9 May 2016
We saw a pullback in the short week last week; the Uk100 has retreated after testing 6400 the week previous. However, although we saw a steady decline through the week, we saw the c.6050 hold and it will have to be seen this week if we will rally back up. The Non-Farm Payrolls missed estimates, but this news did not hit the U.S. markets with the Dow Jones finishing up 79 points at 17,740. This week will see the Bank of England release their base rate level, which has stayed consistent at 0.5% since 2009.
Please click the below image to enlarge the UK 100 Hourly Chart
Oil traded in a $4 range throughout the previous week, price pulled back from its highs of $46.71 (during the trading week), making an 8% decline towards the $43 level where buyers came back in, supporting that level on the 3rd and 4th of May. Wednesday’s Crude Oil Inventories figures showed much greater supply for than forecast, with 2.8m barrels added to the inventories, over the forecast 0.8m.
As we often see when there is a surplus supply of oil, the price quickly lost ground with a quick 3% movement down. The cheaper valuation proved attractive to investor’s however, as the latter end of Wednesday and towards the end of the week saw an increase towards the weeks end value of around $44.
Please click the image below to enlarge the U.S. oil Hourly Chart
ITE Group * Gap Inc. * G4S * Greggs
Capita * easyJet * Hiscox * ING Group * Credit Suisse Group * Allergan * Electronic Arts * Walt. Disney Co.
John Wood Group * National Express * Barratt Developments * Experian * Arrow Global Group * Premier Oil * Compass Group * TUI AG * William Hill
Mondi * Rank Group * Cairn Energy * Hikma Pharmaceuticals * ITV * Vedanta Resources * TalkTalk Telecomm Group * Lloyds Banking Group
Coca Cola HBC AG
|All day: Eurogroup Meetings||–||–|
No major economic data
|9:30am: UK Manufacturing Production month-on-month||0.4%||-1.1%|
|3:30pm: U.S. Crude Oil Inventories||–||2.8m|
|12:00pm: Bank of England Inflation Report||–||–|
|12:00pm: MPC Official Bank Rate Votes||0-0-9||0-0-9|
|12:00pm: UK Monetary Policy Summary||–||–|
|12:00pm: UK Official Bank Rate||0.50%||0.50%|
|12:45pm: Bank of England Gov Carney Speaks||–||–|
|1:30pm: U.S. Unemployment Claims||277K||274K|
|1:30pm: U.S. Core Retail Sales month-on-month||0.6%||0.7%|
|1:30pm: U.S. PPI month-on-month||0.3%||-0.1%|
|1:30pm: U.S. Retail Sales month-on-month||-0.3%||-0.3%|
|3:00pm: U.S. Prelim University of Michigan Consumer Sentiment||89.9||89.0|
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