December 1st, 2015

Daily Market Commentary



  • GDP in Canada was down 0.5% in month-over-month terms, and came in at an annualized rate of 2.3% in quarter-over-quarter terms, slightly below estimates of 2.4%.
  • The Redbook index, which measures same-store sales growth of US general merchandising companies, was up 1.6% and 3.9% in month-over-month and year-over-year terms.
  • The unemployment rate in the Eurozone was reported at 10.7%, slightly below estimates.
  • GDP in Italy was up 0.2% and 0.8% in quarter-over-quarter and year-over-year terms, respectively.
  • The British Markit Manufacturing PMI was 52.7, slightly below estimates.


  • Copper smelters in China, the world’s biggest maker of the refined metal, agreed to cut output by 350,000 metric tons next year, joining the nation’s zinc and nickel companies in curbing production as they respond to prices that have tumbled to the lowest level in at least six years.



  • Bank of Nova Scotia, Canada’s third-largest lender by assets, said fiscal fourth-quarter profit rose 28 percent on gains in its international banking business.
  • Canadian Oil Sands Ltd.’s shareholders won another month to find suitors willing to counter Suncor Energy Inc.’s C$4.5 billion ($3.37 billion) hostile takeover offer. They may lose Suncor’s bid in the process.

United States:

  • S. stock-index futures rose and government bonds slid on signs of a pickup in manufacturing around the world.
  • David Einhorn’s main hedge fund at Greenlight Capital fell 5.2 percent in November and is poised for only its second losing year in almost two decades.


  • European equities traded at a three-month high, with Britain’s lenders rallying after passing stress-test results.
  • Swiss economic growth unexpectedly stalled in the third quarter, with momentum held back by weak performance in the energy, construction and financial sector.
  • Linde AG dropped the most in almost 17 years after U.S. health-care budget cuts and a fall in industrial demand forced the German gases supplier to reduce earnings targets for the third time in just over a year.
  • Asian stocks rose following Monday’s selloff as investors focused on the positives from Chinese data that showed manufacturing contracting to the lowest in three years.
  • Naspers Ltd. plans to increase its exposure to U.S. technology startups as Africa’s biggest company by market value seeks to limit the impact of a U.S. interest-rate rise and identify new Internet growth prospects, Chief Executive Officer Bob van Dijk said.

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