Real time trading in Polymers, Base Oils, TiO2 and Nanomaterials
Today’s Economic Events
09:30 UK NOV Industrial Production (MoM) exp: 0.2% prev: -0.6%
09:30 UK NOV Manufacturing Production (MoM) exp: 0.4% prev: -0.9%
09:30 UK NOV Trade Balance in Goods (M GBP) exp: -11368 prev: -11873
09:30 UK NOV Trade Balance Non EU (M GBP) exp: -3804 prev: -4251
13:30 US DEC Consumer Price Index (MoM) exp: -0.1% prev: 0%
13:30 US DEC CPI – Ex Food & Energy (MoM) exp: 0.2% prev: 0.2%
General Market Comment
US indices closed higher on Thursday, boosted by shares in the Capital Goods (+1.66%), Real Estate (+1.55%) and Utilities (+1.41%) sectors. On the economic data front, initial jobless claims reached 216k in week ended January 5th (estimated 226k) from 233k in the previous week. Continuing claims decreased to 1.722M in week ended December 29th (forecasted 1.74M) compared to 1.75M a week earlier. In other news, the Bloomberg consumer comfort index declined to 58.5 in week ended January 6th vs. 59.6 in the prior week. The S&P 500 (2,596.64) stays above its 20d moving average (2,524.02 – negative slope) but remains below 50d moving average (2,635.96 – negative slope).
Today’s Economic Events
US NOV Construction Spending (MoM) exp: 0.2% prev: -0.1%
US NOV F Durable Goods Ex Transportation exp: NA prev: -0.3%
US NOV F Durable Goods Orders exp: NA prev: 0.8%
US NOV Factory Orders exp: 0.2% prev: -2.1%
US NOV New Home Sales (k) exp: 570 prev: 544
US NOV Trade Balance (B USD) exp: -54.2 prev: -55.5
13:30 US W52 Initial Jobless Claims (k) exp: 227 prev: 231
15:00 US NOV F Wholesale Inventories exp: 0.5% prev: 0.8%
General Market Comment
U.S. indices closed higher on Wednesday, lifted by shares in the Automobiles & Components (+2.53%), Semiconductors & Semiconductor Equipment (+2.11%) and Energy (+1.5%) sectors. The U.S. Federal Reserve released the minutes of their December FOMC meeting stating that timing of future policy tightening is less clear, where the central bank could be patient about further rate increase, citing “volatility in financial markets and increased concerns about global growth”. The S&P 500 (2,584.96) stays above its 20d moving average (2,526.03 – negative slope) but remains below 50d moving average (2,637.20 – negative slope).
Today’s Economic Events
07:00 GE NOV Current Account (B EUR) exp: NA prev: 15.9
07:00 GE NOV Exports (MoM) exp: -0.2% prev: 0.9%
07:00 GE NOV Imports (MoM) exp: 0% prev: 0.8%
07:00 GE NOV Trade Balance (B EUR) exp: 19.6 prev: 18.9
07:45 FR DEC Consumer Confidence exp: 90 prev: 92
10:00 EC NOV Euro-Zone: Unemployment Rate exp: 8.1% prev: 8.1%
19:00 US DEC 19 Minutes FOMC Meeting exp: prev:
General Market Comment
US indices closed higher on Tuesday as the Dow posted its first three-day winning streak since late November. Shares in the Transportation (+2.51%), Telecommunication Services (+2.13%) and Automobiles & Components (+1.94%) sectors gained strength. On the economic data front, the NFIB small business optimism index slightly decreased to 104.4 in December (estimated 103) from 104.8 in November. The S&P 500 (2,574.41) stays above its 20d moving average (2,528.67 – negative slope) but remains below 50d moving average (2,639.61 – negative slope).
EMEA Weekly Base Oil Report
Trading has remained slow as many buyers and sellers only returned to their desks this week. The API Group I segment appears to have tightened as fewer availabilities are being offered for large export sales from Europe while prices have firmed since the end of last year.
Group I trade within Europe is quiet, and most blenders have stocks in storage to last much of January, thus averting the need for spot or top-up volumes. Group II prices appear to be coming under further pressure, with availability rising even before the start-up of a big, new Group II plant in Rotterdam. Suppliers predict demand for this grade to continue expanding.
Today’s Economic Events
07:00 GE NOV Industrial Production (MoM) exp: 0.2% prev: -0.5%
07:45 FR NOV Trade Balance (M) exp: NA prev: -4052
10:00 EC DEC Business Climate Indicator exp: 1.01 prev: 1.09
10:00 EC DEC Euro-Zone: Economic Confidence exp: 108.3 prev: 109.5
10:00 EC DEC Euro-zone: Industrial Confidence exp: 2.6 prev: 3.4
10:00 EC DEC F Euro-Zone: Consumer Confidence exp: -6.2 prev: -6.2
13:30 US NOV Trade Balance (B USD) exp: -53.8 prev: -55.5
20:00 US NOV Consumer Credit (B USD) exp: 15.1 prev: 25.4
General Market Comment
US indices closed higher on Monday, led by shares in the Retailing (+2.76%), Automobiles & Components (+2.5%) and Consumer Durables & Apparel (+2.05%) sectors. On the economic data front, the ISM non-manufacturing index declined to 57.6 in December (estimated 58.5) vs. 60.7 in November. The S&P 500 (2,549.69) breaks above its 20d moving average (2,531.60 – negative slope) but remains below 50d moving average (2,641.24 – negative slope).
European markets are expected to start on a positive note.
Today’s Economic Events
US NOV Construction Spending (MoM) exp: 0.2% prev: -0.1%
US NOV New Home Sales (k) exp: 571 prev: 544
07:00 GE NOV Retail Sales (MoM) exp: 0.5% prev: 0.1%
10:00 EC NOV Euro-Zone: Retail Trade (MoM) exp: 0.2% prev: 0.3%
15:00 US DEC ISM – Non Manufacturing exp: 59.4 prev: 60.7
15:00 US NOV F Durable Goods Ex Transportation exp: NA prev: -0.3%
15:00 US NOV F Durable Goods Orders exp: NA prev: 0.8%
15:00 US NOV Factory Orders exp: 0% prev: -2.1%