February 13th, 2015
Daily Market Commentary
- Manufacturing Shipments in Canada were reportedly up 1.7% in month-over-month terms, above estimates.
- The Import Price Index in the U.S. was reportedly down 2.8% and 8% in month-over-month and year-over-year terms, respectively.
- The Export Price Index in the U.S. was reportedly down 2% and 5.4% in month-over-month and year-over-year terms, respectively.
- GDP in the Eurozone was reportedly up 0.3% and 0.9% in quarter-over-quarter and year-over-year terms, respectively.
- Oil extended its rally above $60 a barrel in London for the first time this year amid speculation that a decline in U.S. drilling will slow production and curb a global supply glut.
- Gold rose for its first back-to-back advance in almost a month as falling U.S. retail sales cast doubt on the pace of growth in the world’s largest economy.
- Tin rose and copper headed for a second weekly advance on optimism an improving economy in Europe will increase demand for metals.
- Canadian grain sales to the U.S. and Mexico have plunged 35 percent following a government order designed to relieve the backlog that piled up in 2014, according to the Ag Transport Coalition, which represents grain, oilseeds and pulse crop-shippers.
- Manulife Financial reported a 51% drop in fourth-quarter earnings, missing expectations, and warned that the continued low-interest rate environment would create headwinds this year.
- Cenovus Energy said it will cut about 15% of its workforce, freeze salaries and scale back discretionary spending as it grapples with the continued slump in oil prices.
- Television entrepreneur Moses Znaimer is hoping to expand his reach on the TV dial by acquiring the money-losing Sun News Network from Quebecor Inc.
- U.S. stock-index futures rose, with the Standard & Poor’s 500 Index 3 points away from a record, as German growth data signalled a strengthening in Europe’s recovery and optimism increased about Greek debt talks.
- Tesla said its fourth-quarter loss widened to $108 million, missing analysts’ forecasts, as deliveries of its $71,000 and up luxury electric cars fell short of an already lowered forecast.
- American Express fell sharply after the company said its merchant agreement with Costco will end next year and that the bulk retailer is negotiating with other credit-card companies.
- European stocks climbed, with Germany’s DAX Index rising above 11,000 for the first time after a report showed the nation’s economy accelerated.
- L’Oreal SA expressed confidence for 2015 after reporting a faster-than-expected acceleration in quarterly revenue growth, aided by demand for Yves Saint Laurent scents and a rebound at its consumer-products unit.
- Owners of Norway’s biggest oil find in decades, including Statoil ASA and Det Norske Oljeselskap ASA, failed to agree on how to divide the $177 billion in projected income, forcing the government to decide on the stakes.
- Asian stocks climbed, with materials shares leading gains after equity indexes in the U.S. and Europe posted multi-year highs on developments in Ukraine and Greece.
- Shanghai Zendai Property Ltd. shares surged to a two-year high in Hong Kong after state-owned China Orient Asset Management Corp. agreed to buy 50 percent of the real estate firm at a premium to the last closing price.
*All information is taken from Bloomberg, unless otherwise noted.