August 11th, 2015

Daily Market Commentary



  • The Redbook Index, which measures same-store sales growth in U.S. general merchandising companies, was up 0.5% and 1.9% in month-over-month and year-over-year terms, respectively.
  • Housing starts in Canada were up 193K, slightly below estimates.
  • A ZEW Survey of Economic Sentiment was reported at 47.6,  above estimates.


  • Copper declined with aluminum and nickel after China devalued its exchange rate in a move that helps exports and makes imports more expensive for the world’s biggest producer and consumer of metals. Aluminum traded near the lowest level in six years.
  • Oil pared losses as traders assessed the impact of China’s currency devaluation on fuel demand in the world’s biggest commodity consumer.
  • Coffee is bucking a commodity rout as smaller beans in Brazil, the world’s largest producer, threaten to reduce this year’s crop, prompting speculators to buy.


  • Home Capital Group Inc., the mortgage provider that disclosed it investigated loan irregularities in its portfolio, said it bought CFF Bank to diversify its funding sources.

United States:

  • Google Inc. is reorganizing into a holding company that gives its main Web operations greater independence while offering investors more visibility into ambitious plans to expand new businesses, including health and Internet access.


  • Carmakers and luxury-goods shares led a drop in European stocks after China devalued its currency by the most in two decades. U.S. stock-index futures also slid.
  • Greece reached an accord with creditors on the terms of a third bailout, paving the way for national parliaments to vote on the deal before an Aug. 20 payment falls due to the European Central Bank.
  • Prudential Plc, the U.K.’s largest insurer, posted a better-than-expected 17 percent increase in first-half profit, led by gains in Asia, and raised its dividend.
  • The yuan dropped the most in two decades, sparking a tumble in emerging currencies and commodities after China devalued its exchange rate to combat an economic slowdown. Hong Kong shares gained with U.S. Treasuries and German bunds.

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