Month: September 2019

Today’s Economic Events

07:45 FR SEP Consumer Confidence exp: 103 prev: 102
15:00 US AUG New Home Sales (k) exp: 657 prev: 635
15:30 US W37 Crude Oil Inventories (WoW chg) exp: NA prev: 1058

U.S. indices were under pressure after House of Representatives Speaker and Democrat Nancy Pelosi said she will meet with Democratic lawmakers to consider opening impeachment proceedings against President Trump on Tuesday. The biggest company losers were in the Semiconductors & Semiconductor Equipment (-1.79%), Media (-1.68%) and Energy (-1.63%) sectors.

On the economic data front, the Conference Board Consumer Confidence dropped to 125.1 in September (vs. 133.0 expected) from 135.1 in August. On Wednesday, we expect new homes sales to grow 3.6% MoM to an annualized rate of 658K units in August.

The S&P 500 (2966.60) trades below its 20d moving average (2,967.51 – positive slope) but above its 50d moving average (2,950.01 – negative slope).

European markets are expected to open on a negative note. read more

EMEA Base Oil Price Report

BY RAY MASSON

Base oil prices throughout Europe, the Middle East and Africa have remained relatively unaffected by recent run-ups in crude and petroleum product prices.

Base oils appear unusually insulated from such swings at the moment, because although it is common for them to lag before following crude values up or down, enough time as passed for them to react to the crude movements that followed the drone attack in Saudi Arabia 11 days ago.

Refiners have said that the output of the damaged facilities is not great enough for the attack to have impacted global crude supplies. read more

BRENT Crude Technical Snap (Daily)

Pivot: 64.10 Our preference: long positions above 64.10 with targets at 64.80 & 65.10 in extension. Alternative scenario: below 64.10 look for further downside with 63.80 & 63.55 as targets. Comment: a support base at 64.10 has formed and has allowed for a temporary stabilisation.

Today’s Economic Events

07:45 FR SEP Business Confidence Indicator exp: 101.9 prev: 102
07:45 FR SEP Production Outlook Indicator exp: NA prev: 2.4
09:00 GE SEP IFO – Business Climate exp: 94.5 prev: 94.3
09:00 GE SEP IFO – Current Assessment exp: 97 prev: 97.3
09:00 GE SEP IFO – Expectations exp: 91.9 prev: 91.3
09:30 UK AUG Public Finances (PSNCR) (B GBP) exp: NA prev: -13.5
09:30 UK AUG Public Sector Net Borrowing (B GBP) exp: 6.5 prev: -2
15:00 US SEP Consumer Confidence exp: 133.6 prev: 135.1 read more

U.S. indices closed little changed on Monday as weak data out of Europe dampened investor sentiment. Manufacturing activity in Germany fell to its lowest level since the financial crisis. Shares in the Consumer Durables & Apparel (+0.97%), Semiconductors & Semiconductor Equipment (+0.82%) and Household & Personal Products (+0.76%) sectors moved higher while shares in the Transportation (-0.7%), Health Care Equipment & Services (-0.69%) and Pharmaceuticals, Biotechnology & Life Sciences (-0.55%) sectors were in the red.

On the economic data front, the Markit U.S. Manufacturing PMI rose to 51.0 in September (vs. 50.4 expected) from 50.3 in August, and the Services PMI climbed to 50.9 (vs. 51.4 expected) from 50.7. On Tuesday, the Conference Board Consumer Confidence Index is expected to drop to 133.0 for September from 135.1 in August.

The S&P 500 (2991.78) trades above both its 20d moving average (2,963.10 – positive slope) and 50d moving average (2,950.97 – flat slope).

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

BRENT Crude Technical Snap (Daily)

Pivot: 64.60 Our preference: long positions above 64.60 with targets at 65.20 & 65.50 in extension. Alternative scenario: below 64.60 look for further downside with 64.30 & 64.05 as targets. Comment: the RSI calls for a bounce.

Today’s Economic Events

08:15 FR SEP P Markit Composite PMI exp: 52.6 prev: 52.9
08:15 FR SEP P Markit Manufacturing PMI exp: 51.1 prev: 51.1
08:15 FR SEP P Markit Services PMI exp: 53.2 prev: 53.4
09:00 EU SEP P Markit Composite PMI exp: 51.9 prev: 51.9
09:00 EU SEP P Markit Manufacturing exp: 47.3 prev: 47
09:00 EU SEP P Markit Services PMI exp: 53.3 prev: 53.5
14:45 US SEP P Markit Composite PMI exp: NA prev: 50.7
14:45 US SEP P Markit Manufacturing PMI exp: 50.4 prev: 50.3
14:45 US SEP P Markit Services PMI exp: NA prev: 50.7 read more

U.S. indices closed lower in a late day sell-off on Friday after news that Chinese trade officials were cutting their U.S. visit short. Shares in the Semiconductors & Semiconductor Equipment (-1.81%), Retailing (-1.29%) and Technology Hardware & Equipment (-1.07%) sectors felt the most pressure. On Monday, the Markit U.S. Manufacturing PMI for September is expected to be in line with the prior month’s reading of 50.3.

The S&P 500 (2992.07) trades above its 20d moving average (2,955.87 – positive slope) and its 50d moving average (2,951.41 – flat slope).

European markets are expected to open on a negative note. read more

BRENT Crude Technical Snap (Daily)

Pivot: 64.15 Our preference: long positions above 64.15 with targets at 65.55 & 66.50 in extension. Alternative scenario: below 64.15 look for further downside with 63.05 & 62.20 as targets. Comment: the RSI is bullish and calls for further upside.