Category: News

US indices closed up on Thursday lifted by the Consumer Durables & Apparel (+1.56%), Technology Hardware & Equipment (+0.85%) and Materials (+0.66%) sectors. On the economic data front, Initial Jobless Claims fell to 203K, below the 215K estimate for the week ending November 30th, down 10K from 213K the week before. Continuing Claims rose to 1693K, higher than the 1660K consensus for the week ending November 23rd, up from a revised 1642K the prior week. The Trade deficit narrowed to 47.2 billion dollars, below the 48.6 billion dollar deficit estimate for October. The Bloomberg Consumer Comfort Index increased to 61.7 for the week ending December 1st, up from 60.5 the week before. Factory Orders rose 0.3%, in-line with the estimate for October, up from a revised decline of -0.8% the month before. Durable Goods Orders rose 0.5%, just shy of the 0.6% consensus for the October final reading, slightly below 0.6% in the preliminary reading.

On Friday, economists expect Nonfarm Payrolls to rise 184K month over month for November, up from 128K in October. The Unemployment Rate for November is anticipated to be in-line with the prior month at 3.6%. Wholesale Inventories month over month change is expected at 0.2% for the October final reading, in-line with the preliminary reading. Finally, the University of Michigan Sentiment Index is expected to rise to 97.0 for the December preliminary reading, up from 96.8 in the November final reading.

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

EMEA Base Oil Price Report

Dynamics for base oils in Europe, the Middle East and Africa are varying these days based on product group and region. The traditional seasonal slowdown in trade is in full swing, but several developments are roiling the markets.

API Group I prices are stable because supply and demand are in balance, which is unusual for this time of year. Supply is down because many producers have cut back on production due to poor margins – moves that are casting doubts about long-term provision of these grades. read more

BRENT Crude Technical Snap (Daily)

Pivot: 60.70 Our preference: long positions above 60.70 with targets at 61.55 & 62.10 in extension. Alternative scenario: below 60.70 look for further downside with 60.35 & 59.95 as targets. Comment: the RSI calls for a rebound.

Today’s Economic Events

08:50 FR NOV F Markit Composite PMI exp: NA prev: 52.7
08:50 FR NOV F Markit Services PMI exp: NA prev: 52.9
09:00 EU NOV F Markit Composite PMI exp: NA prev: 50.3
09:00 EU NOV F Markit Services PMI exp: NA prev: 51.5
13:15 US NOV ADP Employment Report (k) exp: 156 prev: 125
14:45 US NOV F Markit Composite PMI exp: NA prev: 51.9
14:45 US NOV F Markit Services PMI exp: NA prev: 51.6
15:00 US NOV ISM – Non Manufacturing exp: 54.4 prev: 54.7

US indices declined on Tuesday along with bond yields after President Trump mentioned he could wait another year regarding a trade deal with China. Shares in the Transportation (-2.09%), Semiconductors & Semiconductor Equipment (-1.76%)and Banks (-1.59%) sectors were under the most pressure. On the economic data front, there was no major news released. On Wednesday, economists expect the Mortgage Bankers Association’s Mortgage Applications data for the week ending November 29th. Automatic Data Processing’s Employment Change is anticipated at 140K for November, up 15K from 125K the month before. Markit US Services Purchasing Mangers’ Index for the November final reading is expected to be in-line with the preliminary reading at 51.6 and Markit US Composite Purchasing Managers’ Index data for the November final reading is also expected. Finally, the Institute for Supply Management’s Non-Manufacturing Purchasing Managers’ Index is expected to release at 54.5 for November, down from 54.7 in October. 


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

BRENT Crude Technical Snap (Daily)

Pivot: 61.60 Our preference: short positions below 61.60 with targets at 60.75 & 60.35 in extension. Alternative scenario: above 61.60 look for further upside with 62.05 & 62.50 as targets. Comment: the RSI is mixed to bearish.

Today’s Economic Events

US NOV Total Vehicule Sales (M) exp: 16.9 prev: 16.6
07:45 FR OCT Central Govt. Balance (B EUR) exp: NA prev: -109
10:00 EC OCT Euro-Zone: PPI (MoM) exp: NA prev: 0.1%

US indices closed lower on Monday amid disappointing manufacturing data and declines by shares in the Real Estate (-1.75%), Capital Goods (-1.73%) and Semiconductors & Semiconductor Equipment (-1.54%) sectors. On the economic data front, the Markit US Manufacturing Purchasing Managers’ Index rose to 52.6, beating the 52.2 estimate for the November final reading, up from 52.2 in the preliminary reading. The Institute for Supply Management’s Manufacturing Purchasing Managers’ Index declined to 48.1, below the 49.2 consensus for November, down from 48.3 the month before. Construction Spending month over month change fell -0.8%, missing the 0.4% rise expected for October, down from a revised decline of -0.3% in September. On Tuesday, economists expect Auto Sales to rise to 16.90 million for November, up from 16.55 million last month.

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

BRENT Crude Technical Snap (Daily)

Pivot: 60.75 Our preference: long positions above 60.75 with targets at 61.70 & 62.10 in extension. Alternative scenario: below 60.75 look for further downside with 60.35 & 59.80 as targets. Comment: the RSI calls for a rebound.

Today’s Economic Events

08:50 FR NOV F Markit Manufacturing PMI exp: NA prev: 51.6
09:00 EU NOV F Markit Manufacturing exp: NA prev: 46.6
14:45 US NOV F Markit Manufacturing PMI exp: NA prev: 52.2
15:00 US NOV ISM – Manufacturing exp: 49.2 prev: 48.3
15:00 US NOV ISM – Price Paid exp: NA prev: 45.5
15:00 US OCT Construction Spending (MoM) exp: 0.5% prev: 0.5%