February 18th, 2015

Daily Market Commentary



  • Wholesale sales in Canada were reportedly up 2.5% in month-over-month terms, above estimates of 0.3%.
  • Building Permits in the U.S. were reportedly up 1.05M in month-over-month terms, slightly below estimates.
  • Housing Starts in the U.S. were reportedly up 1.065M in month-over-month terms, also slightly below estimates.
  • The Producer Price Index in the U.S. was reportedly down 0.8% and flat in month-over-month and year-over-year terms, respectively. Both figures were below estimates.
  • Capacity utilization in the U.S. was reported at 79.4%, slightly below estimates.


  • Oil declined from its highest closing price in seven weeks in New York on estimates that U.S. crude inventories advanced from a record level last week.
  • Gold traded near a six-week low on speculation Greece will ease a standoff with its creditors and before the Federal Reserve releases minutes of its last meeting. Platinum was near the lowest since 2009


  • Cenovus Energy Inc., Canada’s fifth-largest oil producer by market value, plans to raise C$1.5 billion ($1.2 billion) in a share sale as it seeks to weather a slump in crude prices.
  • Restaurant Brands International Inc., the newly formed parent company of Burger King and Tim Hortons, climbed 8.7 percent in New York trading after reporting accelerating same-store sales at the two restaurant chains.
  • A strike by unionized workers at CP ended Monday and full service resumed on Tuesday, Canada’s labour minister said. A CNR train carrying crude oil derailed near the town of Timmins in northern Ontario on Saturday, causing a fire but no reported injuries.
  • DHX Media raised its dividend and said second-quarter adjusted earnings improved to $0.08 a share from $0.03, as revenue more than doubled due to its purchase of DHX television.

United States

  • U.S. stock-index futures were little changed, with the Standard & Poor’s 500 Index at a record, as investors awaited minutes from the last Federal Reserve meeting for clues on the timing of a rate increase.
  • Snapchat Inc. is seeking a new round of funding that would value the company as high as $19 billion, making it the third-most valuable venture-backed company in the world.
  • Fresh Del Monte Produce said its loss narrowed in the fourth quarter, as higher banana volume in North America, as well as sales growth in tomatoes and melons, offset weakness in prepared foods.


  • European stocks rose to a seven-year high amid investor speculation that Greece will reach a compromise agreement on its bailout terms with euro-area creditors.
  • Billionaire Patrick Drahi offered 3.9 billion euros ($4.5 billion) to buy Vivendi SA’s 20 percent in Numericable-SFR, the carrier he created by merging France’s largest cable company with the second-biggest wireless provider.
  • British officials said inflation slowed in January to an annual 0.3 percent — the lowest pace on record — in the face of falling energy prices and supermarket price wars.
  • The Swiss National Bank will cut interest rates again in an effort to head off economic damage from the franc’s surge after scrapping its currency cap, according to a survey.
  • Asian stocks headed for a five-month high as energy shares led gains.
  • Japan Post Holdings Co. agreed to buy Australia’s Toll Holdings Ltd. for A$6.49 billion ($5.07 billion), gaining a transport network in the faster-growing Asian region ahead of an initial public offering this year.
  • Sony Corp. forecast its highest earnings in 20 years as Chief Executive Officer Kazuo Hirai uses games, image sensors and entertainment to revive the electronics maker.

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