EVENTS & FINANCIAL NEWS 13-06-2014

Market Comment

US indices dropped on Thursday pressured by shares in the Transportation, Automobiles & Components and Retailing sectors. The S&P 500 (1930.11) remains above its 20d moving average (1914.8 - positive slope) and its 50d moving average (1887.8 - positive slope).

European markets are expected to start on a flat note.

Foreign Exchange

US Dollar was under pressure gainst most of its major counterparts on Thursday. On the US economic data front, retail sales rose 0.3% MoM (0.6% expected) in May. The import price index increased by 0.1% MoM (0.2% expected) in May. Initial Jobless Claims were 317K last week (310K expected), which were higher than the previous week (312K).

The Euro was up against most of its major counterparts. In Europe, euro zone industrial production increased 0.8% in April after a 0.4% decline in March (revised from -0.3%). Economists anticipated a 0.5% gain. French consumer prices were flat in May, as in April. Economists expected a 0.1% increase.

The Australian Dollar rose against most of its major counterparts.

Commodities

After the close of Wall Street, WTI Crude Future (JUL 14) was up $2.5 to $106.91. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35).

Gold was up $12.1 to $1273.2. The precious metal was above its 20D MA (@ $1268) and below its 50D MA (@ $1287).

Copper Future (JUL 14) on Comex was down 2.7c to 301.35c/lb. The contract was below its 20D MA (@ 307.41c) and below its 50D MA (@ 303.17c). In Europe, the London Metal Exchange reported its copper inventories decreased 1025 tons to 165725 tons.

UK Market News

Bank of England Governor Mark Carney said UK interest rates could rise sooner than markets expect.

Fitch Ratings has affirmed the UK's Long-term foreign and local currency Issuer Default Ratings (IDRs) at "AA+", outlook "Stable". The rating firm pointed out: "Favourable macroeconomic trends, including strong GDP growth, falling unemployment and inflation close to the 2% target, have continued in the UK economy since our last review in December 2013. Quarterly GDP growth has been strong, on average 0.8% qoq, since 2Q13, the least volatile among the major advanced economies. Fitch judges growth to be partly cyclical, reflecting the gradual closing of the previous large output gap."

European Markets

ECB: Participation by Mr. Coeuré in panel discussion "Europe: What needs to be done?" at 20th Dubrovnik Economic Conference organised by the Croatian National Bank in Dubrovnik, Croatia. (2:30pm CET)

Today's Economic Events

FR 06:30: 2Q Non-Farm Payrolls (QoQ): NA
EC 10:00: APR Euro-Zone: Trade Balance (Bln): NA
GE 07:00: MAY Consumer Price Index (MoM): -0.1%
EC 10:00: APR Euro-Zone: Trade Balance (Bln) (MoM): NA
GE 07:00: MAY CPI - EU Harmonised (MoM): -0.3%
US 14:55: MAY U. of Michigan Confidence: 83

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EVENTS & FINANCIAL NEWS 12-06-2014

Market Comment

US indices declined on Wednesday pressured by shares in the Utilities, Banks and Capital Goods sectors. The S&P 500 (1943.89) remains above its 20d moving average (1912.7 - positive slope) and its 50d moving average (1887 - positive slope).

European markets are expected to start on a flat note.

Foreign Exchange

US Dollar was mixed against most of its major counterparts on Wednesday. On the US economic data front, MBA Mortgage Applications for the week ended June 6th rose 10.3%.

The British Pound was firm against its major counterparts. In UK, unemployment rate was down to 6.6% for the February-April period vs 6.8% for the previous one. Jobless claims were down by 27.4K in May vs -28.4K the month before. Economists anticipated them to be down by 25K.

The Australian Dollar was firm against its major counterparts.

Commodities

After the close of Wall Street, WTI Crude Future (JUL 14) was about flat to $104.45. 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 6 June, crude oil inventories fell 2596k barrels compared to the previous week.

Gold was about flat to $1261.3. The precious metal was below its 20D MA (@ $1270) and below its 50D MA (@ $1287).

Copper Future (JUL 14) on Comex was down 1.8c to 303.5c/lb. The contract was below its 20D MA (@ 307.41c) and above its 50D MA (@ 303.17c). In Europe, the London Metal Exchange reported its copper inventories decreased 75 tons to 166750 tons.

UK Market News

UK: The Royal Institution of Chartered Surveyors net house price balance was at +57 in May (vs +52 expected, +55 in April).

