April 1st, 2016

Daily Market Commentary



  • The US participation rate was quoted at 63%.
  • Nonfarm Payrolls in the US were quoted at 215K, above estimates.
  • The US ISM Manufacturing Figure was quoted at 51.8, above estimates.
  • The Reuters / Michigan Consumer Sentiment Survey was quoted at 91, slightly above estimates.
  • The RBC Manufacturing PMI for Canada was 51.5.



  • Gold, one of the best performing major commodities of 2016, may benefit as more global central banks move to implement negative interest rates, according to the World Gold Council.
  • Coal India Ltd., the world’s biggest miner of the fuel, produced a record amount the past year, adding to a global oversupply.
  • Saudi Arabia is getting ready for the twilight of the oil age by creating the world’s largest sovereign wealth fund for the kingdom’s most prized assets.


  • Canadian stocks fell, with the Standard & Poor’s/TSX Composite Index posting its biggest monthly advance since October 2011. Energy stocks in the benchmark gauge rose as the U.S. dollar slumped.
  • Like homebuyers gambling on floating-rate mortgages instead of locking in more expensive fixed rates, Canada is betting it can cut costs by borrowing short-term as it issues a record C$133 billion ($102 billion) in debt to fund an ambitious spending program.

United States:

  • U.S. stock-index futures fell, after the Standard & Poor’s 500 Index eked out a quarterly advance, as investors awaited employment data for clues on the strength of the economy.
  • The dollar remained weaker against most of its major peers on speculation a U.S. jobs report due later Friday won’t be enough to change the outlook for gradual rate increases by the Federal Reserve.


  • European shares started the new quarter with fresh declines following their worst start to a year since the financial crisis, as investors looked to key U.S. jobs data for indications of the health of the world’s biggest economy.
  • Telenor ASA, the Nordic region’s largest phone company, said it’s in talks with possible bidders for its $2.5 billion stake in VimpelCom Ltd., and is targeting countries such as Vietnam and Indonesia for future growth.
  • Asian stocks headed for the biggest decline in seven weeks as Japanese corporate sentiment deteriorated and a broad-based selloff from consumer-discretionary companies to healthcare engulfed the region’s equities markets.
  • Alibaba Group Holding Ltd. is discussing injecting a health foods and supplements business into its publicly traded health arm after the two companies dropped plans to exchange an online pharmacy operation in a $2.5 billion deal.
  • Panasonic Corp. fell the most in almost three-and-a-half years after forecasting an 8.5 percent drop in profit next fiscal year as it boosts spending on new products outside of its consumer electronics business.

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