Author: Specialist

US indices closed higher on Wednesday as the Nasdaq reached its highest level since October 2018. Shares in the Automobiles & Components (+1.23%), Semiconductors & Semiconductor Equipment (+0.88%) and Consumer Durables & Apparel (+0.86%) sectors gained a bit of strength. On the economic data front, mortgage applications declined by 5.6% in week ended April 5th from a jump of 18.6% in the previous week. CPI improved by 0.4% MoM in March, as expected, vs. 0.2% in February and increased by 1.9% YoY in March (forecasted 1.8%) compared to 1.5% a month earlier. In other news, the monthly deficit improved to $146.9B in March (expected $181B) from $208.7B in the prior month. The S&P 500 (2,888.21) stays above both its 20d moving average (2,844.52 – positive slope) and 50d moving average (2,793.07 – positive slope).

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

BRENT Crude Technical Snap (Daily)

Pivot: 70.95 Our preference: short positions below 70.95 with targets at 70.30 & 70.00 in extension. Alternative scenario: above 70.95 look for further upside with 71.30 & 71.60 as targets. Comment: as long as 70.95 is resistance, expect a return to 70.30.

Today’s Economic Events

09:30 UK FEB Industrial Production (MoM) exp: 0% prev: 0.6%
09:30 UK FEB Manufacturing Production (MoM) exp: 0.2% prev: 0.8%
09:30 UK FEB Trade Balance in Goods (M GBP) exp: -12952 prev: -13084
09:30 UK FEB Trade Balance Non EU (M GBP) exp: -6034 prev: -4977
12:45 EC ECB: Rates decision exp: 0% prev: 0%
13:30 US MAR Consumer Price Index (MoM) exp: 0.3% prev: 0.2%
13:30 US MAR CPI – Ex Food & Energy (MoM) exp: 0.2% prev: 0.1%
15:30 US W13 Crude Oil Inventories (WoW chg) exp: NA prev: 7238
19:00 US MAR 20 Minutes FOMC Meeting exp: prev: 
19:00 US MAR Monthly Budget Satement (B USD) exp: NA prev: -234 read more

U.S. indices closed lower on Tuesday, pressured by shares in the Capital Goods (-1.61%), Telecommunication Services (-1.59%) and Energy (-1.28%) sectors. On the economic data front, the NFIB small business optimism index rose to 101.8 in March (estimated 102.0) from 101.7 in February. The S&P 500 (2,878.20) stays above both its 20d moving average (2,840.66 – positive slope) and 50d moving average (2,788.10 – positive slope).

European markets are expected to start on a flat note.

Foreign Exchange read more

API Group II and III base oils continued facing downward pricing pressure the past week across Europe, the Middle East and Africa, thanks to wide availability and competition between suppliers. European Group I exports appear a little more balanced with supplies tightening for some grades, and opportunities arising in export destinations, but prices within Europe prices declined.

Market share seems to be the pressing priority at the moment with Group l, II and III suppliers all aggressively defended positions and customer bases. read more

BRENT Crude Technical Snap (Daily)

Pivot: 70.50 Our preference: long positions above 70.50 with targets at 71.60 & 71.95 in extension. Alternative scenario: below 70.50 look for further downside with 70.00 & 69.50 as targets. Comment: the RSI is bullish and calls for further advance.

Today’s Economic Events

No major economic report scheduled.

U.S. indices closed mixed on Monday. Shares in the Utilities (-0.73%), Capital Goods (-0.66%) and Real Estate (-0.51%) sectors were under pressure while shares in the Technology Hardware & Equipment (+1.17%), Household & Personal Products (+0.76%) and Automobiles & Components (+0.68%) sectors ended in the green zone. On the economic data front, factory orders declined 0.5% MoM in February, in-line with estimates. Also, final readings of February durable goods orders was confirmed at -1.6% MoM (as expected and previously estimated). The S&P 500 (2,895.77) stays above both its 20d moving average (2,836.32 – positive slope) and 50d moving average (2,783.42 – positive slope).

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

BRENT Crude Technical Snap (Daily)

Pivot: 70.00 Our preference: long positions above 70.00 with targets at 71.30 & 71.95 in extension. Alternative scenario: below 70.00 look for further downside with 69.50 & 69.05 as targets. Comment: the break above the resistance at 70.00 triggered an upward acceleration to 71.30.

Today’s Economic Events

07:00 GE FEB Current Account (B EUR) exp: NA prev: 18.3
07:00 GE FEB Exports (MoM) exp: -0.3% prev: 0.1%
07:00 GE FEB Imports (MoM) exp: NA prev: 1.4%
07:00 GE FEB Trade Balance (B EUR) exp: 16.5 prev: 14.6
15:00 US FEB F Durable Goods Ex Transportation exp: NA prev: 0.1%
15:00 US FEB F Durable Goods Orders exp: NA prev: -1.6%
15:00 US FEB Factory Orders exp: -0.6% prev: 0.1%