August 18th

Daily Market Commentary



  • Canadian portfolio investment in foreign securities in June was reported at $1.96B.
  • Foreign portfolio investment in Canadian securities in June was reportedly down $1.07B.
  • The trade balance in the Eurozone was reported at $16.8B euros, above estimates of 15B euros.
  • The House Price index in China was reportedly up 2.5%. 


  • Brent crude fell after Iraq’s Kurds recaptured most of the country’s largest dam from Islamist militants. West Texas Intermediate declined in New York.
  • Nickel fell in London amid concern demand might be poised to weaken after new-house prices and foreign direct investment slumped in China, the world’s biggest consumer of industrial metals.
  • Palladium climbed to a 13-year high in the longest run of gains in more than a month in New York on concern supply will lag demand and add to shortages. Gold fell.


  • Bidding at Canadian government-bond auctions is declining to the lowest level in at least two years as foreign banks retreat from the nation’s debt markets amid increased regulatory constrictions and diminished price swings.
  • Finance Minister Joe Oliver says Statistics Canada error wasn’t related to government budget cuts. Restated employment data shows strong jobs growth, encouraged by increase in hours worked.
  • Whistler Blackcomb Holdings posted a third-quarter loss of $0.15 a share, better than the $0.19 it lost last year. The resort operator’s revenue rose 16%, helped in part by higher ticket prices.

United States:

  • U.S. stock-index futures advanced, after the Standard & Poor’s 500 Index posted its biggest weekly gain since July, as diplomats from Ukraine and Russia discussed a possible truce.
  • Constellation Brands has recalled some of its Corona Extra bottles in the US because they may contain glass particles. The beer, spirits and wine producer said the voluntary recall covers 12oz clear bottles in selected six-packs, 12-packs and 19-packs in the country.
  • Gilead said its scored a key victory in the pharmaceutical industry’s competition for hepatitis-C treatment, as an arbitration panel ruled in its favour over Roche Holding AG’s claim to exclusive rights to a lucrative drug.
  • Chiquita Brands International rejected the unsolicited $625 million offer proposed earlier this week by a pair of Brazilian companies.


  • European stocks advanced, after equities climbed the most in more than a month last week, as Ukrainian and Russian officials met for talks.
  • The Bundesbank said geopolitical tensions may impede a rebound of the German economy, Europe’s largest, after it contracted in the second quarter.
  • Russia’s foreign minister said talks on the conflict in Ukraine haven’t produced a resolution, with the only progress made being on humanitarian aid deliveries.
  • Barclays Plc saw the volume of U.S. shares traded at its dark pool rise to the highest since it was sued by New York for allegedly lying to customers of the venue.
  • Asia’s benchmark stock index was little changed, after a five-day winning streak, as health-care firms and telecommunication shares gained while banks slid along with consumer companies.
  • Hong Kong’s Brightoil Petroleum Holdings Ltd. is interested in buying Newfield Exploration Co.’s offshore Chinese assets and pipelines owned by China’s oil majors as it expands in the world’s biggest energy consumer.
  •  Holders of China’s first corporate bond to default onshore met today in Shanghai, as investors look for clues on how the government will balance market liberalization with steps to maintain stability.

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