U.S. indices closed higher to finish the week on Friday. Shares in the Energy (+1.81%), Health Care Equipment & Services (+1.5%) and Pharmaceuticals, Biotechnology & Life Sciences (+1.35%) sectors gained momentum. On the economic data front, personal income declined by 0.1% MoM in January (estimated +0.3%, +1.0% in December), while personal spending decreased by 0.5% in December (forecasted -0.3%, +0.6% in November). In other news, final readings of February Markit U.S. manufacturing PMI posted 53.0 (expected 53.7). Also, the ISM Manufacturing Index declined to 54.2 in February (estimated 55.8) from 56.6 in January. Finally, final readings of University of Michigan sentiment index posted 93.8 in February (forecasted 95.9). The S&P 500 (2,803.69) stays above its 20d moving average (2,757.31 – positive slope) and 50d moving average (2,642.77 – positive slope).
European markets are expected to start on a positive note.
BRENT Crude Technical Snap (Daily) 01.03.19
BRENT Crude Technical Snap (Daily)
| Pivot: 66.25 Our preference: long positions above 66.25 with targets at 67.50 & 67.85 in extension. Alternative scenario: below 66.25 look for further downside with 65.90 & 65.40 as targets. Comment: the RSI shows upside momentum |
Economic Calendar 01.03.19
Today’s Economic Events
US FEB Total Vehicule Sales (M) exp: 16.8 prev: 16.6
07:00 GE JAN Retail Sales (MoM) exp: 1.9% prev: -3.1%
07:45 FR JAN Central Govt. Balance (B EUR) exp: NA prev: -76.1
08:50 FR FEB F Markit Manufacturing PMI exp: 51.4 prev: 51.4
08:55 GE FEB Unemployment Change (k) exp: -5.5 prev: -2
08:55 GE FEB Unemployment Rate exp: 5% prev: 5%
09:00 EU FEB F Markit Manufacturing exp: 49.4 prev: 49.2
09:30 UK JAN M4 Money Supply (MoM) exp: NA prev: 0.4%
10:00 EC JAN Euro-Zone: Unemployment Rate exp: 7.9% prev: 7.9%
13:30 US DEC Personal Spending exp: -0.2% prev: 0.4%
13:30 US JAN Personal Income exp: 0.3% prev: 0.2%
14:45 US FEB F Markit Manufacturing PMI exp: 54.2 prev: 53.7
15:00 US FEB F U. of Michigan Confidence exp: 95.8 prev: 95.5
15:00 US FEB ISM – Manufacturing exp: 55.5 prev: 56.6
15:00 US FEB ISM – Price Paid exp: 52.4 prev: 49.6
General Market Comment 28.02.19
U.S. indices closed lower on Thursday, dragged by shares in the Materials (-1.27%), Technology Hardware & Equipment (-1.1%) and Energy (-0.97%) sectors. On the economic data front, initial jobless claims slightly increased to 225K in week ended February 23 (estimated 220K) from 217K a week earlier and continuing claims rose to 1.805M in week ended February 16 (expected 1.737M) from 1.726M in the prior week. In other news, annualized GDP grew 2.6% QoQ in 4Q (expected +2.2%, +3.4% in 3Q) Finally, the Chicago PMI jumped to 64.7 in February (estimated 57.5) from 56.7 in January. The S&P 500 (2,784.49) stays above its 20d moving average (2,752.33 – positive slope) and 50d moving average (2,637.62 – positive slope).
European markets are expected to start on a positive note.