April 24th, 2015
Daily Market Commentary
- Durable Goods orders in the U.S. were up 4% in March, above estimates of a 0.6% rise.
- Durable goods orders excluding transportation fell 0.2%, below estimates of 0.3% growth.
- Gold declined, extending a second weekly retreat, as investors await next week’s Federal Reserve meeting amid signs of uneven growth in the U.S.
- Oil headed for a sixth weekly gain in New York, its longest advance in a year, as airstrikes in Yemen led by Saudi Arabia fanned concerned that crude supplies in the region could be affected.
- Copper was poised for a weekly loss amid fears that a slowdown in China’s economy is lowering demand for metals from the largest consumer.
- Iron ore headed for a third weekly climb as BHP Billiton Ltd. curbed expansion plans and supply from high-cost mines fell. The rebound from a 10-year low this month takes prices toward the threshold of a bull market.
- Cenovus Energy Inc. has hired bankers to explore the possible sale or initial public offering of some of its oil and natural gas lands in Western Canada.
- Barrick Gold Corp. called off plans to halt operations at its Lumwana copper mine in Zambia after the government softened a royalty-based tax system.
- The Nasdaq seems set to continue pushing into record territory Friday – supported by Amazon, Google, and Microsoft. Dow Jones Industrial average and S&P 500 futures are also edging higher.
- It’s over. Comcast formally withdrew from its pending $45 billion merger with Time Warner Cable on Friday morning, after the companies failed to convince regulators the deal would be good for consumers.
- European stocks advanced, rebounding from Thursday’s decline, as investors weighed company results.
- German business confidence jumped to a 10-month high in April in a sign that growth in Europe’s largest economy is set to pick up on the back of record stimulus and a favourable exchange rate.
- The U.K. government sold about 586 million pounds ($884 million) of shares in Lloyds Banking Group Plc, cutting its stake below 21 percent in the nation’s largest mortgage lender before next month’s election.
- Asian stocks rose, with the regional benchmark gauge on course for a fourth weekly gain, as energy and materials companies climbed. Chinese equities dropped as regulators increased the pace of initial public offerings.
- Samsung Electronics Co. began production at a third factory for curved smartphone screens sooner than expected as demand surges for its Galaxy S6 Edge smartphone, according to people with direct knowledge of the matter.
- Cnooc Ltd., China’s biggest offshore oil and gas explorer, posted a 40 percent decline in first-quarter oil and gas sales because of lower crude prices.
*All information is taken from Bloomberg, unless otherwise noted.