Author: Specialist

US indices closed up on Friday, lifted by the Telecommunication Services (+1.18%), Semiconductors & Semiconductor Equipment (+1.16%) and Pharmaceuticals, Biotechnology & Life Sciences (+1.03%) sectors. On the economic data front, GDP remained at 2.1%, as expected for the third quarter, in-line with the prior reading. Personal income increased 0.5% for November, more than expected, up from a revised 0.1% last month. Personal spending rose 0.4% in November, as anticipated, up from a rise of 0.3% in October.

On Monday, economists expect Durable Goods Orders to rise 1.5% for the November preliminary reading and New Home Sales are anticipated to fall to 730K for November.


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

BRENT Crude Technical Snap (Daily)

Pivot: 66.30 Our preference: long positions above 66.30 with targets at 66.80 & 67.10 in extension. Alternative scenario: below 66.30 look for further downside with 66.00 & 65.75 as targets. Comment: the RSI is bullish and calls for further upside.

Today’s Economic Events

07:45 FR NOV Households Consumption (MoM) exp: 0.2% prev: 0.2%
07:45 FR NOV Producer Price Index (MoM) exp: NA prev: -0.1%
09:30 UK 3Q Current Account (B GBP) exp: -17.5 prev: -25.2
09:30 UK 3Q F GDP (QoQ) exp: 0.3% prev: 0.3%
09:30 UK NOV Public Finances (PSNCR) (B GBP) exp: NA prev: 0.4
09:30 UK NOV Public Sector Net Borrowing (B GBP) exp: 4.3 prev: 10.5
13:30 US 3Q T GDP (QoQ) exp: 2.1% prev: 2.1%
13:30 US 3Q T GDP Price (QoQ) exp: 1.8% prev: 1.8%
13:30 US 3Q T Personal Consumption exp: 2.9% prev: 2.9%
15:00 EC DEC A Euro-Zone: Consumer Confidence exp: -6.9 prev: -7.2
15:00 US DEC F U. of Michigan Confidence exp: 99.2 prev: 99.2
15:00 US NOV Personal Income exp: 0.3% prev: 0%
15:00 US NOV Personal Spending exp: 0.4% prev: 0.3% read more

US indices closed up on Thursday, lifted by the Real Estate (+1.07%), Semiconductors & Semiconductor Equipment (+0.99%) and Media (+0.93%) sectors. On the economic data front, Initial Jobless Claims fell to 234K for the week ending December 14th, above the 225K estimate, down from 252K the week before. Continuing Claims rose more than expected to 1.722K for the week ending December 7th, exceeding the 1,676K consensus, up from a revised 1,671K the prior week. Existing Home Sales fell to 5.35 million homes for November, missing the 5.44 million estimate, down from a revised 5.44 million homes the month before.

On Friday, economists expect GDP to remain at 2.1% for the third quarter. Personal income is anticipated to increase 0.3% for November and personal spending is expected to rise 0.4%.

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

BRENT Crude Technical Snap (Daily)

Pivot: 65.85 Our preference: long positions above 65.85 with targets at 66.40 & 66.75 in extension. Alternative scenario: below 65.85 look for further downside with 65.55 & 65.25 as targets. Comment: the RSI lacks downward momentum.

Today’s Economic Events

07:45 FR DEC Business Confidence Indicator exp: 99.7 prev: 99.7
07:45 FR DEC Production Outlook Indicator exp: NA prev: -2.7
09:30 UK NOV Retail Sales (MoM) exp: 0.2% prev: -0.3%
12:00 UK BoE: Rates decision exp: 0.75% prev: 0.75%
13:30 US DEC Philadelphia Fed. exp: 8.8 prev: 10.4
13:30 US W49 Initial Jobless Claims (k) exp: 227 prev: 252
15:00 US NOV Existing Home Sales (M) exp: 5.4 prev: 5.5
15:00 US NOV Leading Indicators exp: 0.1% prev: -0.1%

US indices closed down on Wednesday, pressured by the Food & Staples Retailing (-0.94%), Transportation (-0.85%) and Diversified Financials (-0.67%) sectors. On the economic data front, the Mortgage Bankers Association’s Mortgage Applications fell 5.0% for the week ending December 13th, down from a rise of 3.8% the prior week.

On Thursday, economists expect Initial Jobless Claims to fall to 225K for the week ending December 14th, down from 252K the week before. Continuing Claims is anticipated to rise to 1,676K for the week ending December 7th, up from 1,667K the prior week. The Leading Index is expected to increase 0.1% for November, up from a decline of 0.1% in October. Finally, Existing Home Sales are expected to slightly decrease to 5.44 million homes for November, down from 5.46 million homes the month before.


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

BRENT Crude Technical Snap (Daily)

Pivot: 65.50 Our preference: long positions above 65.50 with targets at 66.20 & 66.50 in extension. Alternative scenario: below 65.50 look for further downside with 65.10 & 64.90 as targets. Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Today’s Economic Events

07:00 GE NOV Producer Price Index (MoM) exp: NA prev: -0.2%
09:00 GE DEC IFO – Business Climate exp: NA prev: 95
09:00 GE DEC IFO – Current Assessment exp: NA prev: 97.9
09:00 GE DEC IFO – Expectations exp: NA prev: 92.1
09:30 UK NOV CPI – EU Harmonised (MoM) exp: NA prev: -0.2%
09:30 UK NOV PPI – Input (MoM) exp: NA prev: -1.3%
09:30 UK NOV PPI – Output (MoM) exp: NA prev: -0.1%
10:00 EC NOV F Euro-Zone: CPI (MoM) exp: NA prev: -0.3%

US indices closed up on Tuesday, lifted by the Retailing (+0.85%), Banks (+0.69%) and Automobiles & Components (+0.55%) sectors. On the economic data front, Housing Starts increased to 1,365K for November, above the 1,345K consensus, up from a revised 1,323K the month before. Building Permits unexpectedly climbed to 1,482K for November, exceeding the 1,410K estimate, up from 1,461K in October, marking a high not seen since 2007. Industrial Production monthly change rose 1.1% for November, beating the 0.8% estimate, compared to a revised fall of 0.9% the prior month. Capacity Utilization increased to 77.3% for November, just shy of the 77.4% consensus, up from a revised 76.6% in October.

On Wednesday, economists expect the Mortgage Bankers Association’s Mortgage Applications data for the week ending December 13th.



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