December 1st

Daily Market Commentary



  • The Markit Manufacturing PMI for the Eurozone was reported at 50.1, slightly below estimates of 50.4.
  • Italian GDP was reportedly down 0.1% and down 0.5% in quarter-over-quarter and year-over-year terms, respectively.
  • Consumer Credit in Great Britain grew faster than anticipated in October, coming in at 1.087B pounds.
  • Mortgage Approvals in Great Britain were slightly below target at 59.426K.


  • West Texas Intermediate tumbled below $65 a barrel to the lowest level since July 2009 amid speculation prices have further to drop before OPEC’s decision to maintain output slows U.S. shale supply.
  • Copper fell to a four-year low amid an energy market-driven rout in commodities and a slowdown in manufacturing activity in China, the world’s largest consumer of the metal.
  • Gold rose in London, rebounding from a three-week low, as some investors closed out bearish bets. Silver jumped after reaching the lowest in five years.
  • Commodities fell to a five-year low as oil sank on prospects for a glut and data from China confirmed a slowdown in the world’s top user of fuels and metals.


  • A Canadian Natural Resources pipeline has leaked about 60,000 litres of crude oil in northern Alberta after a “mechanical failure,” the Alberta Energy Regulator said. (Globe)
  • Intel Corp. acquired Canadian start-up PasswordBox Inc. to bolster its Internet security offerings.
  • Pipeline operator Enbridge said it has agreed to buy an 80% stake in two U.S. wind farms from German power utility E.ON SE, which will retain a 20% stake and remain as operator.
  • Pembina Pipeline said it plans to invest $105 million to build a new facility and expand its gas processing capacity at its Musreau facility in west central Alberta.

United States:

  • U.S. stock-index futures declined, indicating equities will fall for a second day, as oil prices extended losses.
  • Spending tumbled an estimated 11 percent over the weekend, the Washington-based National Retail Federation said yesterday. And more than 6 million shoppers who had been expected to hit stores never showed up.
  • Uber Technologies Inc. is winning customers around the world by offering cheaper rides in fancier cars. That stategy isn’t working in Germany, where the taxi fleet is ruled by Mercedes-Benz luxury sedans.
  • Hackers with Wall Street expertise have stolen merger-and-acquisition information from more than 80 companies for more than a year, according to security consultants who shared their findings with law enforcement.


  • Commodity producers led European stocks lower after manufacturing slowed more than forecast from China to the euro area, while oil tumbled further.
  • U.K. manufacturing growth unexpectedly accelerated in November to the fastest pace in four months as domestic demand strengthened.
  • German manufacturing unexpectedly shrank last month in a slump that dragged factories in the euro area to the brink of stagnation.
  • BT Group Plc’s pursuit of O2 or EE, Britain’s two biggest mobile phone operators, prompted predictions of a wave of deal-making in the U.K. The interest shown by Vodafone Group Plc in Liberty Global Plc shows that’s not just idle speculation.
  • Asian stocks fell a third day, with energy producers sliding to the lowest in more than five years as oil extended its slump, while shares in Hong Kong tumbled.
  • A Chinese manufacturing gauge fell as factory shutdowns aggravated a pullback in the economy, raising pressure on the central bank to ease policy further after it lowered interest rates for the first time in two years. The government’s Purchasing Managers’ Index fell to an eight-month low of 50.3 in November.
  • Ping An Insurance Co., China’s second-largest insurer, said it will raise $4.75 billion in Hong Kong’s biggest share sale in almost two years to replenish equity and working capital.
  • South Korea, Thailand and Philippines are Asia’s biggest economic winners from a drop in oil prices, according to Bank of America Corp.

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