February 11th, 2015
Daily Market Commentary
- MBA Mortgage Applications in the U.S. were reportedly down 9%.
- Gold held above a three-week low before Greece holds an emergency meeting with creditors.
- Oil traded near $50 a barrel after the biggest slide in four days as investors weighed forecasts for slowing U.S. crude output against signs that the market is oversupplied.
- Kinross Gold Corp., Canada’s third-biggest producer of the metal, said it won’t go ahead with an expansion at its Tasiast mine in Mauritania amid gold-price volatility.
- Wal-Mart Canada to remodel and expand several stores to add grocery departments, expand distribution network, grow e-commerce presence.
- Great-West Lifeco said it has agreed to buy Legal and General International, which provides investment services to the U.K.
- Bombardier said its transportation division and New United Group have finalized their agreement to form a joint venture for signalling and rail control in China.
- U.S. stock-index futures were little changed, after equities reached their highest level this year.
- Qualcomm said it will pay a $975 million fine as part of a long-awaited settlement with Chinese antitrust authorities, but some observers said the company was spared some of the worst penalties authorities could have used.
- The Gap raised its fiscal year 2014 outlook, pointing toward strength in the fourth quarter and a lower tax rate, but its sales results for January disappointed in the weeks following the holiday rush.
- European stocks declined before a meeting between Greek Finance Minister Yanis Varoufakis and his euro-area counterparts in Brussels.
- PAO Uralkali, the largest potash supplier by volume last year, sees a possible supply deal with India taking place ahead of China for the first time since 2008, signalling a price increase.
- Heineken NV, the world’s third-largest brewer, forecast growth against a tough market backdrop in the year ahead after reporting higher revenue for 2014 and increasing its dividend.
- Asian stocks fell amid low trading volume on concern about corporate earnings.
- Asiana Airlines Inc., South Korea’s second-largest carrier, ordered 25 Airbus Group NV planes valued at $2.8 billion to replace some of its existing single-aisle jets.
- Samsung Electronics Co. plans to release two new versions of its top-tier Galaxy smartphone next month, including a model with a display covering three sides, according to people with direct knowledge of the matter.
*All information is taken from Bloomberg, unless otherwise noted.