Author: Specialist

General Market Comment

US indices closed higher on Thursday lifted by shares in the Semiconductors & Semiconductor Equipment (+3.86%), Materials (+3.02%) and Consumer Durables & Apparel (+2.76%) sectors. On the economic data front, U.S. jobless claims fell 2000 to 214K (212K estimate) in the week ending Oct 27th compared to a revised 216K prior. Continuing claims for the week ending Oct 20 came in at 1631K (1640K estimate) vs a revised 1638K in the prior period. Markit US manufacturing PMI fell to 55.7 (55.8 estimate) in Oct compared to 55.9 in Sept. Finally, the ISM manufacturing index fell to 57.7 in Oct, below the 59 estimate compared to 59.8 in Sept. The S&P 500 (2,740.37) remains at levels below both its 20d moving average (2,756.55 – negative slope) and 50d moving average (2,843.54 – negative slope). read more

Commodity Closing – Europe/Oil-Gas Majors 01.11.18

Oil fell on Thursday, touching its lowest levels since June, due to rising concerns over weaker global demand and increased supply from the world’s major oil producers.

Today’s Economic Events

US OCT Total Vehicule Sales (M) exp: 17.1 prev: 17.4
12:00 UK BoE: Rates decision exp: 0.75% prev: 0.75%
12:30 US 3Q P Nonfarm Productivity exp: 2.3% prev: 2.9%
12:30 US 3Q P Unit Labor Costs exp: 1.2% prev: -1%
12:30 US W42 Initial Jobless Claims (k) exp: 212 prev: 215
13:45 US OCT F Markit Manufacturing PMI exp: 55.7 prev: 55.9
14:00 US OCT ISM – Manufacturing exp: 59 prev: 59.8
14:00 US OCT ISM – Price Paid exp: NA prev: 66.9
14:00 US SEP Construction Spending (MoM) exp: -0.1% prev: 0.1% read more

General Market Comment

US indices ended the month on a positive note on Wednesday lifted by shares in the Automobiles & Components (+4.25%), Software & Services (+2.94%) and Media (+2.82%) sectors. The S&P 500 still posted its biggest monthly loss since 2011. On the economic data front, U.S. companies added 227K jobs in October which was above the 187K estimate compared to a revised 218K in Sept. MBA mortgage applications fell 2.5% last week compared to a gain of 4.9% in the week prior. Finally, the Chicago purchasing manager index declined to 58.4 in Oct (60.00 estimate) vs 60.4 in Sept. The S&P 500 (2,711.74) remains at levels below both its 20d moving average (2,764.61 – negative slope) and 50d moving average (2,845.97 – negative slope). read more

Commodity Closing – Europe/Oil-Gas Majors 31.10.18

LONDON  – Oil prices will likely stay near current levels of $75 per barrel next year in the absence of any supply disruptions as most producers reckon that higher prices would destroy demand and create a new glut, one of the world’s biggest traders said.

Today’s Economic Events

07:00 GE SEP Retail Sales (MoM) exp: 0.5% prev: -0.3%
07:45 FR OCT P Consumer Price Index (MoM) exp: 0.1% prev: -0.2%
07:45 FR OCT P CPI – EU Harmonised (MoM) exp: 0.2% prev: -0.2%
10:00 EC SEP Euro-Zone: Unemployment Rate exp: 8.1% prev: 8.1%
12:15 US OCT ADP Employment Report (k) exp: 189 prev: 230
13:45 US OCT Chicago Purchasing Manager Index exp: 60.9 prev: 60.4
14:30 US W42 Crude Oil Inventories (WoW chg) exp: NA prev: 6346

General Market Comment 30.10.18

US indices pushed higher on Tuesday led by shares in the Semiconductors & Semiconductor Equipment (+4.72%), Consumer Durables & Apparel (+3.42%) and Transportation (+3.05%) sectors. On the economic data front, U.S. consumer confidence reached an 18 year high coming in at 137.9 for Oct (135.9 estimate) compared to a revised 135.3 in Sept. The S&P 500 (2,682.63) remains at levels below both its 20d moving average (2,775.30 – negative slope) and 50d moving average (2,849.00 – negative slope). read more

Commodity Closing – Europe/Oil-Gas Majors 30.10.18

Oil prices dropped more than 1 percent on Tuesday on signs of rising supply and concern that global economic growth and demand for fuel will fall victim to the U.S.-China trade war.

EMEA Base OiL Report Week: 30/10/18 

Base oil prices softened over the past week in response to an oversupply that is growing for some grades, particularly API Group I grades within Europe. The situation is being exacerbated by plentiful supplies of Group II being offered as replacement for Group I. Some refiners talked of cutting Group I production, but this hasn’t happened to any significant extent, and with inventories growing, producers and resellers are offering large discounts for Group I solvent neutrals. Traders recounted calls from Group I suppliers offering availabilities for prompt November lifting with exceptionally attractive prices, some well below market levels. This is a reversal of normal trading practice, where traders contact sellers to check availabilities, prices and dates. Crude oil and feedstock prices steadied this week at levels lower than recent highs.  Dated deliveries of Brent traded at $77.20 per barrel for December front month, around $2.50 below last week’s post. West Texas Intermediate dropped around $2.00 to $67.15/bbl, now also for December front month. ICE LS gas oil was little changed from last week, recording a price of $709 per metric ton for November front month. These prices were established from London ICE trading late Monday. read more

Today’s Economic Events

06:30 FR 3Q A GDP (QoQ) exp: 0.4% prev: 0.2%
07:45 FR SEP Households Consumption (MoM) exp: -0.4% prev: 0.8%
08:55 GE OCT Unemployment Change (k) exp: -25.9 prev: -23
08:55 GE OCT Unemployment Rate exp: 5.1% prev: 5.1%
10:00 EC 3Q A Euro-Zone: GDP (QoQ) exp: 0.37% prev: 0.4%
10:00 EC OCT Business Climate Indicator exp: 1.13 prev: 1.21
10:00 EC OCT Euro-Zone: Economic Confidence exp: 110.1 prev: 110.9
10:00 EC OCT Euro-zone: Industrial Confidence exp: 3.8 prev: 4.7
10:00 EC OCT F Euro-Zone: Consumer Confidence exp: -2.7 prev: -2.7
13:00 GE OCT P Consumer Price Index (MoM) exp: 0.1% prev: 0.4%
13:00 GE OCT P CPI – EU Harmonised (MoM) exp: 0.1% prev: 2.2%
14:00 US OCT Consumer Confidence exp: 135.2 prev: 138.4 read more