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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EVENTS & FINANCIAL NEWS 02-07-2014

Market Comment

US indices rose on Tuesday led by shares in the Retailing, Pharmaceuticals, Biotechnology & Life Sciences and Automobiles & Components sectors. The S&P 500 (1973.32) remains above its 20d moving average (1950.6 - positive slope) and its 50d moving average (1913.5 - positive slope).

European markets are expected to start on a positive note.

Foreign Exchange

The US Dollar was mixed on Tuesday, rising against the EUR and JPY, while falling against the GBP and AUD. On the economic data front, US Manufacturing PMI was 57.3 (57.5 expected) in June. ISM Manufacturing was 55.3 (55.9 expected). ISM Prices Paid were 58 (60 expected). Construction Spending rose 0.1% (0.5% expected) MoM in May.

The Euro fell against most of its major counterparts with the exception of the JPY. In Europe, the euro-zone PMI fell to 51.8 last month, from 52.2 in May and the lowest mark since last November. The euro-zone jobless rate remained at 11.6% in May. April's figure had initially been reported at 11.7%, but was revised down to 11.6%. In Germany the unemployment rate was 5.1%.

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 $105.41. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35).

Gold was about flat to $1326.3. The precious metal was above its 20D MA (@ $1289) and above its 50D MA (@ $1287). The 14d RSI above 70 (71.22) indicates gold was overbought.

Copper Future (SEP 14) on Comex was about flat to 320.2c/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 25 tons to 154700 tons.

European Markets

ECB: Publication of the Euro area insurance corporations and pension funds statistics (10am CET)

BMW reported June US sales up 5.7% YoY to 35,577 vehicles. In other news, the Co may invest $1B for its first assembly plant in Mexico, reported Dow Jones sources familiar with the situation.

Today's Economic Events

EC 10:00: MAY Euro-Zone: PPI (MoM): 0%
US 15:00: MAY Factory Orders: -0.3%
US 15:30: W25 Crude Oil Inventories (WoW chg): -2500

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EVENTS & FINANCIAL NEWS 01-07-2014

Market Comment

US indices were mixed on Monday. Shares in the Utilities, Semiconductors & Semiconductor Equipment and Technology Hardware & Equipment sectors traded higher while shares in the Capital Goods, Consumer Services and Household & Personal Products sectors were under pressure. The S&P 500 (1960.23) remains above its 20d moving average (1948.2 - positive slope) and its 50d moving average (1911.5 - positive slope).

European markets are expected to start on a positive note.

Foreign Exchange

The US Dollar fell against most of its major counterparts on Monday. On the conomic data front, Pending Home Sales increased by 6.1% (1.5% expected) MoM in May. Dallas Fed Manufacturing Activity was 11.4 (8.5 expected). The Chicago Purchasing Manager came in at 62.6 (63 expected).

The Euro was mixed, rising against the USD and JPY, while falling against the GBP and CHF. In Europe, German retail sales fell 0.6% in May when the market was expecting a growth of 0.7%. Euro-zone M3 money supply growth quickened to 1.0% on year in May. The euro-zone core CPI rose to 0.8%, beating expectations of 0.7%.

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 about flat to $105.42. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35).

Gold was up $10.9 to $1327.1. The precious metal was above its 20D MA (@ $1284) and above its 50D MA (@ $1286).

Copper Future (SEP 14) on Comex was up 3.7c to 320.5c/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 475 tons to 154675 tons.

UK Market News

London Stock Exchange Group: S&P said it has kept the Co's "A-" long-term counterparty credit rating "on CreditWatch with negative implications". The rating firm added: "LSEG has announced its intention to acquire Frank Russell Co., a US-based financial services group. (...) although the deal is sizable and a logical continuation of LSEG's diversification strategy, it is not transformative for the group's business profile. In addition, although we expect the group's pro forma financial metrics to deteriorate from their March 2014 position, we anticipate that LSEG will be able to restore them to satisfactory levels within 12 months of completing the acquisition."

European Markets

ECB: Publication of the Consolidated Financial Statement of the Eurosystem, 10 a.m. CET

Today's Economic Events

GE 08:55: JUN Unemployment Change (Thsd): NA
GE 08:55: JUN Unemployment Rate: NA
EC 10:00: MAY Euro-Zone: Unemployment Rate: NA
US 15:00: MAY Construction Spending (MoM): 0.5%
US 15:00: JUN ISM - Manufacturing: 55.4
US 15:00: JUN ISM - Price Paid: NA
US : JUN Total Vehicule Sales (Mln): 16.4
US : JUN Domestic Vehicule Sales (Mln): NA

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EVENTS & FINANCIAL NEWS 30-06-2014

Market Comment

US indices closed higher on Friday, helped by shares in the Technology Hardware & Equipment, Consumer Durables & Apparel and Media sectors. On the economic data front, the University of Michigan Consumer Sentiment was 82.5 (82.2 expected) in June. The S&P 500 (1960.96) remains above its 20d moving average (1946.4 - positive slope) and its 50d moving average (1909.6 - positive slope).

European markets are expected to open on a positive note.

Foreign Exchange

The US Dollar fell against most of its major counterparts on Friday. On the conomic data front, the University of Michigan Consumer Sentiment was 82.5 (82.2 expected) in June.

