Real time trading in Polymers, Base Oils, TiO2 and Nanomaterials
Today’s Economic Events
13:30 US NOV Consumer Price Index (MoM) exp: 0.2% prev: 0.4%
13:30 US NOV CPI – Ex Food & Energy (MoM) exp: 0.2% prev: 0.2%
19:00 US Fed: Rates decision exp: 1.75% prev: 1.75%
19:00 US NOV Monthly Budget Satement (B USD) exp: NA prev: -134
US indices closed down on Tuesday, pressured by the Real Estate (-0.68%), Materials (-0.59%) and Household & Personal Products (-0.58%) sectors. On the economic data front, the National Federation of Independent Business’s Small Business Optimism Index came out at 104.7 for November, above the 103.0 consensus, up from 102.4 in October. On Wednesday, economists expect to see the Mortgage Bankers Association’s Mortgage Applications data for the week ending December 6th. The Consumer Price Index is anticipated to rise 0.2% for November, down from an increase of 0.4% a month earlier. The Monthly Budget Deficit is expected to reach 206.2 billion dollars for November, compared to 134.5 billion in October. Finally, the Fed will be meeting for the last time in the year.
European markets are expected to open on a flat note.
BRENT Crude Technical Snap (Daily)
| Pivot: 63.85 Our preference: long positions above 63.85 with targets at 64.50 & 64.85 in extension. Alternative scenario: below 63.85 look for further downside with 63.60 & 63.15 as targets. Comment: the RSI is bullish and calls for further upside. |
Today’s Economic Events
09:30 UK OCT Industrial Production (MoM) exp: NA prev: -0.3%
09:30 UK OCT Manufacturing Production (MoM) exp: NA prev: -0.4%
09:30 UK OCT Trade Balance in Goods (M GBP) exp: NA prev: -12541
09:30 UK OCT Trade Balance Non EU (M GBP) exp: NA prev: -4032
10:00 GE DEC Zew Survey (Current Situation) exp: NA prev: -24.7
10:00 GE DEC Zew Survey (Econ. Sentiment) exp: NA prev: -2.1
13:30 US 3Q F Nonfarm Productivity exp: -0.2% prev: -0.3%
13:30 US 3Q F Unit Labor Costs exp: 3.3% prev: 3.6%
US indices closed down on Monday, pressured by the Health Care Equipment & Services (-1.29%), Technology Hardware & Equipment (-1.06%) and Utilities (-0.49%) sectors. On the economic data front, no major economic news was released. On Tuesday, economists expect the National Federation of Independent Business’s Small Business Optimism Index to come out at 103.0 for November, up from 102.4 in October.
European markets are expected to start on a flat note.
Foreign Exchange
The US dollar was flat to bullish against most of its major pairs on Monday, with the exception of the CAD and CHF. On the economic data front, no major economic news was released. On Tuesday, economists expect the National Federation of Independent Business’s Small Business Optimism Index to come out at 103.0 for November, up from 102.4 in October.
The Euro was flat to bullish against most of its major pairs with the exception of the CAD and CHF. In Europe, Germany’s Trade Balance for October was reported at 21.5 billion euros (surplus of 19.3 billion euros was expected), Exports were released at 1.2% on month, they were expected at -0.7%. The Sentix Eurozone Investor Confidence Index for December was released at 0.7 (it was expected at -5.3).
The Australian dollar was bearish against most of its major pairs with the exception of the NZD.
BRENT Crude Technical Snap (Daily)
| Pivot: 63.50 Our preference: long positions above 63.50 with targets at 64.85 & 65.40 in extension. Alternative scenario: below 63.50 look for further downside with 62.80 & 62.15 as targets. Comment: the RSI is mixed to bullish. |
Today’s Economic Events
07:00 GE OCT Current Account (B EUR) exp: NA prev: 25.5
07:00 GE OCT Exports (MoM) exp: NA prev: 1.5%
07:00 GE OCT Imports (MoM) exp: NA prev: 1.2%
07:00 GE OCT Trade Balance (B EUR) exp: NA prev: 21.2
US indices closed up 0.91% lifted by shares in the Energy (+2%), Technology Hardware & Equipment (+1.62%) and Banks (+1.58%) sectors. On the economic data front, Nonfarm Payrolls month over month change rose to 266K for November, exceeding the 180K consensus, up from a revised 156K in October. The Unemployment Rate dropped to 3.5% for November, beating the 3.6% estimate, below 3.6% the month before, marking the lowest jobs number since 1969. Wholesale Inventories month over month change increased 0.1% for the October final reading, below the 0.2% consensus, down 0.1% from the preliminary reading. The University of Michigan Sentiment Index rose to 99.2 for the December preliminary reading, beating the 97.0 estimate, up from 96.8 in the November final reading.
On Monday, no major economic news is expected.
European markets are expected to start on a flat note.
BRENT Crude Technical Snap (Daily)
| Pivot: 63.00 Our preference: long positions above 63.00 with targets at 63.60 & 63.90 in extension. Alternative scenario: below 63.00 look for further downside with 62.50 & 62.05 as targets. Comment: the RSI has just landed on its neutrality area at 50% and is turning up. |
Today’s Economic Events
US NOV Average Hourly Earnings (MoM) exp: NA prev: 0.2%
US NOV Average Weekly Hours exp: NA prev: 33.6
07:00 GE OCT Industrial Production (MoM) exp: 0.1% prev: -0.6%
07:45 FR OCT Trade Balance (M) exp: -4907 prev: -5551
13:30 US NOV Change in Manufact. Payrolls (k) exp: 32 prev: -36
13:30 US NOV Change in Nonfarm Payrolls (k) exp: 186 prev: 128
13:30 US NOV Unemployment Rate exp: 3.6% prev: 3.6%
15:00 US DEC P U. of Michigan Confidence exp: 97.2 prev: 96.8
15:00 US OCT F Wholesale Inventories exp: 0.2% prev: 0.2%
20:00 US OCT Consumer Credit (B USD) exp: 15.7 prev: 9.5