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