Thursday, September 11, 2014

EVENTS & FINANCIAL NEWS 11-09-2014

Market Comment

US indices rose on Wednesday led by shares in the Technology Hardware & Equipment, Pharmaceuticals, Biotechnology & Life Sciences and Banks secotrs. The S&P 500 (1995.69) remains above its 20d moving average (1988.5 - positive slope), and its 50d moving average (191.9 - positive slope).

European markets are expected to start on a flat note.

Foreign Exchange

The US Dollar was mixed on Wednesday, rising against the JPY and EUR, while falling against the GBP and CAD. On the economic data front, Wholesale Inventories rose 0.1% (0.5% expected) MoM in July. MBA Mortgage Applications fell 7.2% in the week ending September 5th.

The Euro was mixed, under pressure against the USD and GBP, while gaining against the JPY and CHF. In Europe, French industrial production was up by 0.2% in July after a 1.2% increase in June (revised from +1.3%). Economists anticipated a 0.5% decline.

The Australian Dollar fell against most of its major counterparts.

Commodities

After the close of Wall Street, WTI Crude Future (OCT 14) was down $1 to $91.78. The contract was below its 20D MA (@ $101) and below its 50D MA (@ $100.35). The US Department of Energy reported that, for the week ended 5 September, crude oil inventories fell 972k barrels compared to the previous week.

Gold was down $5.5 to $1250. The precious metal was below its 20D MA (@ $1280) and below its 50D MA (@ $1297).

Copper Future (DEC 14) on Comex was up 1.2c to 311.4c/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 increased 925 tons to 155625 tons.

UK Market News

UK: The Royal Institution of Chartered Surveyors House Price Balance fell to +40 in August (vs +47 expected) from +48 in July.

Royal Bank of Scotland Group said it has undertaken contingency planning for the possible business implications of a "Yes" vote resulting from the Scottish referendum, pointing out: " RBS believes that it would be necessary to re-domicile the Bank's holding company and its primary rated operating entity (The Royal Bank of Scotland plc) to England. In the event of a 'Yes' vote, the decision to re-domicile should have no impact on everyday banking services used by our customers throughout the British Isles. (...) Scotland has been RBS's home since 1727. RBS intends to retain a significant level of its operations and employment in Scotland to support its customers there and the activities of the whole Bank."
Oil & Gas personal & household goods and health care shares gained most in London on Wednesday.

European Markets

ECB: Participation by Mr Coeuré in panel "Revitalising the market for securitised loans in the EU" at Eurofi Financial Forum 2014 in Milan, Italy. (5:15pm CET)

Deutsche Lufthansa, Air Berlin: The German government is considering phasing out air traffic tax levied on flights from the country's airports, according to a senior government official cited by Reuters.

Today's Economic Events

GE 07:00: AUG Consumer Price Index (MoM): 0%
GE 07:00: AUG CPI - EU Harmonised (MoM): 0%
FR 07:45: AUG Consumer Price Index (MoM): 0.4%
FR 07:45: AUG CPI - EU Harmonised (MoM): 0.4%
US 13:30: W35 Initial Jobless Claims (Thsd): 300
US 19:00: AUG Monthly Budget Satement (Bln): -130

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