Month: July 2018

General Market Comment

US indices closed higher on Tuesday, led by shares in the Materials (+1.32%), Semiconductors & Semiconductor Equipment (+1.12%) and Automobiles & Components (+1%) sectors. On the economic data front, industrial production MoM increased by 0.6% in June (estimated 0.5%) from a revised -0.5% in May. In addition, capacity utilization increased to 78%, below the estimate of 78.3% in June from a revised 77.7% in the prior month. The S&P 500 (2,809.55) remains above its 20d moving average (2,755.25 – positive slope) and 50d moving average (2,743.73 – positive slope). read more

Crude eyed higher Tuesday

Crude oil was trading higher on NYMEX Tuesday. Dealer sentiment indicates prices could trade range bound to higher for the day, after more oil workers went on strike in Norway, supporting a market that has been dominated by oversupply issues in recent days. Crude oil prices slumped more than 4 per cent on Monday, with Brent reaching a three-month low, as Libyan ports reopened and traders eyed potential supply increases by Russia and other producers.

Brent Crude: Technical Snap 17.07.18

Pivot: 73.20. Short positions below 73.20 with targets at 70.90 & 70.20 in extension. Above 73.20 look for further upside with 74.10 & 74.60 as targets. RSI is mixed to bearish.

Today’s Economic Events

09:30 UK MAY Unemployment Rate (ILO) exp: 4.2% prev: 4.2%
14:15 US JUN Industrial Capacity Utilization exp: 78.2% prev: 77.86%
14:15 US JUN Industrial Production (MoM) exp: 0.5% prev: -0.1%
15:00 US JUL NAHB Housing Market exp: 69 prev: 68

General Market Comment

US indices closed mixed on Monday. Shares in the Energy (-1.18%), Food, Beverage & Tobacco (-0.81%) and Commercial & Professional Services (-0.8%) sectors closed lower while shares in the Banks (+3.14%), Insurance (+0.76%) and Diversified Financials (+0.73%) sectors gained traction. On the economic data front, the empire manufacturing index decreased to 22.6 in July (estimated 21) from 25 in the prior month. Retail sales increased by 0.5% in June, meeting the estimate, from revised +1.3% in the prior month. The S&P 500 (2,798.43) remains above its 20d moving average (2,753.46 – flat slope) and 50d moving average (2,740.81 – positive slope). read more

LONDON (Reuters) – Oil prices fell sharp Monday as concerns about supply disruptions eased as Libyan ports reopened. The market was also weighed on news potential supply increases by Russia and other producers were afoot.  Brent crude dropped more than 3 percent to a low of $73, before settling at $73.15 by late afternoon. U.S. light crude fell $1.70 at $69.31. Supply outages in Libya, a labor dispute in Norway and unrest in Iraq all helped to push oil prices higher late last week, though prices still fell for a second straight week. Russia and other oil producers it is feared could raise output by 1 million barrels per day (bpd) or more if shortages hit the market, Russian Energy Minister Alexander Novak told reporters on Friday. read more

Brent Crude: Technical Snap: 16.07.18

Pivot: 74.60. Long positions above 74.60 with targets at 75.30 & 75.90 in extension. Short below 74.60 look for further downside with 73.90 & 73.20 as targets. RSI is mixed and calls for caution.

Today’s Economic Events

10:00 EC MAY Euro-Zone External Trade Balance (M EUR) exp: NA prev: 16705
13:30 US JUL Empire Manufacturing exp: 20.4 prev: 25
13:30 US JUN Retail Sales exp: 0.6% prev: 0.8%
13:30 US JUN Retail Sales less Autos exp: 0.4% prev: 0.9%
15:00 US MAY Business Inventories exp: 0.4% prev: 0.3%

General Market Comment

US indices closed higher to end the week on Friday with the S&P500 closing up 1.5% on the week lifted by shares in the Food & Staples Retailing (+1.34%), Household & Personal Products (+0.71%), Capital Goods (+0.71%) sectors. On the economic data front, the University of Michigan consumer sentiment index fell to 97.1 in a preliminary estimate in July (estimated 98) from 98.2 in the prior month. The S&P 500 (2,801.31) remains above its 20d moving average (2,752.52 – flat slope) and 50d moving average (2,737.44 – positive slope). read more

Today’s Economic Events

07:00 GE JUN Wholesale Price Index (MoM) exp: NA prev: 0.8%
15:00 US JUL P U. of Michigan Confidence exp: 98.1 prev: 98.2