Author: Specialist

Today’s Economic Events

07:00 GE OCT Current Account (B EUR) exp: NA prev: 21.1
07:00 GE OCT Exports (MoM) exp: 0.5% prev: -0.7%
07:00 GE OCT Imports (MoM) exp: 0.6% prev: -0.1%
07:00 GE OCT Trade Balance (B EUR) exp: 17.4 prev: 18.3
09:30 UK OCT Industrial Production (MoM) exp: 0% prev: 0%
09:30 UK OCT Manufacturing Production (MoM) exp: -0.1% prev: 0.2%
09:30 UK OCT Trade Balance in Goods (M GBP) exp: -10521 prev: -9731
09:30 UK OCT Trade Balance Non EU (M GBP) exp: -3228 prev: -2343

General Market Comment

US indices dropped lower to finish the week on Friday, pressured by shares in the Semiconductors & Semiconductor Equipment (-3.95%), Technology Hardware & Equipment (-3.69%) and Transportation (-3.68%) sectors. On the economic data front, change in nonfarm payrolls decreased to 155k in November (estimated 198k) from 237k in October while change in manufacturing payrolls added 27k jobs in November (forecasted 18k) vs. 26k a month earlier. In other news, the unemployment rate remained unchanged MoM at 3.7% in November, in-line with estimates. Wholesale inventories improved by 0.8% MoM in October (expected 0.7%) from 0.4% in September. Finally, the University of Michigan sentiment index remained unchanged MoM in a preliminary estimate of 97.5 in December (estimated 97). The S&P 500 (2,633.08) remains below its 20d moving average (2,711.81 – negative slope) and 50d moving average (2,758.02 – negative slope). read more

Commodity Closing – Europe/Oil-Gas Majors 07.12.18

NEW YORK – Oil prices jumped more than 4 percent on Friday as Saudi Arabia and other producers in OPEC, as well as allies like Russia agreed to reduce output to drain global fuel inventories and support the market.

Today’s Economic Events

US NOV Average Hourly Earnings (MoM) exp: NA prev: 0.3%
US NOV Average Weekly Hours exp: NA prev: 33.7
07:00 GE OCT Industrial Production (MoM) exp: 0.2% prev: 0.2%
07:45 FR OCT Trade Balance (M) exp: -5779 prev: -5663
10:00 EC 3Q F Euro-Zone: GDP (QoQ) exp: 0.21% prev: 0.2%
13:30 US NOV Change in Manufact. Payrolls (k) exp: 16 prev: 32
13:30 US NOV Change in Nonfarm Payrolls (k) exp: 196 prev: 250
13:30 US NOV Unemployment Rate exp: 3.7% prev: 3.7%
15:00 US DEC P U. of Michigan Confidence exp: 97 prev: 97.5
15:00 US OCT F Wholesale Inventories exp: 0.6% prev: 0.7%
20:00 US OCT Consumer Credit (B USD) exp: 14.7 prev: 10.9 read more

General Market Comment

U.S. indices closed mixed on Thursday as the Dow reversed its triple-digit loss to finish almost flat. Shares in the Automobiles & Components (-2.22%), Banks (-1.87%) and Energy (-1.77%) sectors closed lower while shares in the Real Estate (+2.66%), Media (+1.43%) and Retailing (+0.94%) sectors gained momentum. On the economic data front, ADP private jobs growth slowed to 179K in November (estimated +195K) from 225K in October. Initial jobless claims fell to 231K in week ended December 1st (forecast 225K) from 235K in the prior week. Continuing claims declined to 1.631M in week ended November 24th (expected 1.69M) from 1.71M a week earlier. Also, final readings of Markit U.S. services PMI posted at 54.7 in November (vs 54.4 previously estimated, 54.8 in October). The ISM non-manufacturing index advanced to 60.7 in November (forecast 59.0) compared to 60.3 in October. Finally, factory orders decreased by 2.1% MoM in October (expected -2.0%). Final readings of durable goods orders fell 4.3% MoM in October (estimated -2.4%, preliminary -4.4%). The S&P 500 (2,795.95) remains below its 20d moving average (2,720.85 – negative slope) and 50d moving average (2,763.48 – negative slope). read more

Commodity Closing – Europe/Oil-Gas Majors 06.12.18

NEW YORK – Oil fell more than 4 percent in choppy trading on Thursday after OPEC and allied exporting countries ended a meeting without announcing a decision to cut crude output, and prepared to debate the matter the next day.  U.S. crude oil stockpiles fell last week due to a surge in exports, as the country became a net exporter of crude oil and products for the first time, underscoring the nation’s growing prowess as a global supplier of oil and refined products. read more

Today’s Economic Events

13:15 US NOV ADP Employment Report (k) exp: 195 prev: 227
13:30 US 3Q F Nonfarm Productivity exp: 2.3% prev: 2.2%
13:30 US 3Q F Unit Labor Costs exp: 1% prev: 1.2%
13:30 US OCT Trade Balance (B USD) exp: -54.7 prev: -54
13:30 US W47 Initial Jobless Claims (k) exp: 225 prev: 234
14:45 US NOV F Markit Composite PMI exp: NA prev: 54.4
14:45 US NOV F Markit Services PMI exp: 54.4 prev: 54.4
15:00 US NOV ISM – Non Manufacturing exp: 59 prev: 60.3
15:00 US OCT F Durable Goods Ex Transportation exp: NA prev: 0.1%
15:00 US OCT F Durable Goods Orders exp: NA prev: -4.4%
15:00 US OCT Factory Orders exp: -1.6% prev: 0.7%
16:00 US W47 Crude Oil Inventories (WoW chg) exp: -1898 prev: 3577 read more

General Market Comment

The US markets were closed on Wednesday to commemorate the passing of President George H.W Bush. The U.S. Federal Reserve released their Beige Book stating that the economy expanded at a modest or moderate pace from mid-October through later November. Also, some districts cited that “optimism has waned” due to the impacts of tariffs, rising interest rates and a tight labor market. The S&P 500 (2,767.87) breaks below its 20d moving average (2,723.83 – negative slope) and 50d moving average (2,767.87 – negative slope). read more

Commodity Closing – Europe/Oil-Gas Majors 05.12.18

NEW YORK – Crude Oil prices rose more than 1 percent on Wednesday ahead of a meeting of the world’s biggest exporters who will discuss cutting output to help shore up prices and curb excess supply. Meanwhile, U.S. crude inventories rose by 5.4 million barrels in the week to Nov. 30 to 448 million, data from industry group the American Petroleum Institute showed on Tuesday.

Today’s Economic Events

08:50 FR NOV F Markit Composite PMI exp: 54 prev: 54
08:50 FR NOV F Markit Services PMI exp: 55 prev: 55
09:00 EU NOV F Markit Composite PMI exp: 52.4 prev: 52.4
09:00 EU NOV F Markit Services PMI exp: 53.1 prev: 53.1
10:00 EC OCT Euro-Zone: Retail Trade (MoM) exp: 0.1% prev: 0%
13:15 US NOV ADP Employment Report (k) exp: 194 prev: 227
13:30 US 3Q F Nonfarm Productivity exp: 2.3% prev: 2.2%
13:30 US 3Q F Unit Labor Costs exp: 1% prev: 1.2%
14:45 US NOV F Markit Composite PMI exp: NA prev: 54.4
14:45 US NOV F Markit Services PMI exp: NA prev: 54.4
15:00 US NOV ISM – Non Manufacturing exp: 59.2 prev: 60.3
15:30 US W47 Crude Oil Inventories (WoW chg) exp: NA prev: 3577 read more