Author: Specialist

07:45 FR JUN Consumer Confidence exp: 100 prev: 100
13:30 US MAY P Durable Goods Ex Transportation exp: 0.4% prev: 0.9%
13:30 US MAY P Durable Goods Orders exp: -1% prev: -1.6%
13:30 US MAY P Wholesale Inventories exp: NA prev: 0.1%
15:30 US W24 Crude Oil Inventories (WoW chg) exp: NA prev: -5914

Market Comment
US indices closed higher on Tuesday, led by shares in the Energy (+1.4%), Retailing (+1.07%) and Technology Hardware & Equipment (+0.96%) sectors. On the economic data front, the Conference Board consumer confidence index fell to 126.4 in June, below the estimate of 128, from 128 previously. In addition, the Richmond Federal manufacturing index increased to 20 in June (expected 15) from 16 in the prior month. The S&P 500 (2,723.06) is below its 20d moving average (2,756.82 – positive slope) but stands above its 50d moving average (2,716.95 – positive slope). read more

WTI Crude oil trading at top of range heading into the OPEC meeting today. MACD cross (buy signal) well below zero suggesting a break through to higher levels but sideways trade suggests support at $60: Dealers

15:00 US JUN Consumer Confidence exp: 128.1 prev: 128

General Market Comment

US indices tumbled on Monday as President Trump is planning investment restrictions against Chinese companies. Shares in the Semiconductors & Semiconductor Equipment (-3.29%), Consumer Services (-2.88%) and Retailing (-2.43%) sectors were under pressure. On the economic data front, the Chicago national activity index decreased to -0.15 in May (estimated 0.3) from 0.42 previously. In addition, new home sales increased to 689K in May (expected 667K) from 646K in April. Finally, Dallas Fed manufacturing activity increased to 36.5 in June (anticipated 24.9) from 26.8 in May. The S&P 500 (2,717.07) is below its 20d moving average (2,755.16 – positive slope) and 50d moving average (2,716.04 – positive slope). read more

09:00 GE JUN IFO – Business Climate exp: 101.8 prev: 102.2
09:00 GE JUN IFO – Current Assessment exp: 105.7 prev: 106
09:00 GE JUN IFO – Expectations exp: 97.9 prev: 98.5
15:00 US MAY New Home Sales (k) exp: 664 prev: 662

Market Comment
US indices closed mixed to finish the week on Friday. Shares in the Banks (-1.15%), Retailing (-0.81%) and Consumer Durables & Apparel (-0.77%) sectors ended on a negative note while shares in the Energy (+2.2%), Media (+1.51%) and Materials (+1.38%) sectors gained momentum. On the economic data front, Markit manufacturing PMI decreased at a preliminary estimate of 54.6 in June (estimated 56.1) from 56.4 in May. The S&P 500 (2,754.88) is below its 20d moving average (2,755.37 – positive slope), which stands above its 50d moving average (2,714.83 – positive slope). read more