Author: Specialist

Today’s Economic Events

10:00 EC APR Business Climate Indicator exp: 0.51 prev: 0.53
10:00 EC APR Euro-Zone: Economic Confidence exp: 105.1 prev: 105.5
10:00 EC APR Euro-zone: Industrial Confidence exp: -2.1 prev: -1.7
10:00 EC APR F Euro-Zone: Consumer Confidence exp: -7.8 prev: -7.9
13:30 US MAR Personal Income exp: 0.4% prev: 0.2%
13:30 US MAR Personal Spending exp: 0.7% prev: 0.1%

U.S. indices closed higher to finish the week on Friday as the S&P500 reached a record close. Shares in the Automobiles & Components (+4.22%), Household & Personal Products (+2.34%) and Health Care Equipment & Services (+1.39%) sectors gained traction. On the economic data front, annualized GDP advanced by 3.2% QoQ in 1Q (estimated +2.3%, +2.2% in 4Q). In other news, the University of Michigan sentiment index rose to 97.2 in April (expected 97) from 96.9 in March. The S&P 500 (2,939.88) stays above both its 20d moving average (2,896.27 – positive slope) and 50d moving average (2,835.90 – positive slope).

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

BRENT Crude Technical Snap (Daily)

Pivot: 74.25 Our preference: long positions above 74.25 with targets at 75.40 & 75.80 in extension. Alternative scenario: below 74.25 look for further downside with 74.00 & 73.60 as targets. Comment: the RSI is bullish and calls for further advance.

Today’s Economic Events

13:30 US MAR P Durable Goods Ex Transportation exp: 0.3% prev: -0.1%
13:30 US MAR P Durable Goods Orders exp: 0.9% prev: -1.6%
13:30 US W15 Initial Jobless Claims (k) exp: 203 prev: 192

U.S. indices closed mixed on Wednesday. Shares in the Telecommunication Services (-2.1%), Energy (-1.85%) and Commercial & Professional Services (-0.65%) sectors closed on a negative note while shares in the Consumer Durables & Apparel (+0.82%), Real Estate (+0.77%) and Food & Staples Retailing (+0.58%) sectors gained a bit of strength. The S&P 500 (2,927.25) stays above both its 20d moving average (2,884.00 – positive slope) and 50d moving average (2,828.53 – positive slope).

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

BRENT Crude Technical Snap (Daily)

Pivot: 74.00 Our preference: long positions above 74.00 with targets at 74.50 & 74.70 in extension. Alternative scenario: below 74.00 look for further downside with 73.55 & 72.90 as targets. Comment: the RSI is mixed and calls for caution.

Today’s Economic Events

GE MAR Import Prices (MoM) exp: 0.4% prev: 0.3%
07:45 FR APR Business Confidence Indicator exp: 101.9 prev: 102
07:45 FR APR Production Outlook Indicator exp: NA prev: -1
09:00 GE APR IFO – Business Climate exp: 99.7 prev: 99.6
09:00 GE APR IFO – Current Assessment exp: 103.5 prev: 103.8
09:00 GE APR IFO – Expectations exp: 96.1 prev: 95.6
09:30 UK MAR Public Finances (PSNCR) (B GBP) exp: NA prev: 0.6
09:30 UK MAR Public Sector Net Borrowing (B GBP) exp: -0.8 prev: -0.7
15:30 US W15 Crude Oil Inventories (WoW chg) exp: NA prev: -1396 read more

U.S. indices closed higher on Tuesday with the S&P 500 and Nasdaq achieving record closing highs, lifted by shares in the Health Care Equipment & Services (+2.03%), Retailing (+1.49%) and Media (+1.3%) sectors. On the economic data front, New home sales increased 4.5% MoM to an annualized 692K in March (vs 649K expected, 662K in February). The S&P 500 (2,933.68) stays above both its 20d moving average (2,878.57 – positive slope) and 50d moving average (2,824.18 – positive slope).

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

The Easter holidays intruded on base oil markets this week, as many buyers and sellers vacated their desks to leave business transacting at a slower pace than normal. Most prices in Europe, the Middle East and Africa remained static.

API Group I oils are more or less where they were a week ago, while Group II prices weakened further and a further influx of Group III to Europe put supply clearly above demand.

Crude and feedstock levels moved higher this week, potentially creating further problems for API Group I suppliers since margins have already been squeezed nearly to nothing. read more

BRENT Crude Technical Snap (Daily)

Pivot: 73.55 Our preference: long positions above 73.55 with targets at 75.20 & 75.60 in extension. Alternative scenario: below 73.55 look for further downside with 72.90 & 72.30 as targets. Comment: the RSI lacks downward momentum.