Market Buzz: Awaiting US import and eurozone industrial data

Market Buzz: Awaiting US import and eurozone industrial data
Russian markets declined the most in two weeks as crude oil, which accounts for about half of export revenue, retreated on decreased output.

The MICEX dropped 0.70 percent to 1,416.50, ending its run of last week, when it gained 1.30 percent. The RTS closed at 1,422.29 and is has since retreated to 1,419.95 on Asian trading floors, down 0.16 percent. 

European market indices finished lower, with the exception of London. The Euro Stoxx fell 0.28 percent, the French CAC fell 8.63 points, down to 3,945.20, but still boasts positive momentum. The German DAX dipped slightly negative, down 0.01 percent. The UK FTSE 100 finished up at 6,631.76. 

On Tuesday the ZEW Institute will release a report on German economic sentiment, which will be a fair indicator of the state of the economy. The eurozone will release official data on industrial production.

As the US exchange floors closed, there were mixed indices results. The Dow Jones finished down by 0.18 percent, the S&P 500 saw some slight gains but ended only 0.07 points above its opening price, remaining stagnant. The NASDAQ rose 0.06 percent. US unemployment data was reassuring, and the Commerce Department reported sales rose 0.1 percent in April. Optimism will likely carry into Tuesday’s market, but markets will seriously consider the official publication of import price data.

In Asian trading Tuesday, Japan’s Nikkei 225 added 0.20 percent despite the yen’s weak performance against the dollar. Japan reported a 0.30 percent rise in domestic corporate goods.

Positive news also came from China- retails sales increased by 12.80 percent in April, and many stocks benefited short-term.

Australia’s S&P/ASX 200 advanced 0.26 percent and the Hong Kong Hang Seng rose 0.16 percent, but the New Zealand NZSE fell 0.12 percent and the Shanghai Composite slipped 0.66 percent.

Both WTI and Brent are trading stronger. WTI added 0.34 percent to 95.49, and Brent is up 0.11 percent at 102.93.