Real time trading in Polymers, Base Oils, TiO2 and Nanomaterials
Today’s Economic Events
09:30 UK APR Industrial Production (MoM) exp: -0.9% prev: 0.7%
09:30 UK APR Manufacturing Production (MoM) exp: -1.1% prev: 0.9%
09:30 UK APR Trade Balance in Goods (M GBP) exp: -12808 prev: -13650
09:30 UK APR Trade Balance Non EU (M GBP) exp: -4390 prev: -4361
US indices closed higher on Friday, led by shares in the Software & Services (+2.06%), Technology Hardware & Equipment (+2.02%) and Retailing (+1.8%) sectors. On the economic data front, change in nonfarm payrolls fell to 75k in May (estimated 175k) from 224k in the previous month. The unemployment rate remained unchanged MoM at 3.6%, as expected. In other news, wholesale inventories improved by 0.8% in April (forecasted 0.7%) vs. a decline of 0.1% in March. The S&P 500 (2,873.34) stays above its 20d moving average (2,827.03 – flat slope) and crosses above its 50d moving average (2,870.48 – flat slope).
European markets are expected to start on a positive note.
BRENT Crude Technical Snap (Daily)
| Pivot: 61.85 Our preference: long positions above 61.85 with targets at 62.80 & 63.40 in extension. Alternative scenario: below 61.85 look for further downside with 61.40 & 60.65 as targets. Comment: the RSI is bullish and calls for further advance |
Today’s Economic Events
US MAY Average Hourly Earnings (MoM) exp: NA prev: 0.3%
US MAY Average Weekly Hours exp: NA prev: 33.7
07:00 GE APR Current Account (B EUR) exp: NA prev: 30.2
07:00 GE APR Exports (MoM) exp: -1.1% prev: 1.6%
07:00 GE APR Imports (MoM) exp: -0.3% prev: 0.6%
07:00 GE APR Industrial Production (MoM) exp: -0.7% prev: 0.5%
07:00 GE APR Trade Balance (B EUR) exp: 19.6 prev: 22.6
07:45 FR APR Trade Balance (M) exp: NA prev: -5324
13:30 US MAY Change in Manufact. Payrolls (k) exp: 4 prev: 4
13:30 US MAY Change in Nonfarm Payrolls (k) exp: 170 prev: 263
13:30 US MAY Unemployment Rate exp: 3.6% prev: 3.6%
15:00 US APR F Wholesale Inventories exp: 0.5% prev: 0.7%
20:00 US APR Consumer Credit (B USD) exp: 13.4 prev: 10.3
US indices closed mixed on Thursday as the U.S. is considering delaying the tariffs on Mexico. Shares in the Transportation (-0.78%), Automobiles & Components (-0.71%) and Consumer Durables & Apparel (-0.27%) sectors ended in the negative zone while shares in the Energy (+1.74%), Semiconductors & Semiconductor Equipment (+1.47%) and Consumer Services (+1.26%) sectors closed higher. On the economic data front, the trade deficit grew slightly to $50.8B in April (estimated $50.7B) from $50B in the previous month. Initial Jobless Claims increased to 218K for week ended June 1, above estimates of 215K, from 215K in the previous week. Moreover continuing claims reached 1.682M for week ended May 25 (estimated 1.66M) from 1.657M in the previous week. Lastly, the Bloomberg Consumer Comfort index edged up to 61.7 in the week ended June 2 compared with 60.8 in the previous week.
The S&P 500 (2,843.49) has returned to levels above its 20d moving average (2,826.90 – flat slope), but is still below its 50d moving average (2,869.12 – flat slope).
European markets are expected to start on a positive note.
BRENT Crude Technical Snap (Daily)
| Pivot: 61.30 Our preference: short positions below 61.30 with targets at 60.30 & 59.45 in extension. Alternative scenario: above 61.30 look for further upside with 61.75 & 62.25 as targets. Comment: the RSI is below its neutrality area at 50% |
Today’s Economic Events
10:00 EC 1Q F Euro-Zone: GDP (QoQ) exp: 0.4% prev: 0.4%
12:45 EC ECB: Rates decision exp: 0% prev: 0%
13:30 US 1Q F Nonfarm Productivity exp: 3.5% prev: 3.6%
13:30 US 1Q F Unit Labor Costs exp: -1% prev: -0.9%
13:30 US APR Trade Balance (B USD) exp: -50.3 prev: -50
13:30 US W21 Initial Jobless Claims (k) exp: 216 prev: 215
US indices closed mixed on Wednesday. Shares in the Energy (-1.08%), Semiconductors & Semiconductor Equipment (-0.68%) and Media (-0.09%) sectors were under pressure while shares in the Real Estate (+2.33%), Utilities (+2.14%) and Software & Services (+1.85%) sectors gained traction. On the economic data front, MBA mortgage applications improved by 1.5% in week ended May 31st from a decline of 3.3% in the previous week. The ADP employment change dropped to 27k in May (forecasted 185k) from 271k in the previous month. In other news, Markit US services PMI reached 50.9 in May (as expected) vs. 53 in April while Markit US composite PMI reached 50.9 in May vs. 53 a month earlier. Also, the ISM non-manufacturing index increased to 56.9 in May (estimated 55.4) from 55.5 in the prior month. Finally, the Federal Reserve released their Beige Book stating that between April through mid-May “almost all districts reported some growth, and a few saw moderate gains in activity”. Nationwide employment continued to improve and the outlook for the coming months was “solidly positive”.
The S&P 500 (2,826.15) stays below both its 20d moving average (2,828.70 – negative slope) and 50d moving average (2,868.62 – flat slope).
European markets are expected to open on a positive note.
BRENT Crude Technical Snap (Daily)
| Pivot: 61.10 Our preference: long positions above 61.10 with targets at 62.10 & 62.80 in extension. Alternative scenario: below 61.10 look for further downside with 60.65 & 60.25 as targets. Comment: the RSI is above its neutrality area at 50%. |
Today’s Economic Events
08:50 FR MAY F Markit Composite PMI exp: 51.1 prev: 51.3
08:50 FR MAY F Markit Services PMI exp: 51.7 prev: 51.7
09:00 EU MAY F Markit Composite PMI exp: 51.6 prev: 51.6
09:00 EU MAY F Markit Services PMI exp: 52.5 prev: 52.5
10:00 EC APR Euro-Zone: PPI (MoM) exp: 0.2% prev: -0.1%
10:00 EC APR Euro-Zone: Retail Trade (MoM) exp: -0.4% prev: 0%
13:15 US MAY ADP Employment Report (k) exp: 187 prev: 275
14:45 US MAY F Markit Composite PMI exp: NA prev: 50.9
14:45 US MAY F Markit Services PMI exp: 50.8 prev: 50.9
15:00 US MAY ISM – Non Manufacturing exp: 55.4 prev: 55.5
15:30 US W21 Crude Oil Inventories (WoW chg) exp: -1344 prev: -282