Month: February 2019

General Market Comment

US indices closed higher on Wednesday, led by shares in the Energy (+1.29%), Consumer Services (+1.11%) and Food & Staples Retailing (+0.75%) sectors. On the economic data front, MBA mortgage applications decreased by 3.7% YoY in week ended February 8th from a decline of 2.5% in the previous week. In other news, CPI remained unchanged MoM in January (estimated 0.1%) from a flat level the month before. Finally, the monthly deficit improved to $13.5B in December (forecasted $11B) compared to $23.2B last year. The S&P 500 (2,753.03) stays above its 20d moving average (2,684.63 – positive slope) and 50d moving average (2,616.33 – positive slope). read more

INSCX exchange (The Integrated Nanoscience & Commodity Exchange) confirm the establishment of INSCX offices in China with the formation of INSCX CHINA. “This development will extend the reach of the Exchange to a critical region both for the traditional commodities we list and in the emerging nanomaterials area where the Asia region is highly prominent”, according to an exchange spokesperson. Further announcements are scheduled Q1, 2019 to coincide with the restructuring of INSCX into three distinct regions, Europe, Asia and the United States. read more

Today’s Economic Events

09:30 UK JAN CPI – EU Harmonised (MoM) exp: -0.3% prev: 0.2%
09:30 UK JAN PPI – Input (MoM) exp: 0% prev: -1%
09:30 UK JAN PPI – Output (MoM) exp: 0% prev: -0.3%
10:00 EC DEC Euro-Zone: Industrial Production (MoM) exp: -0.4% prev: -1.7%
13:30 US JAN Consumer Price Index (MoM) exp: 0.1% prev: -0.1%
13:30 US JAN CPI – Ex Food & Energy (MoM) exp: 0.2% prev: 0.2%
15:30 US W5 Crude Oil Inventories (WoW chg) exp: NA prev: 1263
19:00 US DEC Monthly Budget Satement (B USD) exp: -9 prev: -205 read more

General Market Comment

US indices closed higher on Tuesday as the US government reached a tentative deal on border security funding. Shares in the Materials (+2.25%), Semiconductors & Semiconductor Equipment (+2.22%) and Retailing (+2.13%) sectors traded higher. On the economic data front, the NFIB business optimism index declined to 101.2 in January (estimated 103) from 104.4 in December. The S&P 500 (2,744.73) stays above its 20d moving average (2,677.50 – positive slope) and 50d moving average (2,616.02 – positive slope). read more

EMEA Weekly Base Oil Report

Base oil trading across Europe, the Middle East and Africa was subdued the past week. All grades appeared flush and in some areas downright over-supplied, and demand was generally slow, though there continues to be strong draw for API Group II and oils carrying full slates of finished lubricant approvals.

Scheduled maintenance shutdowns loom for several plants, but even so there is little to suggest that availabilities will tighten. Forecasts of lackluster economic activity will suppress any signs of buoyancy, holding back industrial and commercial expansion until key geo-political factors can be sorted out. read more

Today’s Economic Events

No major economic reports scheduled today.

General Market Comment

US indices closed mixed on Monday. Shares in the Media (-0.86%), Technology Hardware & Equipment (-0.25%) and Pharmaceuticals, Biotechnology & Life Sciences (-0.23%) sectors ended on a negative note while shares in the Transportation (+1.31%), Consumer Durables & Apparel (+1.02%) and Insurance (+0.56%) sectors gained traction. The S&P 500 (2,709.80) stays above its 20d moving average (2,669.35 – positive slope) and 50d moving average (2,616.00 – positive slope). European markets are expected to start on a positive note. read more

Today’s Economic Events

09:30 UK 4Q P GDP (QoQ) exp: 0.3% prev: 0.6%
09:30 UK DEC Industrial Production (MoM) exp: 0% prev: -0.4%
09:30 UK DEC Manufacturing Production (MoM) exp: 0.1% prev: -0.3%
09:30 UK DEC Trade Balance in Goods (M GBP) exp: -12376 prev: -12023
09:30 UK DEC Trade Balance Non EU (M GBP) exp: NA prev: -3925

General Market Comment

US indices closed mixed to finish the week on Friday. Shares in the Food & Staples Retailing (-0.83%), Retailing (-0.76%) and Banks (-0.75%) sectors were under pressure while shares in the Household & Personal Products (+1.18%), Pharmaceuticals, Biotechnology & Life Sciences (+0.79%) and Food, Beverage & Tobacco (+0.77%) sectors gained momentum. The S&P 500 (2,707.88) stays above its 20d moving average (2,663.71 – positive slope) and 50d moving average (2,615.45 – positive slope). European markets are expected to start on a positive note. read more

Today’s Economic Events

07:00 GE DEC Current Account (B EUR) exp: 24.1 prev: 21.4
07:00 GE DEC Exports (MoM) exp: 0.7% prev: -0.3%
07:00 GE DEC Imports (MoM) exp: 0.7% prev: -1.3%
07:00 GE DEC Trade Balance (B EUR) exp: 17.4 prev: 20.4
07:45 FR 4Q P Wages (QoQ) exp: 0.3% prev: 0.3%