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America's Roundup: Euro steady as ECB ends bond purchases, pound gains, S&P 500 ends little changed, Gold eases to 1-week low, Oil prices edge up on hopes global supplies will tighten-December 14th,2018

Market Roundup

• May expects no quick Brexit breakthrough as she seeks EU help.

• ECB ends crisis-fighting bond buys but eyes increasing risks.

• ECB still sees balanced economic outlook, but downside risk more prominent.

• EU'S Moscovici says commission does not want to open disciplinary procedure against Italy, but talks continue.

• US 8 Dec, w/e Initial Jobless Claims, 206k, 225k forecast, 231k previous, 233k revised.

• US 1 Dec, w/e Continued Jobless Claims, 1.661 mln, 1.650 mln forecast, 1.631 mln previous, 1.636 mln revised.

• US Nov Import Prices MM, -1.6%, -0.9% forecast, 0.5% previous.

• US Nov Export Prices MM, -0.9%, -0.1% forecast, 0.4% previous, 0.5% revised.

• CA Oct New Housing Price Index, 0.0%, 0.0% forecast, 0.00% previous.

• China's monetary conditions should be relatively loose- c.bank.

• Brazil wins part of WTO appeal over stimulus programme.

Looking Ahead - Economic Data (GMT)

• Dec 13 21:30 New Zealand Nov
Manufacturing PMI, 53.5 previous

• Dec 13 22:00 Australia Dec Manufacturing PMI, 54.5 previous

• Dec 13 22:00 Australia Dec Services PMI, 52.6 previous

• Dec 13 22:00 Australia Dec Composite PMI, 52.9 previous

• Dec 13 23:50 Japan Q4 Tankan Big Mfg Index, 17 forecast, 19 previous

• Dec 13 23:50 Japan Q4 Tankan Big Mf Outlook DI, 16 forecast, 19 previous

• Dec 13 23:50 Japan Q4 Tankan Big Non-Mf Index, 21 forecast, 22 previous

• Dec 13 23:50 Japan Q4 Tankan big non-mf outlook DI, 20 forecast, 22 previous

• Dec 13 23:50 Japan Q4 Tankan All Big Capex Est, 12.7% forecast, 13.4% previous

• Dec 14 00:30 China Dec Nikkei Mfg PMI Flash, 52.2 previous

• Dec 14 02:00 China Nov Urban investment (ytd)yy, 5.8% forecast, 5.7% previous

• Dec 14 02:00 China Nov Industrial Output YY, 5.9% forecast, 5.9% previous

• Dec 14 02:00 China Nov Industrial Production YTD YY, 6.4% previous

• Dec 14 02:00 China Nov Retail Sales YY, 8.8% forecast, 8.6% previous

• Dec 14 02:00 China Nov Retail Sales YTD YY, 4.17% previous

• Dec 14 02:00 China Dec TR IPSOS PCSI, 76.14 previous

• Dec 14 02:00 Japan Dec TR IPSOS PCSI, 42.50

• Dec 14 02:00 Australia Dec TR IPSOS PCSI, 53.06 previous

• Dec 14 02:00 Japan Oct Industrial Output Rev, 2.9% previous

• Dec 14 02:00 Japan Oct Capacity Utilization MM SA, -1.5% previous

Looking Ahead - Events, Other Releases (GMT)

• Dec 14 N/A ECB President Mario Draghi participates in the European Council meeting in Brussels, Belgium

• Dec 14 08:15 ECB Vice President Luis de Guindos speaks at a conference in Frankfurt

• Dec 14 09:00 Austria's central bank publishes its half-yearly forecasts for the country's economy. Its governor, European Central Bank Governing Council member Ewald Nowotny to speak at a news conference in Vienna

• Dec 14 09:30 ECB Member of the Executive Board Sabine Lautenschlager participates in a panel discussion at a conference in Frankfurt

• Dec 14 11:30 Bank of Spain Governor Pablo Hernandez de Cos speaks at a conference in Barcelona

• Dec 14 13:30 ECB Member of the Supervisory Board Ignazio Angeloni speaks at Rome Investment Forum 2018 in Rome

• Dec 14 14:15 Federal Reserve issues Industrial Production for November in Washington D.C. 

