Category: News

U.S. indices jumped on Tuesday after the U.S. decided to delay tariffs on some Chinese goods while removing products like cellphones and clothing off the list completely. Stocks in the Technology Hardware & Equipment (+3.49%), Semiconductors & Semiconductor Equipment (+2.96%) and Health Care Equipment & Services (+1.92%) sectors helped push indices higher. On the economic data front, CPI rose 1.8% YoY in July (vs. +1.7% expected and in June). The S&P 500 (2,926.32) trades below its 20d moving average (2,958.63 – negative slope) and below its 50d moving average (2,942.71 – positive slope).

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

EMEA Base Oil Price Report

Buyers and sellers are thin on the ground this week throughout European, Middle Eastern and African base oil markets, but those still in attendance are working diligently to get deals done during August.

A number of significant sales were completed for shipments into West Africa, Antwerp-Rotterdam-Amsterdam and the United Kingdom from the Baltic. As many blenders in the U.K. prepare for Brexit, some are cautiously stocking up in case of changes in import duties that affect base oils. read more

BRENT Crude Technical Snap (Daily)

Pivot: 57.90 Our preference: long positions above 57.90 with targets at 59.10 & 59.50 in extension. Alternative scenario: below 57.90 look for further downside with 57.40 & 57.10 as targets. Comment: the RSI lacks downward momentum.

Today’s Economic Events

07:00 GE JUL F Consumer Price Index (MoM) exp: 0.5% prev: 0.5%
07:00 GE JUL F CPI – EU Harmonised (MoM) exp: 0.4% prev: 0.4%
07:00 GE JUL Wholesale Price Index (MoM) exp: NA prev: -0.5%
09:30 UK JUN Unemployment Rate (ILO) exp: 3.8% prev: 3.8%
10:00 GE AUG Zew Survey (Current Situation) exp: -7.6 prev: -1.1
10:00 GE AUG Zew Survey (Econ. Sentiment) exp: -29.6 prev: -24.5
13:30 US JUL Consumer Price Index (MoM) exp: 0.3% prev: 0.1%
13:30 US JUL CPI – Ex Food & Energy (MoM) exp: 0.2% prev: 0.3% read more

U.S. indices closed lower on Monday as bond yields resumed their declines. Stocks seeing the most pressure were in the Banks (-2.11%), Diversified Financials (-1.79%) and Insurance (-1.79%) sectors. On the economic data front, the Treasury reported a monthly budget deficit of $119.7B in July (expected $120.0B deficit). The S&P 500 (2,883.09) trades below its 20d moving average (2,962.51 – negative slope) and below its 50d moving average (2,939.07 – positive slope).

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

BRENT Crude Technical Snap (Daily)

Pivot: 57.90 Our preference: long positions above 57.90 with targets at 59.10 & 59.50 in extension. Alternative scenario: below 57.90 look for further downside with 57.10 & 56.75 as targets. Comment: the RSI is bullish and calls for further upside.

Today’s Economic Events

19:00 US JUL Monthly Budget Satement (B USD) exp: -115 prev: -8

U.S. indices closed lower on Friday, pressured by shares in the Semiconductors & Semiconductor Equipment (-1.72%), Consumer Durables & Apparel (-1.66%), and Automobiles & Components (-1.51%) sectors. On the economic data front, PPI rose 1.7% YoY in July (as expected and in June), and core PPI grew 2.1% (vs. +2.3% expected and +2.3% in June). The S&P 500 (2,918.65) trades below its 20d moving average (2,969.07 – negative slope) and below its 50d moving average (2,936.45 – positive slope).

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

BRENT Crude Technical Snap (Daily)

Pivot: 57.10 Our preference: long positions above 57.10 with targets at 57.70 & 57.95 in extension. Alternative scenario: below 57.10 look for further downside with 56.50 & 55.90 as targets. Comment: the RSI is mixed and calls for caution.

Today’s Economic Events

07:00 GE JUN Current Account (B EUR) exp: 21.2 prev: 16.5
07:00 GE JUN Exports (MoM) exp: -0.2% prev: 1.1%
07:00 GE JUN Imports (MoM) exp: 0.2% prev: -0.5%
07:00 GE JUN Trade Balance (B EUR) exp: 19.6 prev: 20.6
07:45 FR 2Q P Wages (QoQ) exp: NA prev: 0.8%
09:30 UK 2Q P GDP (QoQ) exp: 0% prev: 0.5%
09:30 UK JUN Industrial Production (MoM) exp: -0.2% prev: 1.4%
09:30 UK JUN Manufacturing Production (MoM) exp: -0.2% prev: 1.4%
09:30 UK JUN Trade Balance in Goods (M GBP) exp: -11970 prev: -11524
09:30 UK JUN Trade Balance Non EU (M GBP) exp: NA prev: -4905
13:30 US JUL PPI – Ex Food & Energy (MoM) exp: 0.2% prev: 0.3%
13:30 US JUL Producer Price Index (MoM) exp: 0.2% prev: 0.1% read more