December 5th

Daily Market Commentary



  • The net change in employment in November in Canada was reported at -10.7K, below estimates of 5K growth.
  • The Participation rate and unemployment rate in Canada reportedly held steady at 66% and 6.6%, respectively.
  • Nonfarm payrolls in the U.S. were reportedly up 321K, above estimates of 230K.
  • Average hourly earnings in the U.S. were reportedly up 0.4%, above estimates of 0.2%.


  • Brent fell from a four-year low as Saudi Arabia offered customers in Asia the biggest discount on record for its crude, boosting speculation it’s defending market share. West Texas Intermediate fell in New York.
  • Gold futures fell a second day as the dollar strengthened before U.S. jobs data that may add to the case for policy makers to raise interest rates.
  • Copper was set for its biggest weekly advance since August with data expected to show U.S. employment continued to grow.


  • Bank of Nova Scotia, Canada’s third-largest lender by assets, said profit fell 14 percent after taking costs from cutting 1,500 jobs and revaluing Venezuela assets.
  • The Canadian government has approved Burger King Worldwide Inc.’s purchase of Tim Hortons Inc. on condition it maintains employment levels and list the company in Toronto.

United States:

  • U.S. stock-index futures were little changed, with equities heading for a seventh weekly gain, as investors awaited a report that may show job growth accelerated last month.
  • A broad-based November hiring surge ranging from factories to offices and retailers powered the U.S. economy to the largest number of jobs created in almost three years, triggering long-awaited wage gains.
  • Goldman Sachs Group Inc. has $7 billion invested in private equity that it might have to sell at a loss. For Morgan Stanley, its $2.5 billion.


  • European stocks rose as German factory orders beat estimates while euro-area bonds gained on speculation the European Central Bank was preparing a package of asset purchases.
  • German factory orders rose more than forecast in October in a sign Europe’s largest economy is continuing its recovery from a mid-year dip.
  • Asia’s regional benchmark index fell as materials companies led declines and investors awaited monthly U.S. jobs data. China’s stocks swung the most since 2010 as mainland turnover topped 1 trillion yuan ($163 billion) for the first time.
  • Procter & Gamble Co., the world’s largest consumer-products company, sold control of China’s No. 1 alkaline battery maker to CDH Investments Fund Management Co. for “nearly” $600 million, the buyer said.
  • Japan’s Government Pension Investment Fund is considering whether to overhaul its $389 billion of stock investments by loosening rules that restrict managers to domestic or international equities.

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