EVENTS & FINANCIAL NEWS 11-09-2014

Market Comment

US indices rose on Wednesday led by shares in the Technology Hardware & Equipment, Pharmaceuticals, Biotechnology & Life Sciences and Banks secotrs. The S&P 500 (1995.69) remains above its 20d moving average (1988.5 - positive slope), and its 50d moving average (191.9 - positive slope).

European markets are expected to start on a flat note.

Foreign Exchange

The US Dollar was mixed on Wednesday, rising against the JPY and EUR, while falling against the GBP and CAD. On the economic data front, Wholesale Inventories rose 0.1% (0.5% expected) MoM in July. MBA Mortgage Applications fell 7.2% in the week ending September 5th.

The Euro was mixed, under pressure against the USD and GBP, while gaining against the JPY and CHF. In Europe, French industrial production was up by 0.2% in July after a 1.2% increase in June (revised from +1.3%). Economists anticipated a 0.5% decline.

The Australian Dollar fell against most of its major counterparts.

Commodities

After the close of Wall Street, WTI Crude Future (OCT 14) was down $1 to $91.78. The contract was below its 20D MA (@ $101) and below its 50D MA (@ $100.35). The US Department of Energy reported that, for the week ended 5 September, crude oil inventories fell 972k barrels compared to the previous week.

Gold was down $5.5 to $1250. The precious metal was below its 20D MA (@ $1280) and below its 50D MA (@ $1297).

Copper Future (DEC 14) on Comex was up 1.2c to 311.4c/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 155625 tons.

UK Market News

UK: The Royal Institution of Chartered Surveyors House Price Balance fell to +40 in August (vs +47 expected) from +48 in July.

Royal Bank of Scotland Group said it has undertaken contingency planning for the possible business implications of a "Yes" vote resulting from the Scottish referendum, pointing out: " RBS believes that it would be necessary to re-domicile the Bank's holding company and its primary rated operating entity (The Royal Bank of Scotland plc) to England. In the event of a 'Yes' vote, the decision to re-domicile should have no impact on everyday banking services used by our customers throughout the British Isles. (...) Scotland has been RBS's home since 1727. RBS intends to retain a significant level of its operations and employment in Scotland to support its customers there and the activities of the whole Bank."

Oil & Gas personal & household goods and health care shares gained most in London on Wednesday.

European Markets

ECB: Participation by Mr Coeuré in panel "Revitalising the market for securitised loans in the EU" at Eurofi Financial Forum 2014 in Milan, Italy. (5:15pm CET)

Deutsche Lufthansa, Air Berlin: The German government is considering phasing out air traffic tax levied on flights from the country's airports, according to a senior government official cited by Reuters.

Today's Economic Events

GE 07:00: AUG Consumer Price Index (MoM): 0%
GE 07:00: AUG CPI - EU Harmonised (MoM): 0%
FR 07:45: AUG Consumer Price Index (MoM): 0.4%
FR 07:45: AUG CPI - EU Harmonised (MoM): 0.4%
US 13:30: W35 Initial Jobless Claims (Thsd): 300
US 19:00: AUG Monthly Budget Satement (Bln): -130

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EVENTS & FINANCIAL NEWS 06-08-2014

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.

Commodities

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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EVENTS & FINANCIAL NEWS 30-07-2014

Market Comment

US indices closed lower on Tuesday pressured by shares in the Transportation, Capital Goods and Utilities sectors. On the economic data front, the Consumer Confidence Index was 90.9 (85.4 expected) in July. The S&P 500 (1969.95) broke below its 20d moving average (1975.37 - positive slope), but remains above its 50d moving average (1950.01 - positive slope).

European markets are expected to open on a negative note.

Foreign Exchange

The US Dollar rose against all of its major counterparts on Tuesday. On the economic data front, the Consumer Confidence Index was 90.9 (85.4 expected) in July. The Case Shiller Home Price Index was 170.64 (171.25 expected) in May.

The Euro was mixed, gaining against the CHF and NZD, while falling against the USD and HKD. In Europe, German import prices were up by 0.2% in June after being flat in May. Economists expected them to increase 0.3%. In UK, 67.2K mortgages have been approved in June, up from 62K in May.

The Australian Dollar was mixed, under pressure against the USD and HKD, while rising against the CHF and NZD. On the economic data front, HIA New Home Sales rose 1.2% MoM in June (-4.3% prior period).

