General Market Comment
The US market was closed on Monday to celebrate Labor Day. On Friday, the US indices closed mixed. Shares in the Automobiles & Components (-1.45%), Energy (-0.73%) and Utilities (-0.45%) sectors lost traction while shares in the Technology Hardware & Equipment (+0.98%), Retailing (+0.59%) and Food & Staples Retailing (+0.58%) sectors gained momentum. On the economic data front, the Chicago Business Barometer Index fell to 63.6 in August (estimated 63), from 65.5 in the prior month. Lastly, the University of Michigan consumer sentiment index increased to 96.2 in final estimate in August (expected 95.5) from 97.9 in the prior month. The S&P 500 (2,901.52) remains above its 20d moving average (2,862.45 – positive slope) and 50d moving average (2,814.51 – positive slope).
European markets are expected to start on a flat note.
Foreign Exchange
The US dollar was mixed against its major pairs on Monday. On the economic data front, there were no economic data released.
The Euro was bullish against its major pairs with exception of the AUD. Euro zone PMI manufacturing index was 54.6 in final estimation in August, as in first one and vs 55.1 in July. UK PMI manufacturing index fell to 52.8 in August from 53.8 a month earlier. It was anticipated to be 53.9.
The Australian dollar was higher than all of its major pairs.
Commodities
After the close of Wall Street, WTI Crude Future (OCT 18) was about flat to $70.1. The contract was above its 20D MA (@ $67.39) and above its 50D MA (@ $67.77).
Gold was about flat to $1201. The precious metal was above its 20D MA (@ $1198) and below its 50D MA (@ $1221).
Copper Future (DEC 18) on Comex was down 1.6c to 265.5c/lb. The contract was below its 20D MA (@ 270.89c) and below its 50D MA (@ 279.29c). In Europe, the London Metal Exchange reported its copper inventories decreased 2450 tons to 262475 tons