August 12th

Daily Market Commentary



  • The Redbook Index, which measures same-store sales growth in the U.S. for general merchandisers, was reportedly up 1.1% and 4.8% in month-over-month and year-over-year terms, respectively.
  • The NFIB Business Optimism Index in the U.S. was reported at 95.7, slightly above estimates of 95.3.
  • A ZEW Survey on Economic Sentiment for the Eurozone was reported at 23.7, below estimates of 41.3.


  • Brent crude declined for a third day to its lowest in nine months as the International Energy Agency said a supply glut was shielding the market against threats in the Middle East. West Texas Intermediate also fell.
  • Gold traded little changed below a three-week high in London as investors weighed tension over Ukraine.
  • Indonesia’s ban on nickel ore exports is resonating globally as prices climb to the highest since 2012, prompting companies from Avebury Nickel Mines Ltd. to Poseidon Nickel Ltd. to restart operations at idled mines.
  • Zinc and nickel paced gains by industrial metals in London amid optimism that geopolitical risks are receding, aiding investment sentiment for commodities.


  • Avigilon Corp., one of Canada’s worst-performing stocks after outstripping the market last year, is making no apologies for a spending surge some analysts say puts the video-surveillance company’s profit at risk.
  • SNC-Lavalin Group said it has agreed to sell its 21% stake in Astoria Project Partners LLC, or Astoria I, which operates a gas-fired combined-cycle power plant in New York. Terms of the deal weren’t disclosed.

United States:

  • U.S. stock-index futures climbed, indicating that equity benchmarks will extend a rally that has already produced the biggest two-day gains since April.
  • Apple Inc.’s suppliers have started manufacturing new iPads, according to people with knowledge of the matter, as the company works to reinvigorate sales of the tablet computers after two straight quarters of declines.
  • Caesars Entertainment Corp. Chief Executive Officer Gary Loveman said no qualified bidders have emerged for the bankrupt Revel hotel and casino in Atlantic City, after an auction was postponed last week.
  • BuzzFeed Inc. raised $50 million on a bet its mix of everything from animal lists to serious news is more valuable than the coverage produced by established media like the Washington Post and Los Angeles Times.  The investment values Buzzfeed at about $850 million, according to New York Times.


  • European stocks were little changed, after equities rose the most since April, as Henkel AG declined and Ladbrokes Plc rose.
  • German investor confidence fell to the lowest level since 2012, as the crisis in Ukraine and a sluggish euro-area recovery damp the outlook for Europe’s largest economy.
  • Asian stocks rose, with the regional benchmark measure extending gains after capping the biggest daily rally in almost two months, amid optimism that geopolitical risks are receding.
  • Singapore’s economy unexpectedly expanded last quarter as manufacturing declined less than initially estimated amid recoveries in advanced countries.
  • India’s consumer-price inflation quickened more than economists estimated, adding pressure on central bank Governor Raghuram Rajan to keep interest rates elevated even after factory output slowed.
  • Tata Motors, India’s biggest automaker, rose the most since September in Mumbai trading, after beating analysts’ estimates with a threefold jump in profit.

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