December 12th

Daily Market Commentary



  • The Producer Price Index in the U.S. was reportedly down 0.2% and up 1.4% in month-over-month and year-over-year terms, respectively.
  • Employment change in the Eurozone was reportedly up 0.2% and 0.6% in quarter-over-quarter and year-over-year terms, respectively.
  • Industrial Production in the Eurozone was reportedly up 0.1% and 0.7% in month-over-month and year-over-year terms, respectively.


  • Oil extended losses below $60 a barrel in New York and declined to a five-year low as the International Energy Agency cut its 2015 demand forecast for the fourth time in five months. Brent also dropped to the lowest in five years.
  • Gold trimmed a second weekly advance as declining oil prices and prospects for higher U.S. interest rates outweighed signs of rising demand in China.
  • Copper headed for a second weekly gain on speculation demand is supported by the world’s largest users of the metal as the U.S. House narrowly passed a spending bill and amid expectations China’s slowdown may spur stimulus.


  • Canada Mortgage & Housing Corp. has told more than 10 percent of its employees they will lose their jobs as part of a reorganization at the state housing finance agency that will also see it boost hiring in priority areas such as risk management and information technology.
  • Canadian energy stocks have plunged so much amid crude’s slide into a bear market that some traders can’t resist taking a flier the industry will bounce back. In the three months through Dec. 10, investors have sent about C$371.8 million ($322.6 million) of fresh cash to the iShares Standard & Poor’s/TSX Capped Energy Index ETF, the most among more than 200 equity exchange traded funds traded in Canada.

United States

  • U.S. stock-index futures fell, with the Standard & Poor’s 500 Index headed for its biggest weekly drop in two months, as oil extended its slump and Chinese industrial production missed estimates.
  • Uber Technologies Inc. faces yet another legal challenge today as a Paris judge rules whether to block its UberPop service, which lets users get rides with private cars.
  • American’s confidence rose in December to an almost eight-year high, pointing to a pickup in holiday-related purchases.
  • Blackstone Group LP agreed to sell a majority stake in 39 U.S. shopping centers to join-venture partner Kimco Realty Corp. for $512.3 million in a deal that will almost double the firm’s equity investment.


  • European stocks retreated, with the Stoxx Europe 600 Index heading for its worst weekly slump in two months, as mining shares led declines.
  • Commerzbank AG will pay more than $1 billion to settle allegations it broke U.S. anti-money laundering and sanctions laws, the Financial Times reported.
  • U.K. house prices extended their longest stretch of gains since before the financial crisis as London rebounded from a slowdown earlier in the year, according to Acadata and LSL Property Services.
  • Hugo Boss AG fell in Frankfurt as Permira Holdings Ltd. sought to further reduce its stake, adding to speculation that it will seek a gradual exit from the clothier.
  • Asian stocks rose as exporters climbed after U.S. data on retail sales boosted optimism and Japanese shares gained ahead of the weekend’s election.
  • China’s economy slowed in November as factory shutdowns exacerbated weaker demand, raising pressure on the central bank to add further stimulus.

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