U.S. indices closed higher on Thursday, lifted by shares in the Software & Services (+1.8%), Materials (+1.34%) and Retailing (+1.23%) sectors. On the economic data front, housing starts jumped 5.7% YoY to 1.235M in April (estimated 1.209M) from 1.168M in March while building permits rose 0.6% MoM to 1.296M in April (expected 1.289M) compared to 1.288M a month earlier. Initial jobless claims decreased to 212k in week ended May 11 (forecasted 220k) from 228k a week earlier while continuing claims decreased to 1.66M in week ended May 4 (estimated 1.673M) compared to 1.688M in the prior week. The S&P 500 (2,876.23) stays below its 20d moving average (2,901.87 – negative slope) but breaks above 50d moving average (2,866.29 – positive slope).
European markets are expected to start on a negative note.<\/p>\n\n\n\n
Foreign Exchange<\/strong><\/p>\n\n\n\n The US dollar was bullish against all of its major pairs on Thursday. On the economic data front, housing starts jumped by 5.7% YoY to 1.235M in April (estimated 1.209M) from 1.168M in March while building permits improved by 0.6% MoM to 1.296M in April (expected 1.289M) compared to 1.288M a month earlier. Initial jobless claims decreased to 212k in week ended May 11th (forecasted 220k) from 228k a week earlier while continuing claims decreased to 1.66M in week ended May 4th (estimated 1.673M) compared to 1.688M in the prior week. Finally, the Bloomberg consumer comfort index slightly improved to 59.9 in week ended May 12th vs. 59.8 a week earlier.
The Euro was mixed against its major pairs. The euro zone trade balance excess narrowed to E17.9B in March (E19.4B expected) from E20.6B a month earlier.
The Australian dollar was lower against all of its major pairs.
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