Market Commentary and Information Agreement:
The information contained on this page is not to be reproduced, copied or made available to others. This information neither constitutes, nor is to be construed as an offer to buy or sell investments. The information and opinions expressed herein are based on sources we believe to be reliable but we do not represent that they are accurate or complete. Any information herein is given in good faith, but is subject to change without notice. No liability is accepted whatsoever by ADM Investor Services International Limited, employees and associated companies for any direct or consequential loss arising from these documents or information.
ADM Investor Services Limited is authorised and regulated by the Financial Conduct Authority (‘FCA’) and is a member of the London Stock Exchange and LIFFE. Under the FCA New Conduct of Business Rules we are required to categorise clients for whom we undertake any designated investment business. Accordingly, the information contained in this page is classified for a Professional client, if you continue to read the information enclosed on this page then you do so knowingly that you are entirely doing so at your own risk.
Cookies on ADMISI
ADM Investor Services, Inc.
Alan has been a commodity analyst since 1976, focusing on the fundamental and technical aspects of precious metals, stock index, interest rate and foreign currency markets. He has authored several articles for Futures magazine and Stocks Futures and Options magazine. Alan served on the faculty of Oakton College as instructor of a course entitled “Principles of Technical Analysis.” He has been interviewed on many national television programs, appearing on the Nightly Business Report, CNBC, CNN Moneyline, Reuters Television and Web FN. In addition, he has been quoted in The Wall Street Journal, USA Today, The Bond Buyer and the Chicago Tribune and has been regularly interviewed on Chicago’s WMAQ radio business reports. Alan is currently the Senior Financial Economist with ADM Investor Services, Inc.
Tel: + 1 312 242 7911
Stock index futures were higher in the overnight trade on reports that China is quietly approaching the U.S. to de-escalate the trade war. NASDAQ and Russell 2000 futures advanced to new historical highs. However, prices fell later on news of a more confrontational tone between Italy and the European Union.
The number of Americans filing applications for new unemployment benefits declined for the fourth consecutive week. Initial jobless claims fell 3,000 to a 218,000 in the week ended June 16, when analysts expected 220,000 new claims last week.
The June Philadelphia Federal Reserve business index was 19.9. The median estimate called for the index to be 28.5.
The 9:00 central time May leading indicators report is anticipated to be up .3%.
Although the global trade situation appears to be getting worse, we are seeing less and less negative reaction in the financial markets to bearish trade news. CURRENCY FUTURES The U.S. dollar hit a new 11 month high in the overnight trade, although it is lower now.
The British pound fell to a seven month low in the overnight trade ahead of the Bank of England’s policy meeting.
However, the pound quickly reversed and is higher after the BoE’s chief economist unexpectedly backed a rate hike. The central bank of the U.K. voted to keep rates unchanged at .5% at today’s meeting, as expected.
This now puts the possibility of a rate increase at the of BoE’s August policy meeting back in play. INTEREST RATE MARKET FUTURES There was some support for futures when the weaker than expected Philadelphia Federal Reserve June business index was reported.
The probability of a fed funds rate hike at the Fed’s September 26 meeting is 80%, which is unchanged from yesterday.
Although geopolitical events will inevitably develop from time to time, which will likely produce short periods of flight to quality buying, the main trend for futures is lower.
© 2017 ADM Investor Service International Limited
ADMISI is a wholly owned subsidiary of Archer Daniels Midland (UK) Limited and indirectly is a wholly owned subsidiary of the Archer Daniels Midland Company (ADM).
ADM Investor Services International Limited is authorised and regulated by the Financial Conduct Authority and a member of the London Stock Exchange.