Author: Specialist

BRENT Crude Technical Snap (Daily)

Pivot: 60.65 Our preference: short positions below 60.65 with targets at 59.90 & 59.60 in extension. Alternative scenario: above 60.65 look for further upside with 61.15 & 61.40 as targets. Comment: the RSI is mixed to bearish.

Today’s Economic Events

08:15 FR AUG P Markit Composite PMI exp: 51.8 prev: 51.9
08:15 FR AUG P Markit Manufacturing PMI exp: 49.6 prev: 49.7
08:15 FR AUG P Markit Services PMI exp: 52.5 prev: 52.6
09:00 EU AUG P Markit Composite PMI exp: 51.2 prev: 51.5
09:00 EU AUG P Markit Manufacturing exp: 46.3 prev: 46.5
09:00 EU AUG P Markit Services PMI exp: 52.9 prev: 53.2
13:30 US W32 Initial Jobless Claims (k) exp: 217 prev: 220
14:45 US AUG P Markit Composite PMI exp: NA prev: 52.6
14:45 US AUG P Markit Manufacturing PMI exp: 50.4 prev: 50.4
14:45 US AUG P Markit Services PMI exp: 52.8 prev: 53
15:00 EC AUG A Euro-Zone: Consumer Confidence exp: -7.1 prev: -6.6
15:00 US JUL Leading Indicators exp: 0.3% prev: -0.3% read more

U.S. indices closed higher on Wednesday lifted by shares in the Retailing (+2.33%), Consumer Durables & Apparel (+1.95%) and Technology Hardware & Equipment (+1.24%) sectors. Strong quarterly results from retailers such as Target and Lowe’s helped boost investor sentiment. The Federal Reserve’s latest FOMC meeting minutes showed that officials saw the interest-rate cut as insurance against further downside risks from weak global growth and trade policy uncertainty, while they “generally agreed that it was important to maintain optionality in setting the future target range for the federal funds rate”. On the economic data front, existing home sales rose 2.5% MoM to an annualized rate of 5.42M units in July (vs 5.40M expected). The S&P 500 (2,924.43) trades below its 20d moving average (2,926.55 – negative slope) and below its 50d moving average (2,946.85 – flat slope).

European markets are expected to open on a flat note. read more

BRENT Crude Technical Snap (Daily)

Pivot: 59.60 Our preference: long positions above 59.60 with targets at 60.90 & 61.25 in extension. Alternative scenario: below 59.60 look for further downside with 59.10 & 58.75 as targets. Comment: the RSI is bullish and calls for further upside.

Today’s Economic Events

09:30 UK JUL Public Finances (PSNCR) (B GBP) exp: NA prev: 15.2
09:30 UK JUL Public Sector Net Borrowing (B GBP) exp: NA prev: 6.5
15:00 US JUL Existing Home Sales (M) exp: 5.4 prev: 5.3
15:30 US W32 Crude Oil Inventories (WoW chg) exp: NA prev: 1580
19:00 US JUL 31 Minutes FOMC Meeting exp: prev:

U.S. indices closed lower on Tuesday pressured by shares in the Banks (-1.58%), Insurance (-1.33%) and Food, Beverage & Tobacco (-1.28%) sectors. On the economic data front, there was no news to report. The S&P 500 (2,900.51) trades below its 20d moving average (2,946.07 – negative slope) and below its 50d moving average (2,931.35 – flat slope).

European markets are expected to open on a flat note.

Foreign Exchange

The US dollar was under pressure against all of its major pairs on Tuesday. On the economic data front, there was no news to report.

The Euro was lower against the GBP and JPY and higher against the USD. In Europe, German PPI index was up by 0.1% in July after a 0.4% decline in June. It was anticipated to be flat.

The Australian dollar was mixed against all of its major pairs. read more

EMEA Base Oil Price Report

Base oil markets in Europe, the Middle East and Africa have been relatively quiet over the last week, due mainly to the holiday period being in full swing, leading to little price movement across all grades.

Further API Group I supply limitations have stemmed from a strike at a refinery in Northwestern Europe. Production has stopped at the plant and no base oils are being loaded. Suppliers with spare capacity and the ability to respond promptly to demand have helped to fill the market gap. read more

BRENT Crude Technical Snap (Daily)

Pivot: 59.15 Our preference: long positions above 59.15 with targets at 60.35 & 60.90 in extension. Alternative scenario: below 59.15 look for further downside with 58.70 & 58.30 as targets. Comment: the RSI is mixed to bullish.

Today’s Economic Events

07:00 GE JUL Producer Price Index (MoM) exp: 0% prev: -0.4%

U.S. indices closed higher on Monday as Treasury yields rebounded, calming fears of a possible recession. Shares in the Semiconductors & Semiconductor Equipment (+2.23%), Energy (+2.14%) and Technology Hardware & Equipment (+2%) sectors helped push the market higher. The S&P 500 (2,923.65) trades below its 20d moving average (2,936.55 – negative slope) and below its 50d moving average (2,945.80 – flat slope).

European markets are expected to start on a flat note.

Foreign Exchange read more