• Dec 14 15:00 German Economy Minister Peter Altmaier holds speech from economy ministry in Berlin

Currency Summaries

EUR/USD: The euro held steady against the dollar on Thursday after the European Central Bank, as expected, halted new bond purchases and promised to maintain policy support for the euro zone due to risks from trade tensions, Brexit and budget woes in Italy and France. At (20:45 GMT), the single currency was trading 0.04 percent lower at $1.1364. An index that tracks the greenback against the euro, sterling and four other currencies was 0.28 percent higher at 97.27.Immediate resistance can be seen at 1.1401 (50 DMA), an upside break can trigger rise towards 1.1443 (Dec 10th high).On the downside, immediate support is seen at 1.1324 (61.8% retracement level), a break below could take the pair towards 1.1302 (Psychological level).

GBP/USD: Sterling edged higher against greenback on Thursday following UK Prime Minister Theresa May's prevailing in her party's vote on her leadership the day before. It had rallied on Wednesday in anticipation as traders bet her win might allow her to negotiate more generous terms for Britain in its exit from the European Union in March. At (20:45 GMT), sterling was trading 0.29 percent higher at $1.2660 after climbing to an intraday high of $1.2687 per dollar. Immediate resistance can be seen at 1.2690 (10 DMA), an upside break can trigger rise towards 1.2743 (21 DMA).On the downside, immediate support is seen at 1.2553 (Lower Bollinger Bands), a break below could take the pair towards 1.2474 (Dec 13th Low).
 
USD/CAD: The Canadian dollar was little changed against its U.S. counterpart on Thursday, holding onto the previous day's gains as higher oil prices offset caution on Wall Street. U.S. stocks edged lower in volatile trading, as a rally sparked by progress in U.S.-China trade talks faded. At (20:45 GMT),the Canadian dollar was trading nearly unchanged at 1.3348 to the greenback. Immediate resistance can be seen at 1.3400 (Psychological Level), an upside break can trigger rise towards 1.3424 (Higher Bollinger Bands).On the downside, immediate support is seen at 1.3334 (9 DMA), a break below could take the pair towards 1.3275 (20 DMA).A break of the 1.3325 latter then targets the 2018 low.

USD/JPY: The U.S. dollar strengthened against the yen on Thursday as greenback received a boost after the European Central Bank's policy announcement. The ECB formally ended its vast bond purchase scheme and kept interest rates on hold, as expected. At (20:45 GMT), the dollar was trading 0.28 higher versus the Japanese yen at 113.58. The dollar has gained over the past week against the yen due to divergence in the monetary policies of the U.S. Fed and the Bank of Japan. Strong resistance can be seen at 114.00 (Psychological level), an upside break can trigger rise towards 114.54 (Oct 3rd high).On the downside, immediate support is seen at 113.16 (9 DMA), a break below could take the pair towards 112.97 (Ichimoku Cloud Top). 

Equities Recap

European shares fell on Thursday, snapping two days of gains, as worries about euro-zone growth and the UK's prolonged divorce from the European Union weighed, offsetting conciliatory signs in the U.S.-China trade war and Rome's budget compromise.

UK's benchmark FTSE 100 closed flat, the pan-European FTSEurofirst 300 ended the day down by 0.13 percent, Germany's Dax ended down by 0.1 percent, France’s CAC finished the day down by 0.3 percent.

U.S. stocks edged lower in volatile trading on Thursday, as investors favored defensive sectors while financials and consumer discretionary stocks created the biggest drag.

Dow Jones closed up by 0.27 percent, S&P 500 ended down by 0.03 percent, Nasdaq finished the day down by 0. 0.36  percent.

Treasuries Recap

U.S. Treasury yields were narrowly mixed on Thursday, generally trading in line with U.S. equities, with investors also focused on the European Central Bank's lower growth and inflation forecasts for next year as well as a warning of economic risks to the region.

In late trading, benchmark U.S. 10-year note yields were at 2.911 percent, from 2.906 percent late on Wednesday.

U.S. 30-year bond yields were up at 3.161 percent, from 3.148 percent on Wednesday.

Commodities Recap

Gold eased to its lowest level in nearly one week on Thursday as the dollar rose and investors latched on to gains in global stocks, while palladium touched record highs on expectations of higher demand for the auto-catalyst metal.

Spot gold fell 0.2 percent to $1,242.79 per ounce, while U.S. gold futures settled down $2.60, or 0.2 percent, at $1,247.40.

Oil prices climbed more than 2 percent on Thursday, after data showed inventory declines in the United States and as investors began to expect that the global oil market could have a deficit sooner than they had previously thought.

Brent crude settled $1.30, or 2.16 percent, higher at $61.45 per barrel while U.S. light crude rose $1.43, or 2.8 percent, to end the session at $52.58 a barrel.

 

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January 23 15:00 UTC Released

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