Month: July 2019

U.S. indices closed higher on Monday with the S&P500 posting a record high lifted by shares in the Semiconductors & Semiconductor Equipment (+2.13%), Technology Hardware & Equipment (+1.49%) and Insurance (+1.32%) sectors. On the economic data front, construction spending fell 0.8% MoM in May (expected to be flat). The ISM Manufacturing PMI dropped to 50.6 in June (vs. 51.0 expected) from 52.1 in May. Also, the final readings of June Markit U.S. Manufacturing PMI posted 50.6 (vs. 50.1 previously estimated). The S&P 500 (2,964.33) stays above its 20d moving average (2,901.16 – positive slope) and its 50d moving average (2,881.90 – positive slope).

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

BRENT Crude Technical Snap (Daily)

Pivot: 65.55 Our preference: long positions above 65.55 with targets at 67.20 & 67.60 in extension. Alternative scenario: below 65.55 look for further downside with 65.20 & 64.85 as targets. Comment: the RSI shows upside momentum.

Today’s Economic Events

08:50 FR JUN F Markit Manufacturing PMI exp: 52 prev: 52
08:55 GE JUN Unemployment Change (k) exp: 0.2 prev: 60
08:55 GE JUN Unemployment Rate exp: 5% prev: 5%
09:00 EU JUN F Markit Manufacturing exp: 47.8 prev: 47.8
09:30 UK MAY M4 Money Supply (MoM) exp: NA prev: 0.9%
10:00 EC MAY Euro-Zone: Unemployment Rate exp: 7.6% prev: 7.6%
14:45 US JUN F Markit Manufacturing PMI exp: NA prev: 50.1
15:00 US JUN ISM – Manufacturing exp: 51.4 prev: 52.1
15:00 US JUN ISM – Price Paid exp: NA prev: 53.2
15:00 US MAY Construction Spending (MoM) exp: 0% prev: 0% read more

U.S. indices closed higher boosted by shares in the Banks (+2.37%), Transportation (+1.41%) and Energy (+1.19%) sectors. On the economic data front, personal income increased by 0.5% MoM in May (vs. +0.3% expected) and personal spending rose 0.4% (vs. +0.5% expected). The MNI Chicago PMI dropped to 49.7 in June (vs. 53.5 expected) from 54.2 May. Also, the University of Michigan Sentiment index was confirmed at 98.2 in June (vs. 97.9 expected). The S&P 500 (2,941.76) stays above its 20d moving average (2,890.17 – positive slope) and its 50d moving average (2,880.71 – flat slope).

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