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Sun, 30th April 2017

Anirudh Sethi Report

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Archives of “March 8, 2017” Day

European Indices closed Flat

European stock market close 8 March 2017

  • FTSE +0.2%
  • Cac +0.3%
  • Dax +0.1%
  • Ibex +0.4%
  • FTSE Mib +0.1%

European bonds

  • Italy 2.26% +7bp
  • Spain 1.81% +7bp
  • Portugal +3.99% +2bp
  • Germany 0.367% +5bp
  • Greece 7.19% -1bp

Weekly US crude oil inventories +8209K vs +2000K expected

Weekly inventory and production data from the Department of Energy

  • Prior was +1501K
  • Inventories have risen for 9 straight weeks
  • Gasoline -6555K vs -1987K expected
  • Distillates -2676K vs -1000K expected
  • Production +0.6% w/w to 9.088mbpd

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:

  • Crude +11600K
  • Gasoline -4960K
  • Distillates -2900K

Inventories are nearly 10% higher than they were at this time last year.

India : Gold imports said to almost triple in February on wedding demand

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.

Germany’s SPD closing the gap on Merkel’s CDU in latest election poll

Latest weekly poll results from Forsa now published 8 March

  • CDU 33%
  • SPD 32%
  • AFD 8%

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.

Nikkei 225 closes down -0.47% at 19,254.03

Japanese equities softer but closing off their  lows 8 March

  • high 19326.40
  • low  19198.78
  • Topix -0.31% at 1550.25
  • USDJPY 113.75 also off its 113.61 lows

Expect immediate sellers/res around 113.85 then 114.00-10.  Demand/support 113.50,113.30 and 113.00