Category: News

08:50 FR JUN F Markit Composite PMI exp: 55.6 prev: 55.6
08:50 FR JUN F Markit Services PMI exp: 56.4 prev: 56.4
09:00 EU JUN F Markit Composite PMI exp: 54.8 prev: 54.8
09:00 EU JUN F Markit Services PMI exp: 55 prev: 55

General Market Comment

US indices closed lower Tuesday in a short trading session before the Independence day holiday pressured by shares in the Semiconductors & Semiconductor Equipment (-1.92%), Technology Hardware & Equipment (-1.41%) and Banks (-1.38%) sectors. On the economic data front, factory orders increased by 0.4% in May, estimated staying flat compared to -0.4% in the prior month. Durable goods orders decreased by 0.4% (estimated -0.5%) in May from -1% in the previous month. The S&P 500 (2,713.22) is still below both its 20d moving average (2,752.55 – negative slope) and 50d moving average (2,7189.46 – positive slope).  European markets are expected to open on a negative note. read more

US JUN Total Vehicule Sales (M) exp: 17 prev: 16.8
07:45 FR MAY Central Govt. Balance (B EUR) exp: NA prev: -54.3
10:00 EC MAY Euro-Zone: Retail Trade (MoM) exp: 0% prev: 0.1%
15:00 US MAY F Durable Goods Ex Transportation exp: NA prev: -0.3%
15:00 US MAY F Durable Goods Orders exp: NA prev: -0.6%
15:00 US MAY Factory Orders exp: 0% prev: -0.8%

US indices closed slightly positive on Monday after erasing morning losses and posting a reversal day. Shares in the Software & Services (+1.08%), Semiconductors & Semiconductor Equipment (+0.86%) and Banks (+0.84%) sectors helped push U.S. indices higher while the Energy (-1.55%) sector was under pressure. On the economic data front, the Markit manufacturing PMI increased to 55.4 in a final estimate in June (estimated 54.6) from 56.4 previously. In addition, construction spending MoM increased by 0.4% in May (expected +0.5%) from 0.9% in April. Finally, the ISM manufacturing index increased to 60.2 in June (anticipated 58.5) from 58.7 in the prior month. The S&P 500 (2,726.71) is still below its 20d moving average (2,754.33 – negative) but remains above 50d moving average (2,718.60 – positive). read more

08:50 FR JUN F Markit Manufacturing PMI exp: 53.1 prev: 53.1
09:00 EU JUN F Markit Manufacturing exp: 55 prev: 55
10:00 EC MAY Euro-Zone: PPI (MoM) exp: 0.4% prev: 0%
10:00 EC MAY Euro-Zone: Unemployment Rate exp: 8.5% prev: 8.5%
14:45 US JUN F Markit Manufacturing PMI exp: NA prev: 54.6
15:00 US JUN ISM – Manufacturing exp: 58.5 prev: 58.7
15:00 US JUN ISM – Price Paid exp: NA prev: 79.5
15:00 US MAY Construction Spending (MoM) exp: 0.4% prev: 1.8%

General Market Comment

US indices closed higher on Friday lifted by shares in the Consumer Durables & Apparel (+3.75%), Energy (+0.65%) and Pharmaceuticals, Biotechnology & Life Sciences (+0.6%) sectors. On the economic data front, personal income increased by 0.4% in May, meeting the estimate, from +0.2% in the prior month while personal spending increased by 0.2% in May, below the estimate of +0.4%, from +0.5% previously. In addition, the Chicago business barometer index increased to 64.1 in June (expected 60) from 62.7 in the previous month. Finally, the University of Michigan consumer sentiment index increased to 98.2 in June (anticipated 99) from 98 in May. The S&P 500 (2,718.37) is still below its 20d moving average (2,755.34 – flat) but breaks above 50d moving average (2,717.47 – flat). European markets are expected to open on a negative note. read more

General Market Comment

US indices closed lower on Wednesday, pressured by shares in the Semiconductors & Semiconductor Equipment (-2.4%), Consumer Services (-1.83%) and Software & Services (-1.58%) sectors. On the economic data front, MBA mortgage applications decreased by 4.9% in the week ending June 22 from +5.1% previously. In addition, wholesale inventories increased by 0.5% in a preliminary estimate in May, above the expectation of +0.2%, from +0.1% in the previous month. Furthermore, durable goods orders decreased by 0.6% in a preliminary estimate in May (estimated -1%) from -1% in the prior month. Finally, pending home sales decreased by 0.5% in May, below the expectation of +0.5%, from -1.3% in the last month. The S&P 500 (2,699.63) is below both its 20d moving average (2,755.60 – flat) and 50d moving average (2,716.81 – flat). European markets are expected to start on a flat note. read more

Base oil prices in Europe, the Middle East and Africa appear to have found a modicum of stability the past week. Pockets of activity suggest movement one way or another, but these seem to be confined to specific grades, in localized circumstances that are having little effect on the broader market.

Supply and demand appears to be in balance, with no cries of despair from buyers unable to find material at an acceptable price level.

After the OPEC meeting in Vienna, there were rumors of actions and reactions by members, but crude oil prices nevertheless stood still the last week. This is easing the base oil market by adding a measure of stability. Dated deliveries of Brent crude traded in London yesterday at $74.10 per barrel for August front month, little changed from last week. West Texas Intermediate crude rose nearly $4 to $68.80/bbl, maybe because of tightening U.S. crude inventories. ICE LS gas oil is priced at $642 per metric ton, only some $6 lower than last reported but still for July settlement. read more

07:45 FR JUN Consumer Confidence exp: 100 prev: 100
13:30 US MAY P Durable Goods Ex Transportation exp: 0.4% prev: 0.9%
13:30 US MAY P Durable Goods Orders exp: -1% prev: -1.6%
13:30 US MAY P Wholesale Inventories exp: NA prev: 0.1%
15:30 US W24 Crude Oil Inventories (WoW chg) exp: NA prev: -5914