Author: Specialist

Today’s Economic Events

13:30 US W38 Initial Jobless Claims (k) exp: 215 prev: 214
15:00 US AUG F Durable Goods Ex Transportation exp: NA prev: 0.1%
15:00 US AUG F Durable Goods Orders exp: NA prev: 4.5%
15:00 US AUG Factory Orders exp: 2% prev: -0.8%

General Market Comment

US indices closed higher on Wednesday as the Dow reached another record high for the second day straight. Shares in the Banks (+1.25%), Technology Hardware & Equipment (+0.93%) and Energy (+0.82%) sectors jumped higher. On the economic data front, ADP employment added 230K jobs in September (vs +184K expected, +168K in August). In other news, Markit U.S. Services PMI fell to 53.5 in September (vs 53.0 expected) from 54.8 in August, and Markit U.S. Composite PMI dropped to 53.9 from 54.7. Finally, ISM non-manufacturing PMI climbed to 61.6 in September (vs 58.0 expected) from 58.5 in August. The S&P 500 (2,925.51) remains above its 20d moving average (2,905.84 – positive slope) and 50d moving average (2,875.06 – positive slope). read more

Commodity Closing – Europe/Oil-Gas Majors 03.10.18

Oil rose on Wednesday, touching a fresh four-year high as the market focused on upcoming U.S. sanctions on Iran and shrugged off a surprisingly big build in U.S. crude stockpiles and reports of higher Saudi Arabian and Russian production.

Today’s Economic Events

08:50 FR SEP F Markit Composite PMI exp: 53.6 prev: 53.6
08:50 FR SEP F Markit Services PMI exp: 54.3 prev: 54.3
09:00 EU SEP F Markit Composite PMI exp: 54.2 prev: 54.2
09:00 EU SEP F Markit Services PMI exp: 54.7 prev: 54.7
10:00 EC AUG Euro-Zone: Retail Trade (MoM) exp: 0.2% prev: -0.2%
13:15 US SEP ADP Employment Report (k) exp: 182 prev: 163
14:45 US SEP F Markit Composite PMI exp: NA prev: 53.4
14:45 US SEP F Markit Services PMI exp: NA prev: 52.9
15:00 US SEP ISM – Non Manufacturing exp: 58.1 prev: 58.5
15:30 US W38 Crude Oil Inventories (WoW chg) exp: NA prev: 1852 read more

General Market Comment

US indices closed higher on Tuesday as the Dow reached a new record-high. Shares in the Consumer Durables & Apparel (-1.58%), Retailing (-1.57%) and Automobiles & Components (-1.07%) sectors were under pressure while shares in the Utilities (+1.29%), Telecommunication Services (+1.21%) and Food & Staples Retailing (+0.86%) sectors gained momentum. The S&P 500 (2,923.43) remains above its 20d moving average (2,903.99 – positive slope) and 50d moving average (2,872.96 – positive slope). read more

Commodity Closing – Europe/Oil-Gas Majors 02.10.18

Iran’s oil minister reiterated on Tuesday that U.S. President Donald Trump was responsible for rising oil prices, and warned that the only way to bring balance to the market was to suspend sanctions on Tehran.

EMEA Base Oil Report Week: 02/10/18

Rising crude oil and feedstock costs continue to exert upward pressure on base oil prices, though European and Middle East Gulf sellers have so far been reluctant to impose markups, perhaps because of inventories, which are healthy for all types of base stocks, and because of lackluster demand. The start of October offered a sensible chance for prices to rise, but only a handful of producers and sellers took the opportunity – mainly for sales within Europe. Export prices are arguably more difficult to gauge on a day-to-day basis, so it may be a week before increases for those sales will become evident. Crude appears to have established new levels and shows few signs of retreating at this stage, although these latest movements are radically against all forecasts made earlier in the summer. Dated deliveries of Brent crude has risen to $83.20 per barrel now for December front month, a new four year old high, and around $2.20 higher than posted last week. West Texas Intermediate crude is also higher this week and is currently standing at $73.45 per barrel, but for November settlement. ICE LS Gas Oil has followed crude and now stands at $727 per metric ton still in respect of October front month. These prices were established from late London ICE trading on Monday, Oct. 1. read more

Today’s Economic Events

10:00 EC AUG Euro-Zone: PPI (MoM) exp: 0.2% prev: 0.4%

General Market Comment

US indices closed mixed on Monday as the three North American countries have finalized a new trade agreement called “USMCA”. Shares in the Consumer Services (-1.31%), Real Estate (-0.85%) and Utilities (-0.3%) sectors traded lower while shares in the Energy (+1.47%), Capital Goods (+1.2%) and Materials (+1.04%) sectors gained a bit of strength. On the economic data front, Markit US manufacturing PMI remained unchanged MoM in September at 55.6, as expected. On the other hand, construction spending edged up 0.1% in August (estimated +0.4%), compared with an increase of 0.2% in July. In other news, ISM manufacturing decreased to 59.8 in September (forecast 60) from 61.3 in August. The S&P 500 (2,924.59) remains above its 20d moving average (2,902.66 – positive slope) and 50d moving average (2,870.63 – positive slope). read more

Commodity Closing – Europe/Oil-Gas Majors 01.10.18

U.S. oil prices hit their highest level since November 2014 on Monday and Brent crude was also near a four-year peak reached the previous day, with markets preparing for tighter supply once U.S. sanctions against Iran commence in the next month.