Tuesday, July 15, 2014


Market Comment

US indices rose on Monday led by shares in the Energy, Software & Services and Technology Hardware & Equipment sectors. The S&P 500 (1977.1) remains above its 20d moving average (1963.3 - positive slope) and its 50d moving average (1928.9 - positive slope).

European markets are expected to start on a positive note.

Foreign Exchange

The US Dollar was mixed on Monday, gaining against the JPY and GBP, while falling against the EUR and CAD. There was no major economic data released.

The Euro rose against most of its major counterparts. In Europe, euro zone industrial production was down by 1.1% in May after a 0.7% increase the month before. Economists anticipated a 1.2% decline.

The Australian Dollar was mixed, rising aginst the JPY and NZD, while falling against the EUR and CAD.


After the close of Wall Street, WTI Crude Future (AUG 14) was about flat to $101.13. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35).

Gold was down $30.4 to $1308.2. The precious metal was below its 20D MA (@ $1317) and above its 50D MA (@ $1292).

Copper Future (SEP 14) on Comex was down 1.5c to 325.35c/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 increased 925 tons to 159400 tons.

UK Market News

UK: Total retail sales grew 0.6% YoY in Jun vs +2.0% in May, while like-for-like retail sales were down 0.8% vs +0.5% in May, reported the British Retail Consortium.

UK: The Ulster Bank Northern Ireland PMI was at 59.0 in June, down from 60.6 in May. The report pointed out: "The latest report indicated that activity rose for the twelfth month running, helped by a further increase in new business. With workloads continuing to rise, panellists increased their staffing levels. Meanwhile, both input costs and output prices rose at faster rates than in May."

European Markets

ECB: Publication of the Consolidated Financial Statement of the Eurosystem (3pm CET)

Deutsche Lufthansa will cut flights to Venezuela to 3 per week from 5 starting August due to a foreign exchange dispute with the country's government.

Today's Economic Events

UK 09:30: JUN PPI - Input (MoM): NA
UK 09:30: JUN PPI - Output (MoM): NA
UK 09:30: JUN CPI - EU Harmonised (MoM): NA
GE 10:00: JUL Zew Survey (Econ. Sentiment): NA
GE 10:00: JUL Zew Survey (Current Situation): NA
US 13:30: JUL Empire Manufacturing: 17.3
US 13:30: JUN Retail Sales: 0.6%
US 13:30: JUN Retail Sales less Autos: 0.5%
US 15:00: MAY Business Inventories: 0.6%

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