February 12th, 2015
Daily Market Commentary
- Initial Jobless Claims in the U.S. were reported at 304K, above estimates of 285K.
- Continuing Jobless Claims in the U.S. were reported at 2.354M, slightly below estimates of 2.393M.
- Retail Sales in the U.S. were reportedly down 0.8% and 0.9% both including and excluding autos. Both figures were below estimates.
- The New Housing Price Index in Canada was reportedly up 0.1% and 1.7% in month-over-month and year-over-year terms, respectively.
- Oil rose for the first time in three days amid speculation that demand is strengthening, curbing a supply surplus.
- Gold rose the most in almost two weeks as European leaders failed to agree on Greece’s bailout program after talks in Brussels.
- Cenovus Energy Inc. will cut its staff by 15 percent, freeze wages this year and reduce spending on travel, conferences, meetings and upgrading information technology after the global slump in oil prices. Most of the job cuts will be in the contract labour force.
- Manulife Financial Corp., Canada’s largest insurer, said fourth-quarter profit slid 51 percent as oil and gas investments languished amid a global decline.
- Canadian miner Teck Resources Ltd.’s quarterly profit missed analysts’ estimates as the company struggles with weak coal and copper prices. (Globe)
- Telus Corp. reported an 8 per cent rise in quarterly profit, helped by higher revenue in both its wireless and wireline businesses. (Globe)
- Canadian Western Bank, a regional lender based in oil-rich Alberta, will weather plunging crude prices by focusing on business banking and trying to take market share from larger rivals.
- U.S. stock-index futures advanced, indicating the Standard & Poor’s 500 Index will inch closer to its record, after all-night talks sealed a cease-fire for Ukraine.
- Rio Tinto Group, the world’s second-biggest mining company, plans to spend $2 billion in a share buyback after reporting full-year profit that beat estimates as higher output and lower costs countered a slump in commodity prices.
- European stocks rose as Greek banks rallied amid optimism the nation will reach a deal on its bailout terms.
- Total SA will cut spending and curtail exploration this year after the crash in crude prices cut fourth-quarter profit 17 percent.
- Bank of England Governor Mark Carney signalled interest rates may increase faster than investors had anticipated as Britain’s economy gathers pace.
- Societe Generale SA, France’s No. 2 bank, posted profit that missed estimates in the fourth quarter as revenue in its core consumer markets fell while its capital buffer shrank.
- Asian stocks rose as Japan’s Topix index surged to a seven-year high as the yen held losses past 120 per dollar.
- Baidu Inc. posted profit that missed analysts’ estimates as the owner of China’s largest search engine boosted spending to attract users to mobile applications.
*All information is taken from Bloomberg, unless otherwise noted.