Monday, August 18, 2014

EVENTS & FINANCIAL NEWS 18-08-2014

Market Comment

US indices were mixed on Friday. Shares in the Semiconductors & Semiconductor Equipment, Food, Beverage & Tobacco and Energy sectors traded higher while shares in the Food & Staples Retailing, Retailing and Automobiles & Components sectors were under pressure. The S&P 500 (1955.06) remains above its 20d moving average (1951.7 - negative slope), and below its 50d moving average (1957.1 - flat slope).

European markets are expected to start on a flat note.

Foreign Exchange

The US Dollar was under pressure against most of its major counterparts on Friday. On the economic data front, Empire Manufacturing was 14.69 (20 expected) in August. PPI Final Demand rose 0.1% MoM in July as expected. Industrial Production rose 0.4% (0.3% expected) MoM in July. The University of Michigan Consumer Confidence was 79.2 (82.5 expected) in August.

The Euro rose against most of its major counterparts. In Europe, UK GDP was revised at +3.2% for 2Q on a yearly basis vs +3.1% previously.

The Australian Dollar was mixed, rising against the USD and NZD, while falling against the EUR and JPY.

Commodities

After the close of Wall Street, WTI Crude Future (SEP 14) was up $1.5 to $97.03. The contract was below its 20D MA (@ $101) and below its 50D MA (@ $100.35). The 14d RSI below 30 (28.97) indicates WTI Crude Future (SEP 14) was oversold.

Gold was down $8.6 to $1304.9. The precious metal was above its 20D MA (@ $1303) and above its 50D MA (@ $1304).

Copper Future (DEC 14) on Comex was up 1.7c to 312.9c/lb. The contract was above its 20D MA (@ 307.41c) and above its 50D MA (@ 303.17c). In Europe, the London Metal Exchange reported its copper inventories decreased 50 tons to 141300 tons.

UK Market News

UK: Asking prices for homes fell 2.9% MoM (vs -0.8% in July) and those for homes in London dropped 5.9% (vs -0.4% in July), the biggest drop since December 2007, according to property website Rightmove.

Rio Tinto said it will review all options for its 53.8% stake in a copper mine in Papua New Guinea's Bougainville, citing "the new mining legislation passed earlier this month by the Autonomous Bougainville Government".

European Markets

ECB: Publication of the Euro area financial vehicle corporations statistics (10am CET)

Daimler's Mercedes-Benz brand has been found guilty in China of price manipulation over after-sales services, reported the Xinhua news agency citing government authorities.

Deutsche Telekom will consider buying smaller cable operators, according to the Co's German operations chief cited by the Focus magazine.

Today's Economic Events

EC 10:00: JUN Euro-Zone: Trade Balance (Bln): NA
EC 10:00: JUN Euro-Zone: Trade Balance (Bln) (MoM): NA
US 15:00: AUG NAHB Housing Market: 53

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