April 22nd, 2016

Daily Market Commentary



  • Canada’s measure for Core inflation was up 0.7% and 2.1% in month-over-month and year-over-year terms, respectively.
  • The Canadian CPI was up 0.6% and 1.3% in month-over-month and year-over-year, respectively.
  • Retail Sales in Canada during February were up 0.4%, or 0.2% excluding autos, in month-over-month terms.
  • The US Markit Manufacturing PMI was quoted at 50.8, below estimates of 52.


  • Oil is poised for a third weekly advance as declining U.S. crude production provided more evidence that the market is rebalancing.
  • Gold headed for a weekly increase as the dollar extended losses, boosting the metal’s appeal as a haven. Silver, which entered a bull market this week, held near an 11-month high.


  • Blackstone Group LP is considering a takeover of listed Canadian pharmaceutical company Concordia Healthcare Corp., according to people familiar with the matter.
  • Cameco announced that it is suspending production at its Rabbit Lake operation in northern Saskatchewan and production is being curtailed at Cameco Resources’ US operations by deferring wellfield development. The changes are expected to result in a reduction of about 500 positions at Rabbit Lake and about 85 at the US operations.

United States:

  • U.S. stock-index futures were little changed after the Standard & Poor’s 500 Index retreated from a four-month high, as investors awaited further financial reports for indications of the health of corporate America.
  • Microsoft Corp. reported earnings that fell short of analysts’ estimates due to a higher tax rate in the quarter and a weak market for personal computers.
  • General Electric Co. reported first-quarter profit that beat analysts’ estimates as the company extended a transformation of its business around industrial manufacturing.
  • Honeywell International Inc. raised the low end of its profit forecast after first-quarter earnings topped analysts’ estimates with the help of a $5.1 billion acquisition that bolstered sales.



  • European stocks slid further away from a three-month high, trimming a second weekly advance, led by declines in carmakers and miners.to two people familiar with the matter.
  • Volkswagen agreed on Thursday to fix or buy back nearly 500,000 diesel cars in the United States that are equipped with illegal emissions software.
  • Daimler AG’s emissions came under scrutiny after the carmaker was asked by the U.S. Department of Justice to investigate the certification process of its diesel cars.
  • Volvo AB’s first-quarter operating profit beat analyst estimates as the truckmaker reduced costs by scaling back production in response to slowing North American sales. The stock rose to an eight-month high.
  • Asian stocks retreated from an almost five-month high as companies including Sony Corp. and Microsoft Corp. reported disappointing earnings. Japanese equities erased losses as banks surged.

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