February 16th, 2016
Daily Market Commentary
- Manufacturing Shipments in Canada were reportedly up 1.2% in month-over-month terms, above estimates.
- The NY State Manufacturing Index was reported at -16.6, below estimates.
- A ZEW Survey of Economic Sentiment in the Eurozone was reported at 13.6, above estimates.
- Gold fell for a third day as a recovery in equities markets diminished the appeal of the metal as a haven and Goldman Sachs Group Inc. said the rally to a one-year high last week wasn’t justified.
- Oil pared gains on speculation that a pledge by Saudi Arabia and Russia to freeze production at January levels won’t succeed in tackling the global oil surplus.
- Copper in London climbed for a fourth day, its longest rally since October, as the broadest measure of new credit surged in China.
- Bombardier Inc. expects to get certification from U.S. and European authorities for its new C Series jet in the first half of this year, and will deliver initial models to launch customer Swiss International Air Lines AGon time, one of the Canadian plane-maker’s top executives said.
- Demand for new condominiums in Canada’s oil patch sank the most last year since 2008, according to data from Altus Group Ltd. Sales of condos in Calgary fell 38 percent to about 3,000 units from 4,805 units the prior year.
- U.S. stock-index futures rose, signaling equities will climb for a second day as trading resumes after a holiday.
- European stocks snapped a two-day rally as investors assessed global growth prospects and an announcement that Saudi Arabia and Russia agreed to freeze oil output.
- K. inflation climbed to its highest in a year in January, driven by motor fuels, food and clothing.
- Volkswagen AG’s diesel-emissions cheating scandal weighed on the German carmaker’s European market share for a fifth consecutive month as deliveries dropped in its home country and the U.K.
- Wireless carrier Vodafone Group Plc and cable giant Liberty Global Plc agreed to combine their Dutch businesses, creating a provider of Internet, TV and mobile services and accelerating deal-making in Europe’s phone industry.
- Asian stocks rose, extending a rally that lifted the regional equities gauge from the lowest level since 2012, as Chinese stocks jumped the most in three months and SoftBank Group Corp. surged.
*All information is taken from Bloomberg, unless otherwise noted.