Author: Specialist

Today’s Economic Events

No major economic report scheduled.

U.S. indices closed lower on Monday pressure by shares in the Technology Hardware & Equipment (-2.65%), Semiconductors & Semiconductor Equipment (-1.6%) and Energy (-1.35%) sectors. On the economic data front, the ISM Non-Manufacturing Index dropped to 53.7 in July (vs. 55.5 estimated) from 55.1 in June. Also, the final readings of July Markit U.S. Services PMI posted 53.0 in July (vs. 52.2 expected and preliminary). The S&P 500 (2,844.74) trades below its 20d moving average (2,987.27 – negative slope) and breaks below its 50d moving average (2,928.01 – flat slope).

European markets are expected to start on a negative note. read more

BRENT Crude Technical Snap (Daily)

Pivot: 61.90 Our preference: short positions below 61.90 with targets at 60.50 & 60.00 in extension. Alternative scenario: above 61.90 look for further upside with 62.50 & 62.95 as targets. Comment: the RSI is mixed to bearish.

Today’s Economic Events

08:50 FR JUL F Markit Composite PMI exp: 51.7 prev: 51.7
08:50 FR JUL F Markit Services PMI exp: 52.2 prev: 52.2
09:00 EU JUL F Markit Composite PMI exp: 51.5 prev: 51.5
09:00 EU JUL F Markit Services PMI exp: 53.3 prev: 53.3
14:45 US JUL F Markit Composite PMI exp: NA prev: 51.6
14:45 US JUL F Markit Services PMI exp: NA prev: 52.2
15:00 US JUL ISM – Non Manufacturing exp: 55.8 prev: 55.1

U.S. indices closed down for the 4th time this week despite a positive opening reversing down on President Trump trade tariffs announcement. Banks (-3.4%), Consumer Durables & Apparel (-3.2%), Transportation (-2.55%) sectors fell sharply. President Trump tweeted: “We thought we had a deal with China three months ago, but sadly, China decided to re-negotiate the deal prior to signing. More recently, China agreed to buy agricultural product from the U.S. in large quantities, but did not do so. (…) U.S. will start, on September 1st, putting a small additional Tariff of 10% on the remaining $300B of goods and products coming from China.” The S&P 500 (2,932.05) trades below its 20d moving average (2,993.83 – negative slope) but stays above its 50d moving average (2,927.56 – positive slope).

European markets are expected to start on a negative note. read more

BRENT Crude Technical Snap (Daily)

Pivot: 61.20 Our preference: long positions above 61.20 with targets at 62.85 & 63.30 in extension. Alternative scenario: below 61.20 look for further downside with 60.50 & 60.00 as targets. Comment: the RSI calls for a rebound.

Today’s Economic Events

US JUL Average Hourly Earnings (MoM) exp: NA prev: 0.2%
US JUL Average Weekly Hours exp: NA prev: 33.6
10:00 EC JUN Euro-Zone: PPI (MoM) exp: -0.3% prev: -0.1%
10:00 EC JUN Euro-Zone: Retail Trade (MoM) exp: 0.2% prev: -0.3%
13:30 US JUL Change in Manufact. Payrolls (k) exp: 7 prev: 17
13:30 US JUL Change in Nonfarm Payrolls (k) exp: 160 prev: 224
13:30 US JUL Unemployment Rate exp: 3.7% prev: 3.7%
13:30 US JUN Trade Balance (B USD) exp: -54.7 prev: -55.5
15:00 US JUL F U. of Michigan Confidence exp: 98.3 prev: 98.4
15:00 US JUN F Durable Goods Ex Transportation exp: NA prev: 1.2%
15:00 US JUN F Durable Goods Orders exp: NA prev: 2%
15:00 US JUN Factory Orders exp: 0.7% prev: -0.7% read more

U.S. indices closed down for the 4th time this week despite a positive opening reversing down on President Trump trade tariffs announcement. Banks (-3.4%), Consumer Durables & Apparel (-3.2%), Transportation (-2.55%) sectors fell sharply. President Trump tweeted: “We thought we had a deal with China three months ago, but sadly, China decided to re-negotiate the deal prior to signing. More recently, China agreed to buy agricultural product from the U.S. in large quantities, but did not do so. (…) U.S. will start, on September 1st, putting a small additional Tariff of 10% on the remaining $300B of goods and products coming from China.” The S&P 500 (2,953.56) trades below its 20d moving average (2,996.75 – negative slope) but stays above its 50d moving average (2,926.05 – positive slope).

European markets are expected to start on a negative note. read more

BRENT Crude Technical Snap (Daily)

Pivot: 64.80 Our preference: short positions below 64.80 with targets at 63.90 & 63.35 in extension. Alternative scenario: above 64.80 look for further upside with 65.25 & 65.75 as targets. Comment: even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.

Today’s Economic Events

US JUL Total Vehicule Sales (M) exp: 16.9 prev: 17.3
08:50 FR JUL F Markit Manufacturing PMI exp: 50 prev: 50
09:00 EU JUL F Markit Manufacturing exp: 46.4 prev: 46.4
12:00 UK BoE: Rates decision exp: 0.75% prev: 0.75%
13:30 US W29 Initial Jobless Claims (k) exp: 214 prev: 206
14:45 US JUL F Markit Manufacturing PMI exp: 50.4 prev: 50
15:00 US JUL ISM – Manufacturing exp: 52 prev: 51.7
15:00 US JUL ISM – Price Paid exp: 49 prev: 47.9
15:00 US JUN Construction Spending (MoM) exp: 0.3% prev: -0.8% read more