European stock market close 8 March 2017
- FTSE +0.2%
- Cac +0.3%
- Dax +0.1%
- Ibex +0.4%
- FTSE Mib +0.1%
- Italy 2.26% +7bp
- Spain 1.81% +7bp
- Portugal +3.99% +2bp
- Germany 0.367% +5bp
- Greece 7.19% -1bp
The large increase in oil inventories was largely offset by bid draws in gasoline and distillates. If anything, this report is less bullish than the API numbers. It took a moment, but crude jumped about 20-cents on the headlines.
Here’s what API reported late yesterday:
Inventories are nearly 10% higher than they were at this time last year.
Following the massive ADP employment beat (but productivity disappointment), March rate hike odds finally upticked to certainty. Fed Funds futures now imply a 100% chance that The Fed hikes next week.
Up from low 20s to 100% in a month…
Gold imports by India, which competes with China for the role of world’s biggest consumer, are said to have risen almost three-fold in February from a year earlier as jewellers increased stockpiles before the festival and wedding period that starts next month.
Shipments jumped 175% to 96.4 metric tons in February from a year earlier, according to a person familiar with provisional data from the finance ministry, who asked not to be identified as the data aren’t public. Overseas purchases slid 32% to 595.5 tons in the 11 months to February. Ministry spokesman D. S. Malik declined to comment on the data.
After a lull in demand exacerbated by Prime Minister Narendra Modi’s move to withdraw high denomination currency notes, jewellers are building up inventories.
They expect to see some recovery in purchases ahead of India’s wedding season and on the auspicious Hindu gold-buying day of Akshaya Tritiya that falls toward the end of April this year.
The centre-left social democrats ( Merkel’s junior coalition partner) have seen a large increase in popularity since nominating former EU Parliament president Martin Schulz as its candidate for the top job.
Elections to be held on 24 Sept and a lot of water to pass under the EU bridge before then.
Expect immediate sellers/res around 113.85 then 114.00-10. Demand/support 113.50,113.30 and 113.00