Commodities

After the close of Wall Street, WTI Crude Future (SEP 14) was down $0.7 to $100.93. The contract was below its 20D MA (@ $101) and above its 50D MA (@ $100.35).

Gold was down $3.8 to $1300.3. The precious metal was below its 20D MA (@ $1313) and above its 50D MA (@ $1295).

Copper Future (SEP 14) on Comex was down 2.3c to 322.1c/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 1425 tons to 149475 tons.

Today's Economic Events

EC 10:00: JUL Euro-zone: Industrial Confidence: -4.3
EC 10:00: JUL Business Climate Indicator: 0.2
EC 10:00: JUL Euro-Zone: Economic Confidence: 101.9
EC 10:00: JUL Euro-Zone: Consumer Confidence: -8.4
GE 13:00: JUN Consumer Price Index (MoM): 0.2%
US 13:30: 1Q GDP (QoQ): 3%
US 13:30: 1Q GDP Price (QoQ): 1.8%
GE 13:00: JUN CPI - EU Harmonised (MoM): 0.2%
US 13:30: 1Q Personal Consumption: 1.9%
US 15:30: W29 Crude Oil Inventories (WoW chg): -1000
US 19:00: Fed: Rates decision: 0.25%

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EVENTS & FINANCIAL NEWS 25-07-2014

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

Commodities

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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EVENTS & FINANCIAL NEWS 15-07-2014

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.

Commodities

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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EVENTS & FINANCIAL NEWS 11-07-2014

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.

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.

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.

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.

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

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EVENTS & FINANCIAL NEWS 09-07-2014

Market Comment

US indices dropped on Tuesday pressured by shares in the Telecommunication Services, Retailing and Software & Services sectors. The S&P 500 (1963.71) remains above its 20d moving average (1957.3 - positive slope) and its 50d moving average (1921.6 - positive slope).

European markets are expected to start on a negative note.

Foreign Exchange

The US Dollar fell against most of its major counterparts on Tuesday. On the economic data front, NFIB Small Business Optimism was 95 (97 expected) in June. Consumer Credit was $19.6B ($20B expected) in May.

The Euro was mixed, gaining against the NOK and USD, while falling against the JPY and AUD. In Europe, German trade balance was an excess of E17.8B in May vs an excess of E17.2B in April. Exports decreased by 1.1% while imports fell 3.4%. UK industrial production was down by 0.7% in May after a 0.3% increase the month before. Economists anticipated a 0.3% gain.

The Australian Dollar rose against all of its major counterparts.

Commodities

After the close of Wall Street, WTI Crude Future (AUG 14) was about flat to $103.4. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35).

Gold was about flat to $1319.8. The precious metal was above its 20D MA (@ $1306) and above its 50D MA (@ $1291).

Copper Future (SEP 14) on Comex was about flat to 325.7c/lb. The contract was above its 20D MA (@ 307.41c) and above its 50D MA (@ 303.17c). The 14d RSI above 70 (70.07) indicates Copper Future (SEP 14) contract was overbought. In Europe, the London Metal Exchange reported its copper inventories decreased 1300 tons to 158050 tons.

European Markets

ECB: Publication of the Consolidated Financial Statement of the Eurosystem (Quarterly statement) (10am CET); Tommaso Padoa-Schioppa Memorial Lecture held by the President organised by IFRS Foundation in London, United Kingdom. (8:30pm CET)

Today's Economic Events

US 15:30: W26 Crude Oil Inventories (WoW chg): -2750

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EVENTS & FINANCIAL NEWS 08-07-2014

Market Comment

US indices dropped on Monday pressured by shares in the Transportation, Materials and Media sectors. The S&P 500 (1977.65) remains above its 20d moving average (1956.6 - positive slope) and its 50d moving average (1919.6 - positive slope).

European markets are expected to start on a negative note.

Foreign Exchange

The US Dollar was mixed on Monday, falling against the Euro and JPY, while rising against the GBP and CAD. On the economic data front, no major data was released.

The Euro was mixed, gaining against the GBP and USD, while falling against the JPY. In Europe, Euro zone Sentix investor confidence index was up in July at 10.1 vs 8.5 the month before and 7.8 expected. German industrial production fell by 1.8% in May after a 0.3% decline in April (revised from +0.2%). Economists anticipated the production to be flat.

