Daily Market Commentary
- Initial Jobless claims in the U.S. were reported at 298K, below estimates of 300K.
- Continuing Jobless Claims in the U.S. were reported at 2.5M, below estimates of 2.518M.
- Markit Manufacturing PMI in the U.S. was reported at 58
- Gold fell to a two-month low in the longest run of declines since June in London on the outlook for higher U.S. interest rates that strengthened the dollar. Platinum headed for the longest run of losses in 27 years.
- Brent crude fell from the highest closing price in three days as a measure of China’s manufacturing missed estimates and the U.S. pledged to continue operations to stop Islamic radicals in Iraq. West Texas Intermediate also dropped.
- WTI oil advanced as U.S. economic data pointed to stronger growth in the world’s biggest oil-consuming nation.
- Copper prices are seen rebounding 8.4% as demand for the metal used in pipes and wiring expands amid signs of tightening supplies, Standard Chartered Plc forecasts.
- Canadian stocks fluctuated near an all-time high as declines in gold mining companies were offset by gains in financial shares.
- Seabridge Gold Inc. says the prospect of finding a partner for its $5 billion gold-copper project in British Columbia, one the world’s largest, has improved as mining dealmaking activity revives.
- Allergan Inc. isn’t currently in active talks to acquire Salix Pharmaceuticals Ltd., people with knowledge of the matter said, though the drug-makers have discussed a deal.
- U.S. stock-index futures climbed, indicating the Standard & Poor’s 500 Index may reach a new record, as investors awaited cues from central bankers meeting at the annual symposium in Jackson Hole, Wyoming.
- Pfizer Inc. isn’t giving up on striking an overseas takeover to cut its tax rate and gain a new pipeline of drugs, even as the potential cost of acquiring AstraZeneca Plc rises.
- Dollar General Corp., which made a bid this week to buy Family Dollar Stores Inc. for about $9 billion, complained to the takeover target’s board that it was given a false impression during earlier talks with the company.
- Bank of America Corp. will pay $16.65 billion to end federal and state probes into mortgage bond sales, the harshest penalty yet related to loans that fueled the 2008 financial crisis, the Justice Department said.
- European stocks rose to the highest level this month as investors bet that a slowdown in euro-area manufacturing and services growth will increase pressure on the European Central Bank do more to support the recovery.
- Investment-banking fees in Europe, growing faster than in Asia and the Americas, are set to reach a seven-year high as sales of debt and stock and a buoyant U.K. economy outweigh stagnant income from trading.
- Asian stocks outside Japan fell for the first time in nine days after a private gauge of Chinese manufacturing dropped more than economists forecast.
- Bank of Communications Co., the Chinese bank part-owned by HSBC Holdings Plc, said it wants to be the nation’s first listed lender to offer stock incentives for management.
*All information is taken from Bloomberg, unless otherwise noted.