Month: January 2019

General Market Comment

US indices closed higher on Friday as the Dow jumped by 747pts after the Chairman of the Fed mentioned that the central bank will take its time in raising rates in the near future. Shares in the Media (+4.8%), Semiconductors & Semiconductor Equipment (+4.7%) and Software & Services (+4.38%) sectors gained momentum. On the economic data front, change in nonfarm payrolls grew by 312k in December (estimated 184k) from 176k in November. In other news, the unemployment rate increased to 3.9% in December (forecasted 3.7%) vs. 3.7% in the prior month. Finally, the Markit US composite PMI slightly decreased to 54.4 in December from 54.7 a month earlier while the Markit US services PMI also decline to 54.4 in December (expected 53.4) vs. 54.7 in November. The S&P 500 (2,531.94) remains below its 20d moving average (2,538.91 – negative slope) and 50d moving average (2,645.06 – negative slope). read more

Today’s Economic Events

US DEC Average Hourly Earnings (MoM) exp: NA prev: 0.3%
US DEC Average Weekly Hours exp: NA prev: 33.7
07:45 FR DEC P Consumer Price Index (MoM) exp: NA prev: -0.2%
07:45 FR DEC P CPI – EU Harmonised (MoM) exp: 0.1% prev: -0.2%
08:50 FR DEC F Markit Composite PMI exp: 49.6 prev: 49.3
08:50 FR DEC F Markit Services PMI exp: 49.8 prev: 49.6
08:55 GE DEC Unemployment Change (k) exp: -11.7 prev: -16
08:55 GE DEC Unemployment Rate exp: 5% prev: 5%
09:00 EU DEC F Markit Composite PMI exp: 51.3 prev: 51.3
09:00 EU DEC F Markit Services PMI exp: 51.4 prev: 51.4
09:30 UK NOV M4 Money Supply (MoM) exp: NA prev: 0.7%
10:00 EC NOV Euro-Zone: PPI (MoM) exp: -0.2% prev: 0.8%
13:30 US DEC Change in Manufact. Payrolls (k) exp: 18 prev: 27
13:30 US DEC Change in Nonfarm Payrolls (k) exp: 185 prev: 155
13:30 US DEC Unemployment Rate exp: 3.7% prev: 3.7%
14:45 US DEC F Markit Composite PMI exp: NA prev: 53.6
14:45 US DEC F Markit Services PMI exp: 53.4 prev: 53.4
16:00 US W51 Crude Oil Inventories (WoW chg) exp: NA prev: -46 read more

General Market Comment

US indices closed lower on Thursday as the Dow dropped by 660 pts. Shares in the Technology Hardware & Equipment (-7.87%), Semiconductors & Semiconductor Equipment (-6.02%) and Transportation (-3.84%) sectors fell throughout the day. On the economic data front, MBA mortgage applications fell by 8.5% in week ended December 28th from a decline of 1.4% in the prior week. The ADP employment change increased to 271k in December (estimated 180k) compared to 157k in the previous week. Also, initial jobless claims advanced to 231k in week ended December 29th (forecasted 220k) vs 221k a week earlier. Continuing claims reached 1.74M in week ended December 22nd (expected 1.69M) from 1.708M in the prior week. In other news, the Bloomberg consumer comfort index improved to 59.6 in week ended December 30th compared to 59.4 in the previous week. Finally, the ISM manufacturing index declined to 54.1 in December (estimated 57.5) vs. 59.3 in November. The S&P 500 (2,447.89) remains below its 20d moving average (2,547.32 – negative slope) and 50d moving average (2,649.54 – negative slope). read more