April 13th, 2015
Daily Market Commentary
- The Chinese trade balance was reported at $3.08B, far below estimates of $45.35B, as both exports and imports fell strongly.
- Oil advanced a third day as skepticism among U.S. lawmakers over a nuclear deal with Iran undermined prospects that the OPEC producer will bolster crude exports.
- Gold fell for the fourth time in five days as the dollar strengthened on speculation an improving U.S. economy will prompt the Federal Reserve to raise interest rates. Silver and platinum retreated.
- Alamos Gold, Aurico Gold Merging in $1.5b by way of plan of arrangement, creating a new, leading intermediate gold producer.
- Canada’s second spectrum auction of the year is set to begin Tuesday, with Telus Corp. expected to be the major winner of new licences among the country’s three national wireless carriers. (Globe)
- British Columbia is considering selling green bonds to help fund an C$8.8 billion ($7 billion) hydroelectric dam, among the biggest infrastructure projects in Canada.
- Bombardier Inc. may fetch as much as $5.4 billion if it decides to sell its rail unit, which has played a “stabilizing role” amid the struggles at the company’s aerospace business, according to AltaCorp Capital.
- U.S. stock-index futures were little changed, after a second weekly gain for the Standard & Poor’s 500 Index pushed it towards an all-time high, as investors awaited this week’s corporate earnings reports.
- Groupon Inc. could divest four businesses in the next two years, netting as much as $730 million, to raise cash as it expands into an e-commerce marketplace, according to Gene Munster, an analyst at Piper Jaffray Cos.
- Europe Stocks Trade at Record as Energy Shares Rise, Miners Fall.
- Enel SpA, Italy’s largest utility, plans to expand into broadband Internet networks in a move that could boost competition to Telecom Italia SpA, said three people with direct knowledge of the matter.
- European banks and asset managers will sell as much as 70 billion euros ($74 billion) of real estate debt and foreclosed assets this year as they continue to strengthen their balance sheets.
- Asian stocks held gains after the biggest weekly advance since October as a rally in energy shares countered a decline in utilities. Hong Kong shares climbed to a seven-year high.
- Sharp Corp.’s bond risk retreated from a two-year high on a possible rescue from Apple Inc. supplier Foxconn Technology Group and the potential for government aid.
- The Hong Kong Monetary Authority injects HK$6.2 bln into the banking system to prevent the currency from rising beyond its fixed exchange rate.
*All information is taken from Bloomberg, unless otherwise noted.