Trading with point and figure

The Week Ahead - Brief Summary: 8 to 12 May 2017

- With M Macron seemingly headed for victory in the French Presidential election according to early exit polls published by Belgian media, the initial question for the week is whether this was already well discounted in FX, rates and equities, and how quickly markets might fade any rallies. Given well documented demand for European equities predicated on relative valuations to the US, and optimism on the Eurozone growth outlook due to incoming data, this may be the asset class that outperforms in the short-term. Overall it will be a busy week for US and Chinese data, while Trade and Industrial Production feature in the UK and Europe, with Germany also publishing its provisional estimate of Q1 GDP. Fed speak is plentiful and will be closely watched, above all for signals on balance sheet reduction, while the Bank of England and RBNZ are both expected to keep policy rates unchanged. In EM there are central bank policy meetings in Malaysia, Peru, the Philippines, Serbia and Sri Lanka - all of which are expected to see rates left unchanged. The govt bond auction schedule sees the US offer $62.0 Bln of new 3, 10 & 30-yr Treasuries, there are no Gilt auctions, while the Eurozone has EUR 2-3. Bln of 5-yr Dutch DSLs, EUR 1.1 Bln of 10- & 30-yr Austrian Bunds, Germany sells EUR 500 Mln 30-yr I-L and EUR 3.0 Bln of 5-yr, while Italy's mid-month auction details are published on Monday, and is typically around EUR 8.0-9.0 Bln. Corporate earnings are relatively plentiful, even if the US schedule is now starting to wind down. Politically, there will be continued focus on the UK general election, South Korea holds its presidential election on Tuesday, and G7 finance ministers and central bank governors will meet in Italy from Thursday through Saturday. On the energy front the EIA publishes its monthly Short-term Energy Outlook, and OPEC its Oil Market Report, as attention continues to focus on this month's OPEC meeting.

..........................................................................

Marc Ostwald
Strategist
ADM Investor Services International
 
dow pivot area 21010 area..there now
was prev supp on index /Friday
20950 prev rez after 20980 area
 
G'day,bonjour,

lets see if "entente cordiale" prevails for the ftse: marked up short term sp 7280 rez 7300 atm
 
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