U.S. indices closed lower on Friday, pressured by shares in the Semiconductors & Semiconductor Equipment (-2.43%), Technology Hardware & Equipment (-1.21%) and Automobiles & Components (-0.88%) sectors. On the economic data front, retail sales increased 0.5% MoM in May (estimated +0.6%, +0.3% in April). Industrial Production rose 0.4% MoM in May (estimated +0.2%, -0.4% in April). Lastly, the University of Michigan Sentiment Index fell to 97.9 in June (estimated 98.0) from 100.0 in May. The S&P 500 (2,886.98) stays above its 20d moving average (2,835.83 – flat slope) and its 50d moving average (2,873.94 – flat slope).
European markets are expected to open on a positive note.
BRENT Crude Technical Snap 14.06.19
BRENT Crude Technical Snap (Daily)
| Pivot: 62.40 Our preference: short positions below 62.40 with targets at 60.80 & 60.20 in extension. Alternative scenario: above 62.40 look for further upside with 63.10 & 63.65 as targets. Comment: as long as the resistance at 62.40 is not surpassed, the risk of the break below 60.80 remains high |
Economic Calendar 14.06.19
Today’s Economic Events
07:00 GE MAY Wholesale Price Index (MoM) exp: NA prev: 0.6%
07:45 FR MAY F Consumer Price Index (MoM) exp: 0.2% prev: 0.2%
07:45 FR MAY F CPI – EU Harmonised (MoM) exp: 0.2% prev: 0.2%
13:30 US MAY Retail Sales exp: 0.7% prev: -0.2%
13:30 US MAY Retail Sales less Autos exp: 0.4% prev: 0.1%
14:15 US MAY Industrial Capacity Utilization exp: 78% prev: 77.93%
14:15 US MAY Industrial Production (MoM) exp: 0.2% prev: -0.5%
15:00 US APR Business Inventories exp: 0.4% prev: 0%
15:00 US JUN P U. of Michigan Confidence exp: 97.8 prev: 100
General Market Comment 14.06.19
US indices closed higher on Thursday, boosted by shares in the Consumer Durables & Apparel (+1.51%), Automobiles & Components (+1.48%) and Media (+1.31%) sectors. On the economic data front, the Import Price Index decreased by 0.3% MoM in May (estimated 0.2%) compared with a 0.1% rise in the previous month. Initial Jobless Claims came to 222K in week ending June 8 (estimated 215K) compared with 219K in the previous week. Continuing Claims came to 1.695M for week ending June 1 (forecasted 1.66M) vs. 1.693M in the previous week. Lastly, the Bloomberg Consumer Comfort index reached 61.6 for week ending June 9 down from 61.7 for the previous week. The S&P 500 (2,891.64) stays above its 20d moving average (2,835.30 – positive slope) and its 50d moving average (2,873.67 – flat slope).
European markets are expected to start on a flat note.
BRENT Crude Technical Snap 13.06.19
BRENT Crude Technical Snap (Daily)
| Pivot: 60.25 Our preference: long positions above 60.25 with targets at 61.80 & 62.70 in extension. Alternative scenario: below 60.25 look for further downside with 59.60 & 58.80 as targets. Comment: the RSI calls for a rebound. |
Economic Calendar 13.06.19
Today’s Economic Events
07:00 GE MAY F Consumer Price Index (MoM) exp: 0.2% prev: 0.2%
07:00 GE MAY F CPI – EU Harmonised (MoM) exp: 0.3% prev: 0.3%
10:00 EC APR Euro-Zone: Industrial Production (MoM) exp: -0.5% prev: -0.3%
13:30 US W22 Initial Jobless Claims (k) exp: 217 prev: 218
General Market Comment 13.06.19
US indices closed mixed on Wednesday. Shares in the Semiconductors & Semiconductor Equipment (-2.25%), Energy (-1.44%) and Banks (-1.41%) sectors were under pressure while shares in the Utilities (+1.33%), Pharmaceuticals, Biotechnology & Life Sciences (+0.9%) and Commercial & Professional Services (+0.74%) sectors gained traction. On the economic data front, MBA Mortgage Applications grew by 26.8% in week ending June 7 compared with 1.5% in the previous week. Next, the CPI grew by 0.1 % for the month of May (estimated 0.1%) compared with 0.3% for the previous month. On a YoY basis the CPI grew by 1.8% for May (estimated 1.9%) vs. 2% for May 2018. Lastly, the monthly budget statement presented a deficit of $207.8B in May (estimated $202.5B) vs. a deficit of $146.8B for the previous month. The S&P 500 (2,879.84) stays above its 20d moving average (2,833.26 – positive slope) and its 50d moving average (2,873.16 – flat slope).
European markets are expected to start on a negative note.
BRENT Crude Technical Snap 12.06.19
BRENT Crude Technical Snap (Daily)
| Pivot: 62.05 Our preference: short positions below 62.05 with targets at 60.90 & 60.40 in extension. Alternative scenario: above 62.05 look for further upside with 62.80 & 63.30 as targets. Comment: the RSI has broken down its 30 level. |
Economic Calendar 12.06.19
Today’s Economic Events
13:30 US MAY Consumer Price Index (MoM) exp: 0.1% prev: 0.3%
13:30 US MAY CPI – Ex Food & Energy (MoM) exp: 0.2% prev: 0.1%
15:30 US W22 Crude Oil Inventories (WoW chg) exp: NA prev: 6771
19:00 US MAY Monthly Budget Satement (B USD) exp: NA prev: 160
General Market Comment 12.06.19
US indices closed lower on Tuesday, pressured by shares in the Capital Goods (-1.03%), Commercial & Professional Services (-0.85%) and Utilities (-0.69%) sectors. On the economic data front, the NFIB Small Business Optimism index beat estimates reaching 105 in May (estimated 102) compared with 103.5 in the previous month. PPI Final Demand decelerated slightly by 0.1% in May and in-line with estimates vs. 0.2% in April. Next, PPI Final Demand grew 1.8% YoY for May (estimated 2%) compared to 2.2% in May of 2018. The S&P 500 (2,885.72) stays above its 20d moving average (2,830.95 – positive slope) and its 50d moving average (2,872.93 – positive slope).
European markets are expected to start on a flat note.