The Euro was mixed, rising against the USD and GBP, while falling against the JPY. In Europe, UK GDP grew 0.8 percent from the fourth quarter, unrevised from the second estimate released on May 22. At the same time, annual growth was revised down to 3 percent from 3.1 percent. The economic sentiment indicator came in at 102.0 in June, down from 102.6 in May. In Germany, CPI rose by 0.3% in June (0.2% expected) vs -0.1% in May. In spain, retail sales fell to a seasonally adjusted annual rate of 0.5% in May, from 0.7% in the preceding month.

The Australian Dollar was mixed, gaining against the USD and GBP, while falling against the EUR and JPY.

Commodities

After the close of Wall Street, WTI Crude Future (AUG 14) was about flat to $105.74. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35).

Gold was about flat to $1316. The precious metal was above its 20D MA (@ $1280) and above its 50D MA (@ $1286).

Copper Future (SEP 14) on Comex was about flat to 316.6c/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 850 tons to 155150 tons.

European Markets

ECB: Publication of the Monetary developments in the euro area (10am CET)

Conference: 3rd Annual Conference Regulatory Process Excellence Pharma; The Road to Automated Drive 2014

Today's Economic Events

GE : MAY Retail Sales (MoM): 0.8%
UK 09:30: MAY M4 Money Supply (MoM): NA
EC 09:00: MAY Euro-zone: M3 (3 mth ave.): NA
US 14:45: JUN Chicago Purchasing Manager Index: 62

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EVENTS & FINANCIAL NEWS 27-06-2014

Market Comment

US indices consolidated on Thursday pressured by shares in the Household & Personal Products, Semiconductors & Semiconductor Equipment and Banks sectors. The S&P 500 (1957.22) remains above its 20d moving average (1944.6 - positive slope) and its 50d moving average (1907.6 - positive slope).

European markets are expected to start on a flat note.

Foreign Exchange

The US Dollar was mixed on Thursday, falling against the JPY and GBP, while rising aginst the EUR and CHF. On the conomic data front, Personal Income rose 0.4% in May, meeting expectations. Personal spending rose 0.2% (0.4% expected) in May. Initial Jobless Claims were 312K (310K expected) for the week ending June 21st.

The Euro fell against all of its major counterparts.

The Australian Dollar was mixed, gaining against the EUR and CHF, while falling against the JPY and GPB.

Commodities

After the close of Wall Street, WTI Crude Future (AUG 14) was down $0.8 to $105.75. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35).

Gold was about flat to $1317.3. The precious metal was above its 20D MA (@ $1277) and above its 50D MA (@ $1285).

Copper Future (SEP 14) on Comex was about flat to 317.25c/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 825 tons to 156000 tons.

UK Market News

UK: GfK consumer confidence index rose to +1 in June from 0 in May.

European Markets

ECB: Participation by the President at the European Council meeting in Brussels,.

Deustche Bank is considering a sale of its Maher Terminals, which operates cargo facilities at ports in the US and Canada, for up to E1B, reported Dow Jones citing sources familiar with the matter.

Airbus Group may use engines from Rolls-Royce to upgrade its A330 with an aim to compete with Boeing's 787 Dreamliner, reported Reuters citing sources familiar with the matter.

oday's Economic Events

GE 07:00: MAY Import Prices (MoM): 0%
FR 07:45: 2Q GDP (QoQ): 0%
UK 09:30: 1Q GDP (QoQ): 0.8%
FR 07:45: MAY Producer Price Index (MoM): NA
UK 09:30: 1Q Current Account (Bln): -17.25
EC 10:00: JUN Euro-zone: Industrial Confidence: -3
EC 10:00: JUN Business Climate Indicator: 0.4
EC 10:00: JUN Euro-Zone: Economic Confidence: 103
EC 10:00: JUN Euro-Zone: Consumer Confidence: NA
GE 13:00: MAY Consumer Price Index (MoM): 0.2%
GE 13:00: MAY CPI - EU Harmonised (MoM): 0.2%
US 14:55: JUN U. of Michigan Confidence: 82

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EVENTS & FINANCIAL NEWS 26-06-2014

Market Comment

US indices gained on Wednesday helped by shares in the Media, Pharmaceuticals, Biotechnology & Life Sciences and Consumer Durables & Apparel sectors. The S&P 500 (1959.53) remains above its 20d moving average (1942.7 - positive slope) and its 50d moving average (1905.32 - positive slope).

European markets are expected to open on a positive note.

Foreign Exchange

The US Dollar was mixed on Wednesday, rising against the GBP while falling against the JPY. On the economic data front, annualized GDP was -2.9% (-1.8% expected) QoQ for Q1. The GDP Price Index and Core PCE were 1.3% and 1.2% respectively for Q1.MBA mortgage applications were -1% for the week ending June 20th. Personal Consumption was 1% (2.4% expected) for Q1. Durable goods orders were -1% (flat expected) in May. The US Services PMI was 61.2 (58 expected) in June.

The Euro was mixed, rising against the USD while falling against the AUD. In Europe, the GfK consumer confidence index rose to 8.9 in July from a revised 8.6 points in June.

The Australian Dollar rose against most of its major counterparts.

Commodities

After the close of Wall Street, WTI Crude Future (AUG 14) was up $0.6 to $106.6. 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 20 June, crude oil inventories increased 1742k barrels compared to the previous week.

Gold was about flat to $1319.8. The precious metal was above its 20D MA (@ $1274) and above its 50D MA (@ $1285).

Copper Future (SEP 14) on Comex was up 1.9c to 316.4c/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 900 tons to 156825 tons.

Today's Economic Events

US 13:30: MAY Personal Income: 0.4%
US 13:30: W24 Initial Jobless Claims (Thsd): 310
US 13:30: MAY Personal Spending: 0.4%

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