The Australian Dollar was mixed, under pressure against the JPY and NZD, while rising against the USD and GBP.

Commodities

After the close of Wall Street, WTI Crude Future (AUG 14) was about flat to $103.53. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35).

Gold was about flat to $1320.1. The precious metal was above its 20D MA (@ $1306) and above its 50D MA (@ $1290).

Copper Future (SEP 14) on Comex was down 1.8c to 326.1c/lb. The contract was above its 20D MA (@ 307.41c) and above its 50D MA (@ 303.17c). The 14d RSI above 70 (70.07) indicates Copper Future (SEP 14) contract was overbought. In Europe, the London Metal Exchange reported its copper inventories increased 2850 tons to 159350 tons.

UK Market News

UK's Recruitment and Employment Confederation (REC) and KPMG issued a report on UK labour markets. Key points include: "Permanent and temporary staff availability both tumble; Demand for staff and placements both continue to rise sharply; Series record increase in average starting salaries recorded."

European Markets

ECB: Participation by Mr. Constâncio in ECOFIN meeting in Brussels, Belgium.

Conference: International Conference Aircraft Cabling

Today's Economic Events

UK 09:30: MAY Industrial Production (MoM): NA
FR 07:45: MAY Trade Balance (Mln): NA
GE 07:00: MAY Current Account (Bln): NA
GE 07:00: MAY Trade Balance (Bln): NA
GE 07:00: MAY Imports (MoM): NA
GE 07:00: MAY Exports (MoM): NA
FR 07:45: MAY Central Govt. Balance (Bln): NA
UK 09:30: MAY Manufacturing Production (MoM): NA
UK 15:00: JUN GDP Estimate (NIESR): NA
US 20:00: MAY Consumer Credit (Bln): 18.1

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EVENTS & FINANCIAL NEWS 07-07-2014

Market Comment

US Market was closed for Independence Day last Friday. US indices rose on Thursday led by shares in the Diversified Financials, Insurance and Retailing sectors. On the economic data front, the change in nonfarm payrolls in June was 288K (vs 215K expected), with the unemployment rate dropping to 6.1% (vs 6.3% expected). The S&P 500 (1985.44), at a historical high, remains above its 20d moving average (1955.23 - positive slope) and its 50d moving average (1917.6 - positive slope).

European markets are expected to start on a negative note.

Foreign Exchange

The US Dollar was mixed against most of its major counterparts on Friday. On the economic data front, no major data was released.

The Euro was broadly unchanged against most of its major counterparts. In Europe, German factory orders, adjusted for seasonal swings and inflation, dropped 1.7% in May after rising by 3.4% in April.

The Australian Dollar rose against all of its major counterparts.

Commodities

After the close of Wall Street, WTI Crude Future (AUG 14) was about flat to $103.77. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35).

Gold was about flat to $1319.9. The precious metal was above its 20D MA (@ $1299) and above its 50D MA (@ $1289).

Copper Future (SEP 14) on Comex was about flat to 327c/lb. The contract was above its 20D MA (@ 307.41c) and above its 50D MA (@ 303.17c). The 14d RSI above 70 (75.81) indicates Copper Future (SEP 14) contract was overbought. In Europe, the London Metal Exchange reported its copper inventories decreased 550 tons to 156500 tons.

European Markets

ECB: Publication of the Harmonised Competitiveness Indicators (10am CET); Participation by Mr. Draghi, Ms Nouy and Mr. Coeuré in Eurogroup meeting in Brussels, Belgium.

Today's Economic Events

GE 07:00: MAY Industrial Production (MoM): NA

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EVENTS & FINANCIAL NEWS 04-07-2014

Market Comment

US indices rose on Thursday led by shares in the Diversified Financials, Insurance and Retailing sectors. On the economic data front, the change in nonfarm payrolls in June was 288K (vs 215K expected), with the unemployment rate dropping to 6.1% (vs 6.3% expected). The S&P 500 (1985.44), at a historical high, remains above its 20d moving average (1955.23 - positive slope) and its 50d moving average (1917.6 - positive slope). Market is closed for Independence Day.

European markets are expected to start on a positive note.

