Month: November 2018

Today’s Economic Events

07:45 FR NOV Consumer Confidence exp: 94 prev: 95
15:00 US NOV Consumer Confidence exp: 135.8 prev: 137.9

General Market Comment

US indices closed higher on Monday, led by shares in the Automobiles & Components (+3.45%), Retailing (+3.06%) and Software & Services (+2.64%) sectors. On the economic data front, the Chicago federal national activity index advanced to 0.24 in October (estimated 0.18) from 0.14 in September. Also, the Dallas federal manufacturing activity index declined to 17.6 in November (forecast 24.5) from 29.4 October. The S&P 500 (2,673.45) remains below its 20d moving average (2,714.98 – flat slope) and 50d moving average (2,789.20 – negative slope). read more

Commodity Closing – Europe/Oil-Gas Majors 26.11.18

NEW YORK – Oil prices rose about 3 percent on Monday, clawing back some of the previous session’s steep losses, although gains where capped by uncertainty over global economic growth and further signs of increasing supply, including record Saudi production.

Today’s Economic Events

09:00 GE NOV IFO – Business Climate exp: 102.3 prev: 102.8
09:00 GE NOV IFO – Current Assessment exp: 104.5 prev: 105.9
09:00 GE NOV IFO – Expectations exp: 99.9 prev: 99.8

General Market Comment

US indices closed mixed on Friday. Shares in the Energy (-3.26%), Technology Hardware & Equipment (-1.74%) and Media (-1.2%) sectors were under pressure while shares in the Food & Staples Retailing (+0.91%), Automobiles & Components (+0.36%) and Household & Personal Products (+0.32%) sector gained traction. On the economic data front, Markit US manufacturing PMI slightly lowered in a preliminary estimate to 55.4 in November (estimated 55.7) from 55.7 in the previous month. Markit US services PMI decreased to 54.4 in a preliminary estimate in November (forecasted 55) compared to 54.8 in October while Markit US composite PMI declined to 54.4 in a preliminary estimate in November vs. 54.9 a month earlier. The S&P 500 (2,632.56) remains below its 20d moving average (2,714.24 – flat slope) and 50d moving average (2,793.83 – negative slope). read more

Commodity Closing – Europe/Oil-Gas Majors 23.11.18

BOSTON – Global Crude Oil prices slumped more than 6 percent on Friday, with Brent set for a 12-percent plunge this week, as fears that supply would overpower demand intensified, even as major producers considered cutting output.

Today’s Economic Events

08:15 FR NOV P Markit Composite PMI exp: 54 prev: 54.1
08:15 FR NOV P Markit Manufacturing PMI exp: 51.3 prev: 51.2
08:15 FR NOV P Markit Services PMI exp: 55 prev: 55.3
09:00 EU NOV P Markit Composite PMI exp: 53 prev: 53.1
09:00 EU NOV P Markit Manufacturing exp: 52.1 prev: 52
09:00 EU NOV P Markit Services PMI exp: 53.6 prev: 53.7
14:45 US NOV P Markit Composite PMI exp: NA prev: 54.9
14:45 US NOV P Markit Manufacturing PMI exp: 55.6 prev: 55.7
14:45 US NOV P Markit Services PMI exp: 54.8 prev: 54.8 read more

General Market Comment

The U.S. markets were closed on Thursday for Thanksgiving holiday. The S&P 500 (2,649.93) remains below its 20d moving average (2,717.89 – flat slope) and 50d moving average (2,799.26 – negative slope).

European markets are expected to start on a flat note.

Foreign Exchange

The US dollar was bearish against most of its major pairs on Thursday with the exception of the NZD and the AUD. The US markets were closed on Thursday to celebrate Thanksgiving. On Wednesday, the US indices closed mixed. Shares in the Utilities (-1.48%), Food, Beverage & Tobacco (-1.17%) and Pharmaceuticals, Biotechnology & Life Sciences (-1.1%) sectors closed lower while shares in the Consumer Durables & Apparel (+1.72%), Energy (+1.58%) and Automobiles & Components (+1.43%) sectors gained momentum. On the economic data front, initial jobless claims slightly increased to 224k in week ended November 17th (estimated 215k) from 221k in the previous week. Continuing claims diminished to 1.668M in week ended November 10th (forecasted 1.65M) compared to 1.67M a week earlier. MBA mortgage applications declined by 0.1% in week ended November 16th from a fall of 3.2% in the previous week. In other news, the Bloomberg consumer comfort index increased to 61.3 in week ended November 18th vs. 60.5 a week earlier. The Leading Index improved by 0.1% in October, in-line with estimates, from an increase of 0.6% in September. Also, existing home sales advanced by 1.4% MoM to 5.22M units in October (expected 5.2M) from 5.15M a month earlier. Finally, the University of Michigan sentiment index declined to 97.5 in November (estimated 98.3) compared to 98.6 in October. read more

Commodity Closing – Europe/Oil-Gas Majors 22.11.18

LONDON – Oil prices dipped on Thursday after U.S. inventories swelled to their highest level since December adding to concerns about a global crude glut but OPEC talk of an output cut limited losses.

EMEA Weekly Base Oil Report

Prices in respect of all types of base oil are coming under mounting pressure from a number of factors, including lack of demand and escalating availabilities.

In Europe API Group I inventories are very high for the time of year, with producers trying to attract buyers to offload much of the material that is sitting in storage. This leads to “special offers” for prompt sales, which involves heavy discounting in some cases. With the domino effect falling across the market, current prices are eroding faster than in the last few weeks. read more