falling against the EUR and GBP, while rising against the AUD and NZD. On the US economic data front, initial jobless claims were 312K (313K expected) for the week of June 14th. The Philadelphia Fed Business Outlook was 17.8 (14 expected) for the month of June. The US Leading Index was 0.5% (0.6% expected) for the month of May.
The Euro was mixed, falling against the GBP and CHF, while rising against the USD and JPY. In Europe, UK retail sales soften by 0.5% in May, the first monthly decline since January and reflecting lower fuel prices.
The Australian Dollar fell against all of its major counterparts.
The Euro was mixed, falling against the GBP and CHF, while rising against the USD and JPY. In Europe, UK retail sales soften by 0.5% in May, the first monthly decline since January and reflecting lower fuel prices.
The Australian Dollar fell against all of its major counterparts.
Commodities
After the close of Wall Street, WTI Crude Future (JUL 14) was up $0.6 to $106.61. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35).
Gold was up $41.6 to $1319.3. The precious metal was above its 20D MA (@ $1266) and above its 50D MA (@ $1284).
Copper Future (SEP 14) on Comex was about flat to 306.95c/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 675 tons to 160000 tons.
Gold was up $41.6 to $1319.3. The precious metal was above its 20D MA (@ $1266) and above its 50D MA (@ $1284).
Copper Future (SEP 14) on Comex was about flat to 306.95c/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 675 tons to 160000 tons.
UK Market News
The Knight Frank/Markit House Price Sentiment Index was at 62.5 in June, down from 63.2 in May. Key findings included: "Expectations for future price growth, while still positive, fell to a 6-month low in June, indicating that households are expecting more modest gains than in previous months. In London, expectations for future house price growth moderated again from recent peaks to the lowest level since December 2013. (...) Some 6.2% of UK households said they planned to buy a property in the next year. This is up from 5.1% in April, but down slightly from 6.5% in May."
Lloyds Banking Group announced the IPO pricing of its TSB unit: "The Offer price has been set at 260p per TSB Ordinary Share (...) TSB's market capitalisation is appx. £1,300M (...) Due to significant investor demand for TSB Ordinary Shares, the Offer Size has been set above the expected Offer Size of 25%. The Offer comprises 175M existing TSB Ordinary Shares being sold by Lloyds (prior to any exercise of the over-allotment option), representing 35% of the 500M TSB Ordinary Shares that will be in issue at Admission (...) Appx. 30% of the Offer has been allocated to retail investors under the Intermediaries Offer (...) Gross proceeds realised by Lloyds will be £455M (prior to any exercise of the over-allotment option) (...) it is expected that Lloyds will hold, through Lloyds Bank plc, 65% of TSB's Ordinary Shares (assuming no exercise of the over-allotment option)."
Lloyds Banking Group announced the IPO pricing of its TSB unit: "The Offer price has been set at 260p per TSB Ordinary Share (...) TSB's market capitalisation is appx. £1,300M (...) Due to significant investor demand for TSB Ordinary Shares, the Offer Size has been set above the expected Offer Size of 25%. The Offer comprises 175M existing TSB Ordinary Shares being sold by Lloyds (prior to any exercise of the over-allotment option), representing 35% of the 500M TSB Ordinary Shares that will be in issue at Admission (...) Appx. 30% of the Offer has been allocated to retail investors under the Intermediaries Offer (...) Gross proceeds realised by Lloyds will be £455M (prior to any exercise of the over-allotment option) (...) it is expected that Lloyds will hold, through Lloyds Bank plc, 65% of TSB's Ordinary Shares (assuming no exercise of the over-allotment option)."
European Markets
ECB: Publication of the Euro area monthly balance of payments (10am CET); ECOFIN meeting in Luxembourg.
Siemens and Mitsubishi Heavy Industries have raised the cash contribution of their offer for Alstom's energy unit by E1.2B to E8.2B, saying: "The total valuation of Alstom's energy business increases by E400M to E14.6B. (...) MHI now intends to buy a 40% stake in the combined steam, grid and hydro business of Alstom. (...) cash contribution from MHI increases by E800M, from E3.1B up to E3.9B, (...) Siemens had been able to increase its cash offer by E400M."
Siemens and Mitsubishi Heavy Industries have raised the cash contribution of their offer for Alstom's energy unit by E1.2B to E8.2B, saying: "The total valuation of Alstom's energy business increases by E400M to E14.6B. (...) MHI now intends to buy a 40% stake in the combined steam, grid and hydro business of Alstom. (...) cash contribution from MHI increases by E800M, from E3.1B up to E3.9B, (...) Siemens had been able to increase its cash offer by E400M."
Today's Economic Events
GE 07:00: MAY Producer Price Index (MoM): 0%
FR 07:45: 2Q Wages (QoQ): NA
EC 09:00: APR Euro-Zone: Current Account (Bln) (MoM): NA
UK 09:30: MAY Public Sector Net Borrowing (Bln): NA
UK 09:30: MAY Public Finances (PSNCR) (Bln): NA
EC 15:00: MAY Euro-Zone: Consumer Confidence: -6.5
FR 07:45: 2Q Wages (QoQ): NA
EC 09:00: APR Euro-Zone: Current Account (Bln) (MoM): NA
UK 09:30: MAY Public Sector Net Borrowing (Bln): NA
UK 09:30: MAY Public Finances (PSNCR) (Bln): NA
EC 15:00: MAY Euro-Zone: Consumer Confidence: -6.5
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