AstraZeneca announced a global licence agreement with AIM-listed respiratory diseases specialist Synairgen Plc for SNG001, "a novel, inhaled interferon beta (IFN-beta) in clinical development for treating respiratory tract viral infections in patients with severe asthma". The Co pointed out: "AstraZeneca will pay Synairgen a $7.25M up-front fee and potential development, regulatory and commercial milestones of up to $225M. In addition, AstraZeneca will pay tiered royalties ranging from single-digit up to mid-teens on commercial sales. AstraZeneca will be responsible for future development costs."

European Markets

ECB: Keynote address by Yves Mersch at Global ABS Conference organised by the Association for Financial Markets in Europe in Barcelona, Spain. (10:15am CET)

Conference: Aircraft Economic Life Summit; Pharmacovigilance System Master File & Inspections

Today's Economic Events

FR 07:45: MAY Consumer Price Index (MoM): 0.1%
FR 07:45: MAY CPI - EU Harmonised (MoM): 0%
GE 07:00: MAY Wholesale Price Index (MoM): NA
EC 10:00: APR Euro-Zone: Industrial Production (MoM): 0.5%
US 13:30: W22 Initial Jobless Claims (Thsd): 310
US 13:30: MAY Retail Sales: 0.6%
US 13:30: MAY Retail Sales less Autos: 0.4%
US 15:00: APR Business Inventories: 0.4%

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EVENTS & FINANCIAL NEWS 11-06-2014

Market Comment

US indices were mixed on Tuesday. Shares in the Semiconductors & Semiconductor Equipment, Pharmaceuticals, Biotechnology & Life Sciences and Food, Beverage & Tobacco sectors traded higher while shares in the Real Estate, Consumer Services and Food & Staples Retailing sectors were under pressure. The S&P 500 (1950.79) remains above its 20d moving average (1910.4- positive slope) and its 50d moving average (1885.5 - positive slope).

European markets are expected to start on a negative note.

Foreign Exchange

US Dollar rose against most of its major counterparts on Tuesday. On the US economic data front, no major news was released.

The Australian Dollar was firm against its major counterparts.

Commodities

After the close of Wall Street, WTI Crude Future (JUL 14) was about flat to $104.56. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35).

Gold was up $8.1 to $1260.5. The precious metal was below its 20D MA (@ $1272) and below its 50D MA (@ $1288).

Copper Future (JUL 14) on Comex was up 1.6c to 305.9c/lb. The contract was below its 20D MA (@ 307.41c) and above its 50D MA (@ 303.17c). In Europe, the London Metal Exchange reported its copper inventories decreased 425 tons to 166825 tons.

UK Market News

UK: The Savills/ Markit Total Commercial Development Activity Index was at +26.9% in May, up from +23.6% in April. Key findings included: "Stronger increases were noted for both private and public commercial projects, with the respective net balances rising from +35.3% and +1.6% to +37.8% and +10.3%. All nine monitored sub-categories registered higher activity. The fastest rise was again registered for private new build work. (...) UK commercial developers remained optimistic regarding future commercial activity."

AstraZeneca said it will present results of its research and development in diabetes at the June Scientific Sessions of the American Diabetes Association (ADA) in San Francisco, adding: "Clinical data from studies evaluating multiple approved products, including Forxiga (dapagliflozin, marketed in the US as Farxiga), Bydureon (exenatide extended-release for injectable suspension) and Onglyza (saxagliptin), as well as the investigational combination of saxagliptin and dapagliflozin, demonstrate AstraZeneca's continued commitment to addressing unmet medical needs across a wide spectrum of type 2 diabetes patients in different stages of the disease."

European Markets

ECB: Keynote address by Mr. Mersch at Global ABS Conference organised by the Association for Financial Markets in Europe in Barcelona, Spain, 10.15 a.m. CET.

Today's Economic Events

UK 09:30: APR Unemployment Rate (ILO): 6.7%
US 15:30: W22 Crude Oil Inventories (WoW chg): -1500
US 19:00: MAY Monthly Budget Satement (Bln): -131

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EVENTS & FINANCIAL NEWS 10-06-2014

Market Comment

US indices rose on Monday led by shares in the Banks, Technology Hardware & Equipment and Capital Goods sectors. The S&P 500 (1951.27) hit a new record high, and remains above its 20d moving average (1907.7 - positive slope) and its 50d moving average (1883.7 - positive slope).

European markets are expected to start on a positive note.

Foreign Exchange

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

The Australian Dollar was firm against its major counterparts.

Commodities

After the close of Wall Street, WTI Crude Future (JUL 14) was up $1.8 to $104.41. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35).

Gold was about flat to $1253.3. The precious metal was below its 20D MA (@ $1273) and below its 50D MA (@ $1288).

