Month: April 2019

Today’s Economic Events

07:00 GE MAR Wholesale Price Index (MoM) exp: NA prev: 0.3%
10:00 EC FEB Euro-Zone: Industrial Production (MoM) exp: -0.5% prev: 1.4%
15:00 US APR P U. of Michigan Confidence exp: 97.9 prev: 98.4

U.S. indices closed mixed on Thursday. Stocks in the Capital Goods (+1.12%), Insurance (+0.8%) and Diversified Financials (+0.56%) sectors traded higher while stocks in the Health Care Equipment & Services (-1.65%), Pharmaceuticals, Biotechnology & Life Sciences (-0.87%) and Technology Hardware & Equipment (-0.5%) sectors traded lower. On the economic data front, Initial jobless claims fell to 196K (210K estimated) in the week ended April 6, the lowest level since 1969, from 201K in the previous week. Continuing claims declined to 1.713M (1.735M estimated) in the week ended March 20 from 1.726M in the prior week. Also, PPI rose 2.2% YoY in March (+1.9% expected) and core PPI grew 2.4% (as expected). The S&P 500 (2,888.32) stays above both its 20d moving average (2,848.51 – positive slope) and 50d moving average (2,797.21 – positive slope).

European markets are expected to start on a positive note. read more

BRENT Crude Technical Snap (Daily)

Pivot: 71.10 Our preference: long positions above 71.10 with targets at 71.75 & 72.00 in extension. Alternative scenario: below 71.10 look for further downside with 70.75 & 70.50 as targets. Comment: technically the RSI is above its neutrality area at 50.

Today’s Economic Events

07:00 GE MAR F Consumer Price Index (MoM) exp: 0.4% prev: 0.4%
07:00 GE MAR F CPI – EU Harmonised (MoM) exp: 0.5% prev: 0.5%
07:45 FR MAR F Consumer Price Index (MoM) exp: 0.8% prev: 0.8%
07:45 FR MAR F CPI – EU Harmonised (MoM) exp: 0.9% prev: 0.9%
13:30 US MAR PPI – Ex Food & Energy (MoM) exp: 0.2% prev: 0.1%
13:30 US MAR Producer Price Index (MoM) exp: 0.3% prev: 0.1%
13:30 US W13 Initial Jobless Claims (k) exp: 211 prev: 202

US indices closed higher on Wednesday as the Nasdaq reached its highest level since October 2018. Shares in the Automobiles & Components (+1.23%), Semiconductors & Semiconductor Equipment (+0.88%) and Consumer Durables & Apparel (+0.86%) sectors gained a bit of strength. On the economic data front, mortgage applications declined by 5.6% in week ended April 5th from a jump of 18.6% in the previous week. CPI improved by 0.4% MoM in March, as expected, vs. 0.2% in February and increased by 1.9% YoY in March (forecasted 1.8%) compared to 1.5% a month earlier. In other news, the monthly deficit improved to $146.9B in March (expected $181B) from $208.7B in the prior month. The S&P 500 (2,888.21) stays above both its 20d moving average (2,844.52 – positive slope) and 50d moving average (2,793.07 – positive slope).

European markets are expected to start on a flat note. read more

BRENT Crude Technical Snap (Daily)

Pivot: 70.95 Our preference: short positions below 70.95 with targets at 70.30 & 70.00 in extension. Alternative scenario: above 70.95 look for further upside with 71.30 & 71.60 as targets. Comment: as long as 70.95 is resistance, expect a return to 70.30.

Today’s Economic Events

09:30 UK FEB Industrial Production (MoM) exp: 0% prev: 0.6%
09:30 UK FEB Manufacturing Production (MoM) exp: 0.2% prev: 0.8%
09:30 UK FEB Trade Balance in Goods (M GBP) exp: -12952 prev: -13084
09:30 UK FEB Trade Balance Non EU (M GBP) exp: -6034 prev: -4977
12:45 EC ECB: Rates decision exp: 0% prev: 0%
13:30 US MAR Consumer Price Index (MoM) exp: 0.3% prev: 0.2%
13:30 US MAR CPI – Ex Food & Energy (MoM) exp: 0.2% prev: 0.1%
15:30 US W13 Crude Oil Inventories (WoW chg) exp: NA prev: 7238
19:00 US MAR 20 Minutes FOMC Meeting exp: prev: 
19:00 US MAR Monthly Budget Satement (B USD) exp: NA prev: -234 read more

U.S. indices closed lower on Tuesday, pressured by shares in the Capital Goods (-1.61%), Telecommunication Services (-1.59%) and Energy (-1.28%) sectors. On the economic data front, the NFIB small business optimism index rose to 101.8 in March (estimated 102.0) from 101.7 in February. The S&P 500 (2,878.20) stays above both its 20d moving average (2,840.66 – positive slope) and 50d moving average (2,788.10 – positive slope).

European markets are expected to start on a flat note.

Foreign Exchange read more

API Group II and III base oils continued facing downward pricing pressure the past week across Europe, the Middle East and Africa, thanks to wide availability and competition between suppliers. European Group I exports appear a little more balanced with supplies tightening for some grades, and opportunities arising in export destinations, but prices within Europe prices declined.

Market share seems to be the pressing priority at the moment with Group l, II and III suppliers all aggressively defended positions and customer bases. read more

BRENT Crude Technical Snap (Daily)

Pivot: 70.50 Our preference: long positions above 70.50 with targets at 71.60 & 71.95 in extension. Alternative scenario: below 70.50 look for further downside with 70.00 & 69.50 as targets. Comment: the RSI is bullish and calls for further advance.