Friday, July 25, 2014


Market Comment

US indices were mixed on Thursday. Shares in the Consumer Durables & Apparel, Software & Services and Food, Beverage & Tobacco sectors traded higher while shares in the Automobiles & Components, Technology Hardware & Equipment and Capital Goods sectors were under pressure. The S&P 500 (1987.98) remains above its 20d moving average (1972.9 - positive slope) and its 50d moving average (1944.2 - positive slope).

European markets are expected to start on a flat note.

Foreign Exchange

The US Dollar was up against most of its major counterparts on Thursday. On the economic data front, US Initial Jobless claims were 284K (307K expected) for the week ending July 19th. Continuing Claims were 2.5M (2.51M expected) for the week ending July 12th. Markit US Manufacturing PMI was 56.3 (57.5 expected) in July. New Home Sales were 406K (475K expected) in June, an 8.1% decline MoM.

The Euro rose against most of its major counterparts. In Europe, euro zone PMI manufacturing was up to 51.9 in July in first estimation vs 51.8 the month before and 51.7 anticipated by economists. PMI services advanced to 54 from 52.8. Consensus anticipated PMI services to be flat. UK retails sales fell 0.1% in June after a 0.5% slid in May. Economists expected a 0.3% gain.

The Australian Dollar was under pressure against most of its major counterparts, with the exception of the NZD


After the close of Wall Street, WTI Crude Future (SEP 14) was down $1.1 to $102.02. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35).

Gold was down $12 to $1292.6. The precious metal was below its 20D MA (@ $1316) and below its 50D MA (@ $1294).

Copper Future (SEP 14) on Comex was up 5.6c to 326.25c/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 1950 tons to 154350 tons.

European Markets

ECB: Publication of the National balance sheet of euro area monetary financial institutions, excluding the Eurosystem (10am CET)

Today's Economic Events

UK 09:30: 1Q GDP (QoQ): 0.8%
GE 09:00: JUL IFO - Business Climate: 109.4
GE 09:00: JUL IFO - Current Assessment: 114.5
GE 09:00: JUL IFO - Expectations: 104.4
EC 09:00: JUN Euro-zone: M3 (3 mth ave.): 1%
US 13:30: JUN Durable Goods Orders: 0.5%
US 13:30: JUN Durable Goods Ex Transportation: 0.5%

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