Copper Future (JUL 14) on Comex was about flat to 305.4c/lb. The contract was below its 20D MA (@ 307.41c) and above its 50D MA (@ 303.17c). In Europe, the London Metal Exchange reported its copper inventories decreased 525 tons to 167250 tons.

UK Market News

UK retail sales grew 0.5% YoY like-for-like in May (vs +1.8% in the prior year) and were up 2.0% on a total basis (vs +3.4% in the prior year), according to the British Retail Consortium. The BRC pointed out: "Clothing was the best performing category, reporting its highest growth since December 2011, while Food was the lowest, reporting a decline in total terms."

European Markets

Deutsche Telecom may bid for France's Orange, reported Reuters citing rumours among traders.

Banks: Raiffeisen Bank International (+2.31% to E25.96) reached a new 3-month relative high against the ATX.

Today's Economic Events

UK 09:30: APR Industrial Production (MoM): NA
UK 09:30: APR Manufacturing Production (MoM): NA
UK 15:00: MAY GDP Estimate (NIESR): NA
US 15:00: APR Wholesale Inventories: NA

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EVENTS & FINANCIAL NEWS 06-06-2014

Market Comment

US indices extended their gains on Thursday helped by shares in the Real Estate, Banks and Capital Goods sectors. The US initial jobless claims rose to 312K (310K expected and 304K prior) in the week ended May 31st. The S&P 500 (1940.46) hit a new record high, and remains above its 20d moving average (1900.36 - positive slope) and its 50d moving average (1879.68 - positive slope).

European markets are expected to open on a positive note.

Foreign Exchange

US Dollar was mixed against most of its major counterparts on Thursday. On the US economic data front, initial jobless claims rose to 312K (310K expected and 304K prior) in the week ended May 31st.

The Euro was mixed against its major counterparts. In Europe, ECB lowered its benchmark interest rate to 0.15% vs 0.25% previously. Deposit Facility Rate is now at -0.1% vs 0% initially. German factory orders jumped 3.1% in April after a 2.8% decline in March. Economists anticipated a 1.4% increase.

The Australian Dollar was firm against its major counterparts.

Commodities

After the close of Wall Street, WTI Crude Future (JUL 14) was about flat to $102.58. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35).

Gold was up $9.7 to $1253.6. The precious metal was below its 20D MA (@ $1277) and below its 50D MA (@ $1290). The 14d RSI below 30 (26.67) indicates gold was oversold.

Copper Future (JUL 14) on Comex was about flat to 309.4c/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 decreased 550 tons to 167925 tons.

European Markets

ECB: Participation by Mr. Constâncio in a discussion at 2014 IIF Spring Membership Meeting organised by the Institute of International Finance in London, United Kingdom, 10 a.m. local time / 11 a.m. CET

Deutsche Bank is under investigation by regulators into whether it hired children of Chinese government officials in order to obtain business favors, reported Reuters citing a source with knowledge of the matter. Yesterday the stock (-3.84% to E28.58) closed at a 3-month relative low against the Dax.

Today's Economic Events

FR 07:45: APR Trade Balance (Mln): -5000
GE 07:00: APR Current Account (Bln): 15.6
GE 07:00: APR Trade Balance (Bln): 15.1
GE 07:00: APR Imports (MoM): 0.8%
GE 07:00: APR Exports (MoM): 1.3%
FR 07:45: APR Central Govt. Balance (Bln): NA
GE 07:00: APR Industrial Production (MoM): 0.4%
UK 09:30: APR Trade Balance Non EU25 (Mln GBP): -3150
UK 09:30: APR Visible Trade Balance (Mln GBP): -8650
US 13:30: MAY Unemployment Rate: 6.4%
US 13:30: MAY Change in Nonfarm Payrolls (Thsd): 215
US 13:30: MAY Change in Manufact. Payrolls (Thsd): 10
US 20:00: APR Consumer Credit (Bln): 15

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EVENTS & FINANCIAL NEWS 05-06-2014

Market Comment

US indices closed higher on Wednesday helped by shares in the Automobiles & Components, Insurance and Food & Staples Retailing sectors. US companies added 179K jobs (210K expected) in May after a downwardly 215K increased the previous month. The S&P 500 (1927.88) hit a new record high, and remains above its 20d moving average (1897.25 - positive slope) and its 50d moving average (1878.18 - positive slope).

European markets are expected to open on a positive note.

