Lethargic start to the session sees ProLogis drop as low as $121.73

ProLogis is down to $121.74, after ending yesterday at $122.81. Overall, a 0.87% loss or $1.07 today.

United States Producer Price Index published today at 12:30 UTC came out at -0.5%, falling short of the 0.1% projections and continuing its decline from the previous 0% figure. Initial Jobless Claims in United States fell short of market expectations (232,000) with a reading of 239,000, continuing the decline from the previous figure of 228,000.

This down-slide takes place while positive United States macroeconomics indicators data was published earlier – United States Crude Oil Inventories beat analyst expectations of -583,000 and the previous reading of -3.74 million with new data of 597,000.

As the day gets underway, chart analysis suggests ProLogis could begin to recover as it approaches significant support, now 37 cents away from $122.11. Dipping below could be an indication that further losses are ahead.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as as things stand, upcoming United States Core Retail Sales data is projected to fall short of market expectations with newly published data of -0.3%, following on from the preceding figure of -0.1%. New data is set to be published tomorrow at 12:30 UTC.

Furthermore, United States Retail Sales figure is projected at -0.4%. It previously stood at -0.4%; data will be released tomorrow at 12:30 UTC.

The real estate investment trust reached a significant high of $173 around 11 months ago but has lost 29% since then.