Author: Specialist

Today’s Economic Events

09:00 GE MAR IFO – Business Climate exp: 98.6 prev: 98.5
09:00 GE MAR IFO – Current Assessment exp: 103 prev: 103.4
09:00 GE MAR IFO – Expectations exp: 94.1 prev: 93.8

U.S. indices closed lower on Friday on fears of an inverted yield curve, pressured by shares in the Consumer Durables & Apparel (-3.96%), Banks (-3.68%) and Materials (-2.99%) sectors. On the economic data front, the Markit U.S. manufacturing PMI declined to 52.5 in a preliminary estimate in March (estimated 53.5) from 53.0 a month earlier and services PMI decreased to 54.8 (forecasted 55.5) from 56.0 a month earlier. In other news, wholesale inventories advanced by 1.2% MoM in January (expected 0.1%, +1.1% in December). Also, existing home sales jumped 11.8% MoM in February to 5.51M units (estimated 5.10M) from 4.93M in the previous month. Finally, the monthly budget posted its biggest monthly deficit on record at $234B in February (forecasted $227B) vs. $215B in January. The S&P 500 (2,800.71) stays above both its 20d moving average (2,798.93 – flat slope) and 50d moving average (2,734.21 – positive slope).

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

BRENT Crude Technical Snap (Daily)

Pivot: 68.20 Our preference: short positions below 68.20 with targets at 67.25 & 66.70 in extension. Alternative scenario: above 68.20 look for further upside with 68.70 & 69.40 as targets. Comment: the RSI is mixed to bearish.

Today’s Economic Events

07:45 FR 4Q F Wages (QoQ) exp: NA prev: 0.2%
08:15 FR MAR P Markit Composite PMI exp: 50.8 prev: 50.4
08:15 FR MAR P Markit Manufacturing PMI exp: 51.4 prev: 51.5
08:15 FR MAR P Markit Services PMI exp: 50.7 prev: 50.2
09:00 EU MAR P Markit Composite PMI exp: 52 prev: 51.9
09:00 EU MAR P Markit Manufacturing exp: 49.5 prev: 49.3
09:00 EU MAR P Markit Services PMI exp: 52.7 prev: 52.8
13:45 US MAR P Markit Composite PMI exp: NA prev: 55.5
13:45 US MAR P Markit Manufacturing PMI exp: 53.3 prev: 53
13:45 US MAR P Markit Services PMI exp: 55.7 prev: 56
14:00 US FEB Existing Home Sales (M) exp: 5.1 prev: 4.9
14:00 US JAN Wholesale Inventories exp: 0.1% prev: 1.1%
18:00 US FEB Monthly Budget Satement (B USD) exp: -228 prev: 9 read more

U.S. indices closed higher on Thursday, led by shares in the Semiconductors & Semiconductor Equipment (+3.13%), Technology Hardware & Equipment (+3.01%) and Software & Services (+1.98%) sectors. On the economic data front, initial jobless claims declined to 221K in week ended March 16 (estimated 225K) from 230K in the previous week and continuing claims decreased to 1.75M in week ended March 9 (expected 1.77M) from 1.777M a week earlier. Also, the Philadelphia Federal Business Outlook Index jumped to 13.7 in March (forecasted 4.8) from -4.1 in February. Finally, the Leading Index rose 0.2% MoM in February (expected +0.1%). The S&P 500 (2,854.88) stays above both its 20d moving average (2,798.52 – positive slope) and 50d moving average (2,729.89 – positive slope).

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

BRENT Crude Technical Snap (Daily)

Pivot: 67.85 Our preference: long positions above 67.85 with targets at 69.40 & 69.70 in extension. Alternative scenario: below 67.85 look for further downside with 67.10 & 66.70 as targets. Comment: the RSI advocates for further upside. The rising 20-period moving average should push the prices higher.

Today’s Economic Events

09:30 UK FEB Public Finances (PSNCR) (B GBP) exp: NA prev: -25.4
09:30 UK FEB Public Sector Net Borrowing (B GBP) exp: -0.6 prev: -15.8
09:30 UK FEB Retail Sales (MoM) exp: -0.5% prev: 1.2%
12:00 UK BoE: Rates decision exp: 0.75% prev: 0.75%
12:30 US MAR Philadelphia Fed. exp: 4.5 prev: -4.1
12:30 US W10 Initial Jobless Claims (k) exp: 225 prev: 229
14:00 US FEB Leading Indicators exp: 0.1% prev: 0%
15:00 EC MAR A Euro-Zone: Consumer Confidence exp: -7.1 prev: -7.4

U.S. indices closed mixed on Wednesday. Shares in the Automobiles & Components (-2.87%), Banks (-2.72%) and Insurance (-1.66%) sectors ended in the red zone while shares in the Media (+1.48%), Retailing (+1.07%) and Energy (+0.89%) sectors gained traction. In other news, the U.S. Federal Reserve decided to maintain the federal funds rate at a range of 2.25%-2.50% and lowered its median forecast of future rates to 2.375% from 2.875% for 2019, implying that interest rate would stay unchanged rather than increasing it twice. Also, 2020 median rate forecast was trimmed to 2.625% from 3.125%. The S&P 500 (2,834.23) stays above both its 20d moving average (2,794.52 – positive slope) and 50d moving average (2,724.28 – positive slope).

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

BRENT Crude Technical Snap (Daily)

Pivot: 67.15 Our preference: long positions above 67.15 with targets at 68.20 & 68.45 in extension. Alternative scenario: below 67.15 look for further downside with 66.75 & 66.50 as targets. Comment: a support base at 67.15 has formed and has allowed for a temporary stabilisation.

Today’s Economic Events

07:00 GE FEB Producer Price Index (MoM) exp: 0.2% prev: 0.4%
09:30 UK FEB CPI – EU Harmonised (MoM) exp: 0.5% prev: -0.8%
09:30 UK FEB PPI – Input (MoM) exp: 0.6% prev: -0.1%
09:30 UK FEB PPI – Output (MoM) exp: 0.1% prev: 0%
14:30 US W10 Crude Oil Inventories (WoW chg) exp: NA prev: -3862
18:00 US Fed: Rates decision exp: 2.5% prev: 2.5%