April 15th, 2016

Daily Market Commentary



  • Manufacturing Shipments in Canada were reportedly down 3.3% in month-over-month terms, more than expected.
  • The NY Empire State Manufacturing Index was reported at 9.56, above estimates.
  • Industrial production in the US was down 0.6% in month-over-month terms, a further drop than expected.



  • Oil is poised for a second weekly advance before major suppliers meet in Doha to discuss an output freeze as the International Energy Agency sees a global glut almost vanishing later in the year.
  • Gold headed for its first weekly drop in three as data showed China’s economy stabilized in the first quarter and global equities held gains, curbing demand for haven assets.
  • Copper narrowed its biggest weekly gain in six as Chinese data raised questions about the sustainability of the debt-fueled expansion in the world’s largest metals user.


  • Bombardier Inc. is nearing an agreement to sell as many as 75 C Series jetliners to Delta Air Lines Inc., a person familiar with the talks said, a deal that would be the largest to date for its struggling aircraft program.
  • Alberta scrapped its debt ceiling target and will carry out record borrowing to help pay for cumulative deficits of almost C$30 billion ($23.4 billion) over three years as the oil plunge sparks a collapse in royalties for Canada’s energy hub.
  • Valeant Pharmaceuticals International Inc. is working with investment banks to review options after receiving interest in a number of its businesses, Reuters reported Thursday.

United States:

  • U.S. index futures were little changed, after stocks closed at a four-month high amid rallies in banking shares.
  • Goldman Sachs Group Inc. is embarking on its biggest cost-cutting push in years as it tries to weather a slump in trading and deal-making, according to two people with knowledge of the effort.
  • Money managers are dumping Treasury exchange-traded funds as a revival in equity and commodity prices curbs demand for the relative safety of U.S. debt.
  • Goodrich Petroleum Corp. filed for Chapter 11 in a U.S. bankruptcy court to implement a financial reorganization after struggling to restructure its debt amid declining energy prices.



  • European stocks declined as investors assessed earnings reports and valuations after the Stoxx 600 Europe Index capped its longest winning streak since March.
  • Mark Carney has already called the U.K.’s referendum on its European Union membership the biggest risk to domestic financial stability. Now he’s given some insight into what officials are looking at as they fret about the economic outlook.
  • Deutsche Bank AG has reached settlements in lawsuits over allegations it manipulated gold and silver prices, lawyers for traders of the commodities said in court filings.
  • Volkswagen AG’s European first-quarter market share reached a five-year low as auto buyers snubbed the German carmaker’s efforts to resolve its emissions-cheating scandal and turned to models from BMW AG, Fiat Chrysler Automobiles NV and Daimler AG.
  • Asian stocks fell, retreating from the highest level in four months, as investors assessed a torrent of Chinese data, Japanese shares dropped after an earthquake and Taiwan Semiconductor Manufacturing Co. missed earnings estimates.
  • China may have $1.3 trillion loans extended to borrowers that don’t have sufficient income to cover interest payments, with potential losses equivalent to 7 percent of the country’s gross domestic product, according to the International Monetary Fund.
  • Tencent Holdings Ltd., Asia’s biggest Internet company, is speaking with banks about getting a syndicated loan of as much as $2 billion as it expands operations and pushes ahead with acquisitions, people familiar with the matter said.

*All information is taken from Bloomberg, unless otherwise noted.