Foreign Exchange

US Dollar was mixed against most of its major counterparts on Wednesday. On the US economic data front, MBA Mortgage applications for the week ended May 30th fell 3.1%. US companies added 179K jobs (210K expected) in May after a downwardly 215K increased the previous month. The trade deficit grew by 6.9% to $47.2B ($40.8B expected) in April. Finally, ISM non-manufacturing jumped to 56.3 (55.5 expected) in May from 55.2 the previous month.

The Euro was under pressure against its major counterparts. Euro-zone PMI composite index was 53.5 in final estimation for May vs 53.9 in first reading and 54 the month before. Euro-zone PMI services index was 53.2 in May in final estimation vs 53.5 in preliminary estimation and 53.1 in April. Still in euro-zone, GDP growth was confirmed at +0.2% for 1Q. Finally euro-zone PPI index fell 0.1% in April, as expected, after a 0.2% decrease in March.

The Australian Dollar was mixed against its major counterparts.

Commodities

After the close of Wall Street, WTI Crude Future (JUL 14) was about flat to $102.43. 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 30 May, crude oil inventories fell 3431k barrels compared to the previous week.

Gold was about flat to $1243.6. The precious metal was below its 20D MA (@ $1279) and below its 50D MA (@ $1290). The 14d RSI below 30 (28.08) indicates gold was oversold.

Copper Future (JUL 14) on Comex was down 4.2c to 309.45c/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 350 tons to 168475 tons.

UK Market News

Ireland: The Investec Services PMI Ireland edged down to 61.7 in May from 61.9 in April. The report pointed out: "The recent strong expansion in the Irish service sector continued in May, with activity and new business again rising sharply during the month. Panellists took on extra staff in order to deal with increased workloads. Meanwhile, output prices were raised for the second month running, but the rate of inflation remained marginal amid pressure from clients."

European Markets

ECB: Governing Council meeting (9am CET) and rate decision at 1:45pm CET, followed by a press conference at 2:30pm CET

Today's Economic Events

FR 06:30: 1Q Unemployment Rate: NA
FR 06:30: 1Q Unemployment Change (Thsd) (QoQ): NA
EC 10:00: APR Euro-Zone: Retail Trade (MoM): 0%
UK 12:00: BoE: Rates decision: 0.5%
EC 12:45: ECB: Rates decision: 0.1%
US 13:30: W21 Initial Jobless Claims (Thsd): 310

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EVENTS & FINANCIAL NEWS 04-06-2014

Market Comment

US indices declined on Tuesday pressured by shares in the Telecommunication Services, Software & Services and Household & Personal Products sectors. The S&P 500 (1924.24) remains above its 20d moving average (1894.2 - positive slope) and its 50d moving average (1876.8 - positive slope).

European markets are expected to start on a flat note.

Foreign Exchange

US Dollar was mixed against most of its major counterparts on Tuesday. On the US economic data front, factory orders rose 0.7% MoM (+0.5% expected) in April after an upwardly revised 1.5% gain the previous month.

The Euro was firm against its major counterparts. In Europe, euro-zone CPI index was up by 0.5% in May YoY after a 0.7% increase the month before. Economists anticipated a 0.6% gain. Euro-zone unemployment rate fell to 11.7% in April vs 11.8% in March and 11.8% expected.

The Australian Dollar was mixed against its major counterparts.

Commodities

After the close of Wall Street, WTI Crude Future (JUL 14) was about flat to $102.8. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35).

Gold was about flat to $1245.7. The precious metal was below its 20D MA (@ $1281) and below its 50D MA (@ $1292). The 14d RSI below 30 (28.06) indicates gold was oversold.

Copper Future (JUL 14) on Comex was down 2.8c to 314.25c/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 2000 tons to 168825 tons.

UK Market News

UK: Shop prices declined 1.4% YoY in May (vs -1.4% in April, -1.7% in March), reported the British Retail Consortium.

European Markets

ECB: Publication of the MFI interest rate statistics (10am CET); Publication of the ECB’s Convergence Report (12pm CET)

Conference: Grid Support And Ancillary Services Forum

Deutsche Bank may price new shares at E21.00-21.50 apiece in its E8B capital hike, reported Reuters citing market participants.

Today's Economic Events

EC 10:00: 1Q Euro-Zone: GDP (QoQ): 0.2%
EC 10:00: APR Euro-Zone: PPI (MoM): -0.1%
US 13:30: 1Q Nonfarm Productivity: -3%
US 13:30: APR Trade Balance (Bln): -40.8
US 13:30: 1Q Unit Labor Costs: 5.3%
US 15:00: MAY ISM - Non Manufacturing: 55.5
US 15:30: W21 Crude Oil Inventories (WoW chg): -1000

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