Daily Market Commentary
- Imports and Exports in Canada were reported at $43.34B and $45.20B, respectively.
- MBA Mortgage Applications in the U.S. were reportedly up 1.6%.
- Trade Balance in the U.S. was reported at -$41.54B for the month of June.
- West Texas Intermediate rose for a second time in three days after an industry report showed crude stockpiles declined in the U.S., the world’s biggest oil user. Brent climbed in London.
- Gold rose for a second day in London as investors weighed haven demand from tension over Ukraine against signs the U.S. economy is improving.
- Imperial Metals Corp. dropped the most since it began trading in 2002 after the waste storage facility burst at its copper and gold mine in north-central British Columbia, releasing millions of gallons of material and prompting bans on water use in the area. Imperial fell 39 percent to C$10.19 at the close in Toronto.
- Canada reported the largest merchandise trade surplus in more than two years in June as exports reached a record on gains in crude oil and metals.
- U.S. stock-index futures declined, after the index closed at a two-month low, as a build-up of Russian troops on the Ukrainian border intensified investor concern that the crisis will escalate.
- Rupert Murdoch’s 21st Century Fox Inc. withdrew its unsolicited takeover offer of $75 billion for Time Warner Inc., giving up after the attempt to reshape the media industry sent Fox shares tumbling.
- Mondelez International Inc., the maker of snacks such as Oreo cookies and Ritz crackers, dropped in early trading after reducing its full-year sales forecast.
- European stocks slid for the fifth time in six days as a buildup of Russian armed forces along the border with Ukraine escalated tension, and a report showed German factory orders unexpectedly dropped.
- ING Groep NV, the biggest Dutch lender, may give back state aid earlier than planned after posting a 19 percent rise in second-quarter profit, paving the way for a return to paying dividends.
- Italy unexpectedly returned to recession and German factory orders dropped the most since 2011 as political tensions and slowing global growth threaten the euro area’s recovery.
- Asian stocks fell, with the regional index extending yesterday’s losses, after U.S. equities dropped to a two-month low amid escalating tensions in Ukraine.
- Standard Chartered Plc said it faces further U.S. fines over the British bank’s flawed efforts to block money laundering and posted a 20% earnings decline on losses in Asia.
*All information is taken from Bloomberg, unless otherwise noted.