Author: Specialist

Today’s Economic Events

09:30 UK JUN Retail Sales (MoM) exp: 0% prev: 1.3%
13:30 US JUL Philadelphia Fed. exp: 21.6 prev: 19.9
13:30 US W27 Initial Jobless Claims (k) exp: 222 prev: 214
15:00 US JUN Leading Indicators exp: 0.4% prev: 0.2%

General Market Comment

US indices closed mixed on Wednesday. Shares in the Household & Personal Products (-1.01%), Food, Beverage & Tobacco (-0.7%) and Consumer Durables & Apparel (-0.66%) sectors closed in the red zone while shares in the Transportation (+2.81%), Diversified Financials (+2.71%) and Insurance (+1.14%) sectors gained momentum. On the economic data front, MBA mortgage applications decreased by 2.5% in the week ending July 13 from +2.5% previously. In addition, housing starts decreased to 1.17M in June (estimated 1.32M) from a revised 1.34M in May. Finally, the Fed released its Beige book stating a modest expansion in the economic activity with employment continuing to rise at a moderate pace. There were shortages of qualified workers along with a modest to moderate increase in wages. Tariffs also contributed to the increase in metals and lumber. The S&P 500 (2,815.62) remains above its 20d moving average (2,757.90 – positive slope) and 50d moving average (2,746.59 – positive slope). read more

Brent Crude: Technical Snap

Pivot: 72.80: Short positions below 72.80 with targets at 71.35 & 70.40 in extension. Above 72.80 look for further upside with 73.60 & 74.10 as targets. As long as the resistance at 72.80 is not surpassed, the risk of the break below 71.35 remains high.

Today’s Economic Events

09:30 UK JUN CPI – EU Harmonised (MoM) exp: 0.2% prev: 0.4%
09:30 UK JUN PPI – Input (MoM) exp: 0.4% prev: 2.8%
09:30 UK JUN PPI – Output (MoM) exp: 0.3% prev: 0.4%
10:00 EC JUN Euro-Zone: CPI (MoM) exp: 0.2% prev: 0.1%
13:30 US JUN Bulding Permits (k) exp: 1327 prev: 1301
13:30 US JUN Housing Starts (k) exp: 1319 prev: 1350
15:30 US W27 Crude Oil Inventories (WoW chg) exp: NA prev: -12633

General Market Comment

US indices closed higher on Tuesday, led by shares in the Materials (+1.32%), Semiconductors & Semiconductor Equipment (+1.12%) and Automobiles & Components (+1%) sectors. On the economic data front, industrial production MoM increased by 0.6% in June (estimated 0.5%) from a revised -0.5% in May. In addition, capacity utilization increased to 78%, below the estimate of 78.3% in June from a revised 77.7% in the prior month. The S&P 500 (2,809.55) remains above its 20d moving average (2,755.25 – positive slope) and 50d moving average (2,743.73 – positive slope). read more

Crude eyed higher Tuesday

Crude oil was trading higher on NYMEX Tuesday. Dealer sentiment indicates prices could trade range bound to higher for the day, after more oil workers went on strike in Norway, supporting a market that has been dominated by oversupply issues in recent days. Crude oil prices slumped more than 4 per cent on Monday, with Brent reaching a three-month low, as Libyan ports reopened and traders eyed potential supply increases by Russia and other producers.

Brent Crude: Technical Snap 17.07.18

Pivot: 73.20. Short positions below 73.20 with targets at 70.90 & 70.20 in extension. Above 73.20 look for further upside with 74.10 & 74.60 as targets. RSI is mixed to bearish.

Today’s Economic Events

09:30 UK MAY Unemployment Rate (ILO) exp: 4.2% prev: 4.2%
14:15 US JUN Industrial Capacity Utilization exp: 78.2% prev: 77.86%
14:15 US JUN Industrial Production (MoM) exp: 0.5% prev: -0.1%
15:00 US JUL NAHB Housing Market exp: 69 prev: 68

General Market Comment

US indices closed mixed on Monday. Shares in the Energy (-1.18%), Food, Beverage & Tobacco (-0.81%) and Commercial & Professional Services (-0.8%) sectors closed lower while shares in the Banks (+3.14%), Insurance (+0.76%) and Diversified Financials (+0.73%) sectors gained traction. On the economic data front, the empire manufacturing index decreased to 22.6 in July (estimated 21) from 25 in the prior month. Retail sales increased by 0.5% in June, meeting the estimate, from revised +1.3% in the prior month. The S&P 500 (2,798.43) remains above its 20d moving average (2,753.46 – flat slope) and 50d moving average (2,740.81 – positive slope). read more

LONDON (Reuters) – Oil prices fell sharp Monday as concerns about supply disruptions eased as Libyan ports reopened. The market was also weighed on news potential supply increases by Russia and other producers were afoot.  Brent crude dropped more than 3 percent to a low of $73, before settling at $73.15 by late afternoon. U.S. light crude fell $1.70 at $69.31. Supply outages in Libya, a labor dispute in Norway and unrest in Iraq all helped to push oil prices higher late last week, though prices still fell for a second straight week. Russia and other oil producers it is feared could raise output by 1 million barrels per day (bpd) or more if shortages hit the market, Russian Energy Minister Alexander Novak told reporters on Friday. read more