Modest change in the weekly Baker Hughes rig count data
The Baker Hughes rig count data for the current week is showing:
- Oil rigs 342 versus 343 last week
- Gas rigs 96 versus 94 last week
- Total rigs 440 versus 438 last week.
The price of WTI crude oil futures is currently trading down $1.48 or -2.26% $63.55. The high price reached $64.95. The low price is at $63.08.
Looking at the hourly chart, the low price today stalled just ahead of the 50% retracement of the range for the week at $63.04. On the move down, the price did also move below its 100 hour moving average currently at $63.36, but could not sustain the downside momentum.
Going forward, the moving average and 50% retracement remains a key downside support target. If the price can move below each, the bears would increase their control.
Mixed results for the week
The European major indices are ending the week with mixed result today and also ending the week mixed.
The provisional closes are showing:
- German DAX, flat
- France’s CAC, -0.5%
- UK’s FTSE 100, up 0.2%
- Spain’s Ibex, unchanged
- Italy’s FTSE MIB, -0.45%
For the week,:
- German DAX -0.9%
- France’s CAC, +0.2%
- UK’s FTSE 100, +0.45%
- Spain’s Ibex, +2.3%
- Italy’s FTSE MIB, -1.0%
How did the indices end the month? The major indices are mostly higher with Italy’s FTSE MIB the one exception.
- German DAX up 0.9%
- France’s CAC, +3.3%
- UK’s FTSE 100, +3.8%
- Spain’s Ibex, +2.7%
- Italy’s FTSE MIB, -2%
A look at other markets as London/European traders look to exit for the week and month:
- Spot gold is trading down $3.58 or -0.2% of $1768.71
- SPot silver is down -16 censor -0.64% at $25.92
- WTI crude oil futures is down $1.53 or 2.35% at $63.48
- Bitcoin is trading up $3900 or 7.39% of $56,900.
Latest data released by Destatis – 30 April 2021
- Prior +0.3%
- GDP (non-seasonally adjusted) -3.3% vs -3.6% y/y expected
- Prior -2.7%
- GDP (working day adjusted) -3.0% vs -3.2% y/y expected
- Prior -3.7%
The readings are more or less within estimates as German economic activity contracted once again in Q1, though the resilience of the manufacturing sector has certainly helped to offset a chunk of the slump amid lockdown measures to start the year.
The details reveal that Q1 GDP was some 4.9% lower than levels seen in Q4 2019.
Asian equities dragged lower on the day
The Topix also closes lower by 0.6% to 1,898.24 with the 100-day moving average level coming back into focus for both the Nikkei and Topix going into May.
Elsewhere in the region, the Hang Seng is down 1.6% while the Shanghai Composite is down 1.0% as equities slump – not helped by the more subdued tone in US futures.
US stocks may have overcome a stumble midway through yesterday’s session but there are still concerns about a short-term peak with the month-end in focus today.
Latest data released by INSEE – 30 April 2021
- Prior -1.4%
- GDP +1.5% vs +1.0% y/y expected
- Prior -4.9%; revised to -4.8%
A solid beat here reaffirms the resilience of the French economy in Q1, which may very well set the tone for what to expect from other readings across the region later today. If so, that will certainly be of much comfort to euro area assets in general – even if the market is more focused on vaccine developments and the 2H outlook now.