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.

United States

  • 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.