Month: July 2018

Today’s Economic Events

15:00 EC JUL A Euro-Zone: Consumer Confidence exp: -0.6 prev: -0.5
15:00 US JUN Existing Home Sales (M) exp: 5.5 prev: 5.4

General Market Comment

US indices closed lower to finish the week on Friday, pressured by shares in the Automobiles & Components (-1.26%), Media (-1.13%) and Real Estate (-0.92%) sectors. No major economic data was released Friday. The S&P 500 (2,801.83) remains above both its 20d moving average (2,762.36 – positive slope) and 50d moving average (2,751.32 – positive slope). European markets are expected to open on a flat note.

Foreign Exchange

The US dollar was bearish against all of its major pairs on Friday. No major economic data was released yesterday. read more

Brent Crude Technical Snap

Pivot: 71.85. Long positions above 71.85 with targets at 73.30 & 73.80 in extension. Below 71.85 look for further downside with 71.20 & 70.85 as targets. RSI is mixed to bullish.

Today’s Economic Events

07:00 GE JUN Producer Price Index (MoM) exp: 0.3% prev: 0.5%
09:00 EC MAY Euro-Zone Current Account (B EUR) exp: NA prev: 26.2
09:30 UK JUN Public Finances (PSNCR) (B GBP) exp: NA prev: 4.5
09:30 UK JUN Public Sector Net Borrowing (B GBP) exp: 4.1 prev: 3.4

General Market Comment

US indices closed mixed on Thursday. Shares in the Diversified Financials (-1.69%), Insurance (-1.56%) and Banks (-1.18%) sectors were under pressure while shares in the Real Estate (+1.01%), Utilities (+0.94%) and Media (+0.66%) sectors ended on a positive note. On the economic data front, initial jobless claims decreased to 207K in the week ending July 14 (estimated 220K) from a revised 215K previously. Continuing claims increased to 1.75M in the week ending July 7 (anticipated 1.73M) from a revised 1.74M last week. In addition, the Philadelphia Fed index rose to 25.7 in July (estimated 21.5) from 19.9 in June. Finally, the Bloomberg consumer comfort index increased to 58.8 in the week ending July 15 from 58 in the prior week and the leading economic index rose by 0.5% in June (estimated +0.4%) after remaining unchanged in May. The S&P 500 (2,804.49) remains above its 20d moving average (2,759.76 – positive slope) and 50d moving average (2,749.24 – positive slope). read more

Brent Crude Technical Snap

Pivot: 72.00. Long positions above 72.00 with targets at 73.45 & 74.55 in extension. Below 72.00 look for further downside with 71.20 & 70.60 as targets. RSI is mixed to bullish.

Today’s Economic Events

09:30 UK JUN Retail Sales (MoM) exp: 0% prev: 1.3%
13:30 US JUL Philadelphia Fed. exp: 21.6 prev: 19.9
13:30 US W27 Initial Jobless Claims (k) exp: 222 prev: 214
15:00 US JUN Leading Indicators exp: 0.4% prev: 0.2%

General Market Comment

US indices closed mixed on Wednesday. Shares in the Household & Personal Products (-1.01%), Food, Beverage & Tobacco (-0.7%) and Consumer Durables & Apparel (-0.66%) sectors closed in the red zone while shares in the Transportation (+2.81%), Diversified Financials (+2.71%) and Insurance (+1.14%) sectors gained momentum. On the economic data front, MBA mortgage applications decreased by 2.5% in the week ending July 13 from +2.5% previously. In addition, housing starts decreased to 1.17M in June (estimated 1.32M) from a revised 1.34M in May. Finally, the Fed released its Beige book stating a modest expansion in the economic activity with employment continuing to rise at a moderate pace. There were shortages of qualified workers along with a modest to moderate increase in wages. Tariffs also contributed to the increase in metals and lumber. The S&P 500 (2,815.62) remains above its 20d moving average (2,757.90 – positive slope) and 50d moving average (2,746.59 – positive slope). read more

Brent Crude: Technical Snap

Pivot: 72.80: Short positions below 72.80 with targets at 71.35 & 70.40 in extension. Above 72.80 look for further upside with 73.60 & 74.10 as targets. As long as the resistance at 72.80 is not surpassed, the risk of the break below 71.35 remains high.

Today’s Economic Events

09:30 UK JUN CPI – EU Harmonised (MoM) exp: 0.2% prev: 0.4%
09:30 UK JUN PPI – Input (MoM) exp: 0.4% prev: 2.8%
09:30 UK JUN PPI – Output (MoM) exp: 0.3% prev: 0.4%
10:00 EC JUN Euro-Zone: CPI (MoM) exp: 0.2% prev: 0.1%
13:30 US JUN Bulding Permits (k) exp: 1327 prev: 1301
13:30 US JUN Housing Starts (k) exp: 1319 prev: 1350
15:30 US W27 Crude Oil Inventories (WoW chg) exp: NA prev: -12633