April 2nd, 2015

Daily Market Commentary



  • Imports and Exports in Canada were reported at $44.51B and $43.52B for February, respectively.
  • Initial Jobless Claims in the U.S. were reported at 268K, below estimates at 285K.
  • Continuing Jobless Claims in the U.S. were reported at 2.325M, also below estimates.


  • Oil headed for a third weekly advance after rising the most in two months as U.S. crude production slowed from the fastest pace in more than three decades.
  • Gold held most of its biggest gain since January as data on U.S. employment added to speculation that the Federal Reserve may delay raising borrowing costs.
  • Iron ore, which fell below $50 a metric ton on Wednesday, may extend losses as weakening producer currencies cut mining costs, reducing incentives for the supply cuts needed to balance the market, according to Societe Generale SA.
  • Copper fell as worse-than-expected U.S. economic data added to concern that demand will slow in the second-biggest user. Nickel extended a rebound from the lowest since 2009.


  • The Ontario government is closing in on a deal to merge Hydro One Brampton with three other utilities, a move that could give the province a windfall of close to $500-million while creating Canada’s largest municipally-owned electricity distributor and kick-start the selloff of provincial electricity assets. (Globe)
  • Oil price jitters are firmly settling into Calgary’s housing market, keeping buyers on the sidelines during what is normally the start of the hottest season in real estate. Calgary home prices slumped for the second month in a row in March, having slid 0.85 per cent since the start of the year, the Calgary Real Estate Board reported. (Globe)

United States

  • U.S. stock-index futures retreated, indicating equities will decline for a third day before markets close for Good Friday.
  • Gov. Jerry Brown on Wednesday ordered mandatory water use reductions for the first time in California’s history, saying the state’s four-year drought had reached near-crisis proportions after a winter of record-low snowfalls.
  • Kraft Foods Group Inc. was accused by the U.S. Commodity Futures Trading Commission of manipulating wheat prices by hoarding futures contracts it didn’t intend to fulfil.
  • GoDaddy Inc. gained in its trading debut, after the company raised $460 million in a larger-than-expected initial public offering.


  • European stocks declined, paring a weekly gain, as miners and automakers retreated.
  • Vivendi SA Chairman Vincent Bollore boosted his holding in the company to 12 percent, the second increase within a week amid a clash with Wall Street activist investor Peter Schoenfeld.
  • Royal KPN NV has received interest from several parties for its Belgian mobile-phone business Base and said it’s exploring all options for the division, which may be valued at about 1 billion euros ($1.1 billion).
  • Sony Corp. agreed to sell half its stake in Olympus Corp. to fund strategic investments, just two years after the Japanese companies formed a medical-device venture.
  • Malaysia scrapped a plan to seek buyers for state investment company 1Malaysia Development Bhd.’s power business, reversing course just a week after saying it appointed a bank to field interest in the assets.

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