Author: Specialist

Today’s Economic Events

07:45 FR JUL Consumer Confidence exp: 98 prev: 97
12:45 EC ECB: Rates decision exp: 0% prev: 0%
13:30 US JUN P Durable Goods Ex Transportation exp: 0.6% prev: 0%
13:30 US JUN P Durable Goods Orders exp: 3% prev: -0.4%
13:30 US JUN P Wholesale Inventories exp: 0.4% prev: 0.6%
13:30 US W28 Initial Jobless Claims (k) exp: 215 prev: 207

General Market Comment

US indices closed higher on Wednesday after President Trump unveiled concessions from the European Union to escape a potential trade war. Shares in the Commercial & Professional Services (+3.09%), Transportation (+2.88%) and Software & Services (+1.72%) sectors jumped higher. On the economic data front, MBA mortgage application decreased by 0.2% in the week ending July 20 compared to -2.5% previously. In addition, new home sales decreased to 631K in June (estimated 668K) from a revised 666K in May. The S&P 500 (2,846.07) remains above both its 20d moving average (2,776.28 – positive slope) and 50d moving average (2,757.18 – positive slope). read more

Commodity Closing – Europe/Oil-Gas Majors 25.07.18

Crude gains on US stocks data

Brent crude futures rose 15 cents to $73.59 a barrel, a 0.2 percent gain, by 11:07 a.m. EDT (1507 GMT). U.S. West Texas Intermediate (WTI) crude futures rose 10 cents to $68.62 a barrel, a 0.2 percent gain. Gains were limited as data from the Energy Information Administration showed a large drawdown in less-critical West Coast crude stocks, which fell their most since December 2011.

Brent Crude Technical Snap

Pivot: 73.05.  Long positions above 73.05 with targets at 74.50 & 75.00 in extension.  Below 73.05 look for further downside with 72.40 & 71.80 as targets.  RSI advocates for further upside.

Today’s Economic Events

07:45 FR JUN Producer Price Index (MoM) exp: NA prev: 0.6%
09:00 GE JUL IFO – Business Climate exp: 101.5 prev: 101.8
09:00 GE JUL IFO – Current Assessment exp: 105 prev: 105.1
09:00 GE JUL IFO – Expectations exp: 98.2 prev: 98.6
15:00 US JUN New Home Sales (k) exp: 670 prev: 689
15:30 US W28 Crude Oil Inventories (WoW chg) exp: NA prev: 5836

General Market Comment

US indices closed mixed on Tuesday. Shares in the Consumer Durables & Apparel (-1.91%), Media (-1.34%) and Transportation (-1.23%) sectors closed lower while shares in the Pharmaceuticals, Biotechnology & Life Sciences (+1.77%), Telecommunication Services (+1.76%) and Energy (+1.31%) sectors gained momentum. On the economic data front, the FHFA house price index increased by 0.2% in May, below the estimate of +0.3%, from +0.2% in April. In addition, Markit manufacturing PMI increased at a preliminary estimate of 55.5 in July (estimated 55.1) from 55.4 in June while Markit service PMI decreased at a preliminary estimate of 56.2 in July (estimated 56.3) from 56.5 in the previous month. Finally, Richmond Fed’s manufacturing survey increased to 20 in July (estimated 18) compared to a revised 21 from the prior month. The S&P 500 (2,820.40) remains above both its 20d moving average (2,770.13 – positive slope) and 50d moving average (2,754.86 – positive slope). read more

Commodity Closing – Europe/Oil-Gas Majors 24.07.18

Brent Crude Technical Snap

Pivot: 73.50.  Short positions below 73.50 with targets at 72.40 & 71.80 in extension.  Above 73.50 look for further upside with 73.95 & 74.50 as targets. RSI advocates for further decline.

Today’s Economic Events

07:45 FR JUL Business Confidence Indicator exp: 110 prev: 110
07:45 FR JUL Production Outlook Indicator exp: NA prev: 14
08:00 FR JUL P Markit Composite PMI exp: 55 prev: 55
08:00 FR JUL P Markit Manufacturing PMI exp: 52.8 prev: 52.5
08:00 FR JUL P Markit Services PMI exp: 55.9 prev: 55.9
09:00 EU JUL P Markit Composite PMI exp: 54.8 prev: 54.9
09:00 EU JUL P Markit Manufacturing exp: 54.7 prev: 54.9
09:00 EU JUL P Markit Services PMI exp: 55 prev: 55.2
14:45 US JUL P Markit Composite PMI exp: NA prev: 56.2
14:45 US JUL P Markit Manufacturing PMI exp: NA prev: 55.4
14:45 US JUL P Markit Services PMI exp: NA prev: 56.5 read more