Foreign Exchange

The US Dollar was up against most of its major counterparts on Thursday, with the exception of the CAD. On the economic data front, the change in nonfarm payrolls was 288K (215K expected) in June. The US Trade Balance was -$44.4B (-$45B expected) for the month of May. The Unemployment Rate dropped to 6.1% (6.3% expected) in June. Initial jobless claims were 315K (313K expected) for the week ending June 28th. US Services PMI was 61 in June. ISM Non-Manufacturing Composite was 56 (56.3 expected) in June.

The Euro was mixed, rising against the JPY and AUD, while falling against the GBP and USD. In Europe, the European Central Bank (ECB) chose to keep interest rates unchanged during its July meeting. ECB president Mario Draghi said eurozone interest rates will stay at 0.15% for an "extended period" of time. Retail sales in the euro zone stagnated in May. The composite purchasing managers index for the euro zone fell to 52.8 from 53.5 in May.

The Australian Dollar fell against all of its major counterparts.

Commodities

After the close of Wall Street, WTI Crude Future (AUG 14) was about flat to $104.03. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35).

Gold was down $7.2 to $1319.7. The precious metal was above its 20D MA (@ $1299) and above its 50D MA (@ $1289).

Copper Future (SEP 14) on Comex was about flat to 327.5c/lb. The contract was above its 20D MA (@ 307.41c) and above its 50D MA (@ 303.17c). The 14d RSI above 70 (73.51) indicates Copper Future (SEP 14) contract was overbought. In Europe, the London Metal Exchange reported its copper inventories increased 275 tons to 157050 tons.

European Markets

ECB: Publication of the MFI interest rate statistics (10am CET)

BMW will invest $1B in building its first assembly plant in Mexico designed with a production capacity of 150K vehicles per year, according to the Co's global head of production cited by Dow Jones.

Volkswagen is not bidding for US truck maker Paccar, according to a company spokesman cited by Reuters.

Today's Economic Events

No major economic report expected

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EVENTS & FINANCIAL NEWS 03-07-2014

Market Comment

US indices were mixed on Wednesday. Shares in the Pharmaceuticals, Biotechnology & Life Sciences, Media and Health Care Equipment & Services sectors traded higher while share in the Utilities, Insurance and Consumer Durables & Apparel sectors were under pressure. Fed chairman Yellen said rates shouldn't be main tool ensuring stability and rate policy shouldn't change over stability concern. The S&P 500 (1974.62) remains above its 20d moving average (1953 - positive slope) and its 50d moving average (1915.4 - positive slope). Watch today's employment report and US market will close early.

European markets are expected to open on a flat note.

Foreign Exchange

The US Dollar was up against most of its major counterparts on Wednesday, with the exception of the GBP. On the economic data front, MBA Mortgage Applications fell by 0.2% (-1% prior) for the week ending June 27th. The ADP Employment Change was 281K (205K expected) in June. Factory Orders fell by 0.5% (-0.3% expected) in May.

The Euro was mixed, rising against the JPY and AUD, while falling against the GBP and USD. In Europe, the euro-zone PPI eased down by a seasonally adjusted 0.1% in May, in line with expectations. Producer prices inched down 0.1% in April. Spain unemployment change came in at -122.7K below forecasts in June.

The Australian Dollar fell against all of its major counterparts.

Commodities

After the close of Wall Street, WTI Crude Future (AUG 14) was down $1.1 to $104.22. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35). The US Department of Energy reported that, for the week ended 27 June, crude oil inventories fell 3155k barrels compared to the previous week.

Gold was about flat to $1326.8. The precious metal was above its 20D MA (@ $1293) and above its 50D MA (@ $1288).

Copper Future (SEP 14) on Comex was up 5.6c to 326c/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 2075 tons to 156775 tons.

European Markets

ECB: Governing Council meeting of the ECB in Frankfurt at 10am CET and ECB will announce rate decision at 1:45pm CET, following by the press conference at 2:30pm CET

Today's Economic Events

EC 10:00: MAY Euro-Zone: Retail Trade (MoM): 0.3%
EC 12:45: ECB: Rates decision: 0.15%
US 13:30: W25 Initial Jobless Claims (Thsd): 313
US 13:30: MAY Trade Balance (Bln): -45
US 13:30: JUN Unemployment Rate: 6.3%
US 13:30: JUN Change in Nonfarm Payrolls (Thsd): 215
US 13:30: JUN Change in Manufact. Payrolls (Thsd): 10
US 15:00: JUN ISM - Non Manufacturing: 56.3

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