April 23rd, 2015

Daily Market Commentary



  • Initial Jobless Claims in the U.S. were reported at 295K, slightly above estimates of 290K.
  • Continuing Jobless claims in the U.S. were 2.325M, slightly above estimates as well.
  • The Market Manufacturing PMI was 54.2, missing estimates of 55.5.
  • New Home sales in the U.S. were reportedly up 0.481M, also slightly below estimates.


  • Oil’s rebound from a six-year low faltered amid the lowest trading volatility since December as U.S. crude stockpiles expanded further from a record.
  • Gold held near the lowest level in more than a week as signs of strength in the U.S. economy supported the case for higher borrowing costs.


  • Canadian merchandise exports will remain about flat this year as lower oil and gas prices knock a fourth of the value of energy shipments, the country’s trade financing agency says.
  • Sprott Asset Management LP is planning to make an unsolicited offer to acquire Central GoldTrust and Silver Bullion Trust valued at $800 million, a person with knowledge of the matter said.

United States

  • U.S. index futures declined, signaling equities will retreat after closing within 0.5 percent of a record, as investors weighed company earnings.


  • European stocks declined as data showed euro-area output expanded at a slower pace in April, and Ericsson AB led technology shares lower.
  • Michelin & Cie. rose the most in 19 months in Paris trading after reporting better-than-expected quarterly sales and announcing a 750 million-euro ($801 million) stock-buyback program.
  • Nokia Oyj, the Finnish company selling its money-losing maps business, is trying to drum up interest from some of the biggest names in technology including Apple Inc., Alibaba Group Holding Ltd. and Amazon.com Inc., people with knowledge of the matter said.
  • Hyundai Motor Co. reported profit declined for a fifth consecutive quarter after sales fell in China and Brazil’s real weakened against the won, eroding overseas earnings at South Korea’s biggest automaker.
  • A Chinese manufacturing gauge fell to a 12-month low in April, suggesting government efforts to cushion a slowdown are yet to revive the nation’s factories.

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