Market Comment
US indices dropped on Thursday pressured by shares in the Consumer Durables & Apparel, Retailing and Energy sectors. The S&P 500 (1964.68) remains above its 20d moving average (1959.4 - positive slope) and its 50d moving average (1925.4 - 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 gained against most of its major counterparts on Thursday, with the exception of the JPY. On the economic data front, initial jobless claims were 304K (315K expected) for the week ending July 5th. Wholesale Inventories rose 0.5% (0.6% expected) MoM in May. Bloomberg consumer comfort was 37.6 (36.4 prior) for the week ending July 6th.
The Euro fell against all of its major counterparts. In Europe, French industrial production fell 1.7% in May after a 0.3% rise in April Economists anticipated a 0.2% increase. French consumer prices were flat in June, as in May. Consensus expected a 0.2% gain. In UK, Bank of England kept its main benchmark interest rate at +0.5% and its asset purchase target at £375B.
The Australian Dollar was under pressure against most of its major counterparts.
The Euro fell against all of its major counterparts. In Europe, French industrial production fell 1.7% in May after a 0.3% rise in April Economists anticipated a 0.2% increase. French consumer prices were flat in June, as in May. Consensus expected a 0.2% gain. In UK, Bank of England kept its main benchmark interest rate at +0.5% and its asset purchase target at £375B.
The Australian Dollar was under pressure against most of its major counterparts.
Commodities
After the close of Wall Street, WTI Crude Future (AUG 14) was up $0.6 to $102.85. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35).
Gold was up $8.3 to $1336.1. The precious metal was above its 20D MA (@ $1312) and above its 50D MA (@ $1292).
Copper Future (SEP 14) on Comex was up 2.3c to 327.05c/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 975 tons to 158100 tons.
Gold was up $8.3 to $1336.1. The precious metal was above its 20D MA (@ $1312) and above its 50D MA (@ $1292).
Copper Future (SEP 14) on Comex was up 2.3c to 327.05c/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 975 tons to 158100 tons.
European Markets
Volkswagen: The United Auto Workers (UAW) will form a local union in Tennessee to represent workers at a Chattanooga plant, reported The Tennessean newspaper. Separately, the Co reported China Jan-June deliveries at 1.8M vehicles, up 18% YoY.
Airbus may sell around 100 aircraft to SMBC Aviation Capital, reported Reuters citing two people familiar with the matter.
Airbus may sell around 100 aircraft to SMBC Aviation Capital, reported Reuters citing two people familiar with the matter.
Today's Economic Events
GE 07:00: JUN Wholesale Price Index (MoM): NA
GE 07:00: JUN Consumer Price Index (MoM): 0.3%
GE 07:00: JUN CPI - EU Harmonised (MoM): 0.4%
US 19:00: JUN Monthly Budget Satement (Bln): 79.5
GE 07:00: JUN Consumer Price Index (MoM): 0.3%
GE 07:00: JUN CPI - EU Harmonised (MoM): 0.4%
US 19:00: JUN Monthly Budget Satement (Bln): 79.5
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