Friday, June 27, 2014


Market Comment

US indices consolidated on Thursday pressured by shares in the Household & Personal Products, Semiconductors & Semiconductor Equipment and Banks sectors. The S&P 500 (1957.22) remains above its 20d moving average (1944.6 - positive slope) and its 50d moving average (1907.6 - positive slope).

European markets are expected to start on a flat note.

Foreign Exchange

The US Dollar was mixed on Thursday, falling against the JPY and GBP, while rising aginst the EUR and CHF. On the conomic data front, Personal Income rose 0.4% in May, meeting expectations. Personal spending rose 0.2% (0.4% expected) in May. Initial Jobless Claims were 312K (310K expected) for the week ending June 21st.

The Euro fell against all of its major counterparts.

The Australian Dollar was mixed, gaining against the EUR and CHF, while falling against the JPY and GPB.


After the close of Wall Street, WTI Crude Future (AUG 14) was down $0.8 to $105.75. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35).

Gold was about flat to $1317.3. The precious metal was above its 20D MA (@ $1277) and above its 50D MA (@ $1285).

Copper Future (SEP 14) on Comex was about flat to 317.25c/lb. The contract was above its 20D MA (@ 307.41c) and above its 50D MA (@ 303.17c). In Europe, the London Metal Exchange reported its copper inventories decreased 825 tons to 156000 tons.

UK Market News

UK: GfK consumer confidence index rose to +1 in June from 0 in May.

European Markets

ECB: Participation by the President at the European Council meeting in Brussels,.
Deustche Bank is considering a sale of its Maher Terminals, which operates cargo facilities at ports in the US and Canada, for up to E1B, reported Dow Jones citing sources familiar with the matter.

Airbus Group may use engines from Rolls-Royce to upgrade its A330 with an aim to compete with Boeing's 787 Dreamliner, reported Reuters citing sources familiar with the matter.

oday's Economic Events

GE 07:00: MAY Import Prices (MoM): 0%
FR 07:45: 2Q GDP (QoQ): 0%
UK 09:30: 1Q GDP (QoQ): 0.8%
FR 07:45: MAY Producer Price Index (MoM): NA
UK 09:30: 1Q Current Account (Bln): -17.25
EC 10:00: JUN Euro-zone: Industrial Confidence: -3
EC 10:00: JUN Business Climate Indicator: 0.4
EC 10:00: JUN Euro-Zone: Economic Confidence: 103
EC 10:00: JUN Euro-Zone: Consumer Confidence: NA
GE 13:00: MAY Consumer Price Index (MoM): 0.2%
GE 13:00: MAY CPI - EU Harmonised (MoM): 0.2%
US 14:55: JUN U. of Michigan Confidence: 82

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