Category: News

BRENT Crude Technical Snap (Daily)

Pivot: 59.30 Our preference: short positions below 59.30 with targets at 58.50 & 58.10 in extension. Alternative scenario: above 59.30 look for further upside with 59.70 & 60.30 as targets. Comment: as long as the resistance at 59.30 is not surpassed, the risk of the break below 58.50 remains high.

Today’s Economic Events

08:50 FR AUG F Markit Manufacturing PMI exp: 51 prev: 51
09:00 EU AUG F Markit Manufacturing exp: 47 prev: 47

U.S. indices closed mixed to end the week on Friday. Shares in the Semiconductors & Semiconductor Equipment (+0.73%), Materials (+0.67%) and Banks (+0.61%) sectors moved higher while shares in the Household & Personal Products (-0.8%), Retailing (-0.63%) and Consumer Services (-0.63%) sectors were under pressure. On the economic data front, U.S. personal spending increased 0.6% MoM in July (vs. +0.5% estimated), while personal income grew 0.1% (vs. +0.3% estimated). The MNI Chicago PMI rose to 50.4 in August (vs. 47.5 estimated) from 44.4 in July. The final readings of University of Michigan Consumer Sentiment Index posted 89.8 in August (vs. 92.1 previously), the lowest level since October 2016. U.S. indices wrapped up the week with the biggest weekly gains since June amid trade tensions and recession fears. The S&P 500 (2,928.46) trades above its 20d moving average (2,892.93 – flat slope) but stays below its 50d moving average (2,945.05 – flat slope).

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

BRENT Crude Technical Snap (Daily)

Pivot: 59.95 Our preference: long positions above 59.95 with targets at 60.95 & 61.30 in extension. Alternative scenario: below 59.95 look for further downside with 59.70 & 59.40 as targets. Comment: the RSI is bullish and calls for further upside.

Today’s Economic Events

07:00 GE JUL Retail Sales (MoM) exp: -1.2% prev: 3.5%
07:45 FR AUG P Consumer Price Index (MoM) exp: 0.4% prev: -0.2%
07:45 FR AUG P CPI – EU Harmonised (MoM) exp: 0.5% prev: -0.2%
07:45 FR JUL Central Govt. Balance (B EUR) exp: NA prev: -77.3
07:45 FR JUL Producer Price Index (MoM) exp: NA prev: -0.5%
09:30 UK JUL M4 Money Supply (MoM) exp: NA prev: 0.1%
10:00 EC JUL Euro-Zone: Unemployment Rate exp: 7.5% prev: 7.5%
13:30 US JUL Personal Income exp: 0.3% prev: 0.4%
13:30 US JUL Personal Spending exp: 0.5% prev: 0.3%
14:45 US AUG Chicago Purchasing Manager Index exp: 47.7 prev: 44.4
15:00 US AUG F U. of Michigan Confidence exp: 93.1 prev: 92.1 read more

U.S. indices closed higher on Thursday after China announced it would not retaliate against the latest U.S. trade tariffs which helped lift shares in the Semiconductors & Semiconductor Equipment (+2.37%), Transportation (+1.98%) and Banks (+1.95%) sectors. On the economic data front, 2Q GDP growth was revised to 2.0% (as expected) from 2.1% previously. Jobless claims rose to 215K in the week ending Aug 24 (expected 214K) from 209K in the prior week. Wholesale inventories gained 0.2% MoM in July (as expected). On Friday, traders look towards the latest earnings results from Campbell Soup (CPB) which is anticipated to report 4Q EPS of $0.42 compared to $0.25 a year ago. The S&P 500 (2,924.58) breaks above its 20d moving average (2,893.21 – negative slope) but stays below its 50d moving average (2,945.60 – flat slope).

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

BRENT Crude Technical Snap (Daily)

Pivot: 60.00 Our preference: long positions above 60.00 with targets at 60.50 & 60.75 in extension. Alternative scenario: below 60.00 look for further downside with 59.60 & 59.40 as targets. Comment: the RSI is mixed and calls for caution.

Today’s Economic Events

07:45 FR 2Q F GDP (QoQ) exp: 0.2% prev: 0.2%
07:45 FR JUL Households Consumption (MoM) exp: 0.4% prev: -0.1%
08:55 GE AUG Unemployment Change (k) exp: 4.8 prev: 1
08:55 GE AUG Unemployment Rate exp: 5% prev: 5%
10:00 EC AUG Business Climate Indicator exp: -0.18 prev: -0.12
10:00 EC AUG Euro-Zone: Economic Confidence exp: 102.2 prev: 102.7
10:00 EC AUG Euro-zone: Industrial Confidence exp: -7.5 prev: -7.4
10:00 EC AUG F Euro-Zone: Consumer Confidence exp: -7.1 prev: -7.1
13:00 GE AUG P Consumer Price Index (MoM) exp: -0.1% prev: 0.5%
13:00 GE AUG P CPI – EU Harmonised (MoM) exp: 0.1% prev: 0.4%
13:30 US 2Q S GDP (QoQ) exp: 2% prev: 2.1%
13:30 US 2Q S GDP Price (QoQ) exp: 2.1% prev: 2.4%
13:30 US 2Q S Personal Consumption exp: 4.3% prev: 4.3%
13:30 US JUL P Wholesale Inventories exp: 0.2% prev: 0%
13:30 US W33 Initial Jobless Claims (k) exp: 215 prev: 209 read more

U.S. indices closed higher on Wednesday lifted by shares in the Automobiles & Components (+2.03%), Consumer Durables & Apparel (+1.42%) and Energy (+1.4%) sectors. U.S. crude inventories plummeted by 10 million barrels last week which sent oil stocks higher. Key stocks to watch on Thursday include Dollar General (DG), Dollar Tree (DLTR) and Best Buy (BBY) as they are anticipated to release earnings pre-market. The S&P 500 (2,887.94) stays below its 20d moving average (2,887.94 – negative slope) and its 50d moving average (2,945.64 – flat slope).

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

BRENT Crude Technical Snap (Daily)

Pivot: 59.40 Our preference: long positions above 59.40 with targets at 60.40 & 60.85 in extension. Alternative scenario: below 59.40 look for further downside with 58.95 & 58.60 as targets. Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.