Real time trading in Polymers, Base Oils, TiO2 and Nanomaterials
Today’s Economic Events
10:00 EC OCT F Euro-Zone: CPI (MoM) exp: 0.2% prev: 0.2%
10:00 EC SEP Euro-Zone External Trade Balance (M EUR) exp: NA prev: 14702
13:30 US NOV Empire Manufacturing exp: 5.8 prev: 4
13:30 US OCT Retail Sales exp: 0.2% prev: -0.3%
13:30 US OCT Retail Sales less Autos exp: 0.4% prev: -0.1%
14:15 US OCT Industrial Capacity Utilization exp: 77% prev: 77.47%
14:15 US OCT Industrial Production (MoM) exp: -0.4% prev: -0.4%
15:00 US SEP Business Inventories exp: 0.1% prev: 0%
US indices closed mixed on Thursday. Shares in the Commercial & Professional Services (+1.22%), Real Estate (+0.84%) and Software & Services (+0.54%) sectors edged higher while shares in the Technology Hardware & Equipment (-1.41%), Automobiles & Components (-0.44%) and Telecommunication Services (-0.38%) sectors were under pressure.
On the economic data front, Initial Jobless Claims rose to 225K, above the 215K estimate for the week ending November 9th, up from 211K the week before. Continuing Claims came in at 1683K,for the week ending November 2nd, down from a revised 1693K from the prior week. The Producers Price Index Final Demand month over month change rose 0.4%, above the 0.3% estimate for October, up from a decline of 0.3% the prior month.
Fed chairman Powell spoke for a second time this week at the United States House Budget Committee, he stated that he sees no current sign of a slowing economy, however the US-China trade deal along with sluggish global growth has put strain on business investment and the Federal Budget is on an unsustainable path with high and rising debt in the long term.
On Friday, economists expect Empire Manufacturing to release at 6.0 for November, compared to 4.0 the month before. Import Price Index month over month change and Retail Sales Advance month over month change are both expected lower for October. Finally, Industrial Production month over month change for October is expected to be in-line with September, at -0.4%.
European markets are expected to open on a negative note.
BRENT Crude Technical Snap (Daily)
| Pivot: 62.25 Our preference: short positions below 62.25 with targets at 61.55 & 61.10 in extension. Alternative scenario: above 62.25 look for further upside with 62.45 & 62.80 as targets. Comment: the RSI is bearish and calls for further decline. |
Today’s Economic Events
07:00 GE OCT F Consumer Price Index (MoM) exp: 0% prev: 0.1%
07:00 GE OCT F CPI – EU Harmonised (MoM) exp: 0% prev: 0.1%
09:30 UK OCT CPI – EU Harmonised (MoM) exp: -0.1% prev: 0.1%
09:30 UK OCT PPI – Input (MoM) exp: -0.9% prev: -0.8%
09:30 UK OCT PPI – Output (MoM) exp: 0% prev: -0.1%
10:00 EC SEP Euro-Zone: Industrial Production (MoM) exp: -0.2% prev: 0.4%
13:30 US OCT Consumer Price Index (MoM) exp: 0.3% prev: 0%
13:30 US OCT CPI – Ex Food & Energy (MoM) exp: 0.2% prev: 0.1%
19:00 US OCT Monthly Budget Satement (B USD) exp: -125 prev: 83
US indices closed slightly positive on Tuesday helped by shares in the Health Care Equipment & Services (+0.91%), Media (+0.56%) and Software & Services (+0.5%) sectors. On the economic data front, The National Federation of Independent Business Small Business Optimism Index rose to 102.4, higher than the expected 102.0 for October, up from 101.8 in September. On Wednesday, economists expect the Consumer Price Index month over month change to be up 0.3% for October, from no change the month before and the Mortgage Bankers Association is scheduled to post Mortgage Applications for the week ending November 8th. The government is expected to post a budget deficit of 130.0 billion dollars for October, compared with a deficit of 100.5 billion dollars in September. Finally, Fed chair Powell will testify before the joint economic committee of the U.S. Congress in a hearing called “The Economic Outlook.”
European markets are expected to open on a negative note.
BRENT Crude Technical Snap (Daily)
| Pivot: 61.90 Our preference: long positions above 61.90 with targets at 62.85 & 63.30 in extension. Alternative scenario: below 61.90 look for further downside with 61.55 & 61.25 as targets. Comment: the RSI is bullish and calls for further advance. |
Today’s Economic Events
09:30 UK SEP Unemployment Rate (ILO) exp: 3.9% prev: 3.9%
10:00 GE NOV Zew Survey (Current Situation) exp: -22 prev: -25.3
10:00 GE NOV Zew Survey (Econ. Sentiment) exp: -11.9 prev: -22.8
US indices closed mixed on Monday with the S&P 500 snapping a 3 day winning streak. Shares in the Consumer Durables & Apparel (+0.37%), Technology Hardware & Equipment (+0.28%) and Real Estate (+0.22%) sectors traded higher while shares in the Utilities (-0.68%), Health Care Equipment & Services (-0.57%) and Energy (-0.56%) sectors were under pressure. On the economic data front, their was no major news. On Tuesday, economists expect The National Federation of Independent Business Small Business Optimism Index to reach 102.0 for October, up from 101.8 in September.
European markets are expected to start on a positive note.
BRENT Crude Technical Snap (Daily)
| Pivot: 62.20 Our preference: short positions below 62.20 with targets at 61.50 & 61.10 in extension. Alternative scenario: above 62.20 look for further upside with 62.45 & 62.70 as targets. Comment: the RSI advocates for further downside. |
Today’s Economic Events
07:00 GE OCT Wholesale Price Index (MoM) exp: NA prev: -0.4%
09:30 UK 3Q P GDP (QoQ) exp: 0.4% prev: -0.2%
09:30 UK SEP Industrial Production (MoM) exp: -0.2% prev: -0.6%
09:30 UK SEP Manufacturing Production (MoM) exp: -0.2% prev: -0.7%
09:30 UK SEP Trade Balance in Goods (M GBP) exp: -10386 prev: -9806
09:30 UK SEP Trade Balance Non EU (M GBP) exp: -2444 prev: -2206