Author: Specialist

Today’s Economic Events

US JUN Total Vehicule Sales (M) exp: NA prev: 17.3
07:00 GE MAY Retail Sales (MoM) exp: 0.5% prev: -1%
07:45 FR MAY Central Govt. Balance (B EUR) exp: NA prev: -67.2
10:00 EC MAY Euro-Zone: PPI (MoM) exp: NA prev: -0.3%

U.S. indices closed higher on Monday with the S&P500 posting a record high lifted by shares in the Semiconductors & Semiconductor Equipment (+2.13%), Technology Hardware & Equipment (+1.49%) and Insurance (+1.32%) sectors. On the economic data front, construction spending fell 0.8% MoM in May (expected to be flat). The ISM Manufacturing PMI dropped to 50.6 in June (vs. 51.0 expected) from 52.1 in May. Also, the final readings of June Markit U.S. Manufacturing PMI posted 50.6 (vs. 50.1 previously estimated). The S&P 500 (2,964.33) stays above its 20d moving average (2,901.16 – positive slope) and its 50d moving average (2,881.90 – positive slope).

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

BRENT Crude Technical Snap (Daily)

Pivot: 65.55 Our preference: long positions above 65.55 with targets at 67.20 & 67.60 in extension. Alternative scenario: below 65.55 look for further downside with 65.20 & 64.85 as targets. Comment: the RSI shows upside momentum.

Today’s Economic Events

08:50 FR JUN F Markit Manufacturing PMI exp: 52 prev: 52
08:55 GE JUN Unemployment Change (k) exp: 0.2 prev: 60
08:55 GE JUN Unemployment Rate exp: 5% prev: 5%
09:00 EU JUN F Markit Manufacturing exp: 47.8 prev: 47.8
09:30 UK MAY M4 Money Supply (MoM) exp: NA prev: 0.9%
10:00 EC MAY Euro-Zone: Unemployment Rate exp: 7.6% prev: 7.6%
14:45 US JUN F Markit Manufacturing PMI exp: NA prev: 50.1
15:00 US JUN ISM – Manufacturing exp: 51.4 prev: 52.1
15:00 US JUN ISM – Price Paid exp: NA prev: 53.2
15:00 US MAY Construction Spending (MoM) exp: 0% prev: 0% read more

U.S. indices closed higher boosted by shares in the Banks (+2.37%), Transportation (+1.41%) and Energy (+1.19%) sectors. On the economic data front, personal income increased by 0.5% MoM in May (vs. +0.3% expected) and personal spending rose 0.4% (vs. +0.5% expected). The MNI Chicago PMI dropped to 49.7 in June (vs. 53.5 expected) from 54.2 May. Also, the University of Michigan Sentiment index was confirmed at 98.2 in June (vs. 97.9 expected). The S&P 500 (2,941.76) stays above its 20d moving average (2,890.17 – positive slope) and its 50d moving average (2,880.71 – flat slope).

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

BRENT Crude Technical Snap (Daily)

Pivot: 65.75 Our preference: short positions below 65.75 with targets at 64.85 & 64.60 in extension. Alternative scenario: above 65.75 look for further upside with 66.00 & 66.35 as targets. Comment: as long as 65.75 is resistance, look for choppy price action with a bearish bias.

Today’s Economic Events

07:00 GE MAY Import Prices (MoM) exp: -0.1% prev: 0.3%
07:45 FR JUN P Consumer Price Index (MoM) exp: 0% prev: 0.1%
07:45 FR JUN P CPI – EU Harmonised (MoM) exp: 0% prev: 0.1%
07:45 FR MAY Households Consumption (MoM) exp: 0.3% prev: 0.8%
07:45 FR MAY Producer Price Index (MoM) exp: NA prev: -0.6%
09:30 UK 1Q Current Account (B GBP) exp: -32.2 prev: -23.7
09:30 UK 1Q F GDP (QoQ) exp: 0.5% prev: 0.5%
13:30 US MAY Personal Income exp: 0.3% prev: 0.5%
13:30 US MAY Personal Spending exp: 0.5% prev: 0.3%
14:45 US JUN Chicago Purchasing Manager Index exp: 53.6 prev: 54.2
15:00 US JUN F U. of Michigan Confidence exp: 98.1 prev: 97.9 read more

U.S. indices closed mixed on Thursday. Shares in the Financial (+0.92%), Real Estate (+0.73%) and Health Care (+0.62%) sectors climbed higher while shares in the Energy sector traded lower. On the economic data front, the final readings of U.S. 1Q GDP growth was confirmed at an annualized rate of 3.1% QoQ (vs +3.2% expected, +3.1% in the second estimate). Also, initial jobless claims for the week ended June 22 rose to 227K (vs 220K expected) from 217K in the prior week and continuing claims for the week ended June 15 increased to 1.688M (vs 1.665M expected) from 1.666M in the previous week. Meanwhile, pending home sales grew 1.1% MoM in May (vs +1.0% expected). The S&P 500 (2,924.92) stays above its 20d moving average (2,880.68 – positive slope) and its 50d moving average (2,879.89 – flat slope).

European markets are expected to starton a flat note. read more

BRENT Crude Technical Snap (Daily)

Pivot: 65.75 Our preference: long positions above 65.75 with targets at 66.85 & 67.10 in extension. Alternative scenario: below 65.75 look for further downside with 65.45 & 64.95 as targets. Comment: a support base at 65.75 has formed and has allowed for a temporary stabilisation.

Today’s Economic Events

10:00 EC JUN Business Climate Indicator exp: 0.27 prev: 0.3
10:00 EC JUN Euro-Zone: Economic Confidence exp: 104.8 prev: 105.1
10:00 EC JUN Euro-zone: Industrial Confidence exp: -3.2 prev: -2.9
10:00 EC JUN F Euro-Zone: Consumer Confidence exp: -7.2 prev: -7.2
13:00 GE JUN P Consumer Price Index (MoM) exp: 0.2% prev: 0.2%
13:00 GE JUN P CPI – EU Harmonised (MoM) exp: 0.1% prev: 0.3%
13:30 US 1Q T GDP (QoQ) exp: 3.2% prev: 3.1%
13:30 US 1Q T GDP Price (QoQ) exp: 0.8% prev: 0.8%
13:30 US 1Q T Personal Consumption exp: 1.3% prev: 1.3%
13:30 US W24 Initial Jobless Claims (k) exp: 219 prev: 216 read more