Wednesday, August 6, 2014


Market Comment

US indices dropped on Tuesday pressured by shares in the Energy, Semiconductors & Semiconductor Equipment and Utilities sectors. The S&P 500 (1920.21) remains below its 20d moving average (1965.9 - negative slope), and its 50d moving average (1954.9 - flat slope).

European markets are expected to start on a flat note.

Foreign Exchange

The US Dollar rose against most of its major counterparts on Tuesday, with the exception of the GBP. On the economic data front, US factory orders rose 1.1% (0.6% expected) MoM in June. The Markit US Services PMI matched expectations of 60.8 in July. The ISM Non-Manufacturing Composite was 58.7 (56.5 expected) in July.

The Euro was under pressure against most of its major counterparts. In Europe, euro-zone PMI composite index was 53.8 in July in final reading vs 54.4 in first estimation and 52.8 in July. Separately, euro zone retail sales were up by 0.4% in June after a 0.3% rise in May (revised from a flat reading). Economists anticipated them to increase 0.5%.

The Australian Dollar fell against all of its major counterparts.


After the close of Wall Street, WTI Crude Future (SEP 14) was down $0.8 to $97.52. The contract was below its 20D MA (@ $101) and below its 50D MA (@ $100.35).

Gold was about flat to $1287.8. The precious metal was below its 20D MA (@ $1305) and below its 50D MA (@ $1295).

Copper Future (SEP 14) on Comex was down 4.3c to 320.1c/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 600 tons to 145575 tons.

Today's Economic Events

UK 09:30: JUN Industrial Production (MoM): 0.6%
UK 09:30: JUN Manufacturing Production (MoM): 0.6%
UK 15:00: JUL GDP Estimate (NIESR): NA
US 13:30: JUN Trade Balance (Bln): -44.8
US 15:30: W30 Crude Oil Inventories (WoW chg): -1500

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