February 24th, 2015

Daily Market Commentary



  • The Redbook Index in the U.S., which measures same-store sales growth in general merchandisers, was reportedly up 0.8% and 2.8% in month-over-month and year-over-year terms, respectively.
  • The S&P/Case-Shiller Home Price Indices were reportedly up 4.5% in year-over-year terms, above estimates of 4.3%.
  • The Consumer Price Index in the Eurozone was reportedly down 1.6% and down 0.6% in month-over-month and year-over-year terms, respectively. Both figures were in line with estimates. 


  • Gold fell for a fourth day in the longest run of losses since November as the dollar strengthened and Greece’s creditors review a list of debt-reduction policies.
  • Oil traded near its lowest closing level in almost two weeks before U.S. government data forecast to show crude inventories expanded from a record high.


  • Canadian National Railway Co. struck a deal with labour union Unifor, averting a lockout of 4,800 workers at the country’s largest railroad.
  • Canadian technology startups are remaining private longer as an abundance of private capital allows them to strengthen their businesses outside the scrutiny and expense of an initial stock sale.
  • Valeant Pharmaceuticals is offering $10 billion USD in a friendly deal to buy Salix Pharma, which is focused on developing drugs to treat gastrointestinal diseases.
  • Samsung said it has agreed to buy Magna International’s battery pack business for an undisclosed amount. 

United States

  • U.S. stock-index futures were little changed, with the Standard & Poor’s 500 Index trading near an all-time high, as investors awaited testimony by Federal Reserve Chair Janet Yellen.
  • The U.S. Justice Department is investigating whether the world’s biggest banks manipulated prices of precious metals such as silver and gold, according to people with knowledge of the matter. At least 10 banks, including Barclays Plc, JPMorgan Chase & Co., and Deutsche Bank AG are being probed.
  • Home Depot Inc., the largest U.S. home-improvement retailer, posted fourth-quarter profit that topped analysts’ estimates as U.S. housing price gains spurred consumers to spend more on their homes.
  • Apple said it would spend nearly $2 billion to build its first two data centres in Europe, the latest U.S. tech giant to open computing centres in the region.


  • European stocks traded near a seven-year high as Greece’s creditors scrutinized its policies aimed at winning more funds. Greek stocks surged after a market holiday.
  • Bank of England Governor Mark Carney said policy makers can look beyond the current bout of weak inflation as he pledged to return price growth to target “within a reasonable horizon.”
  • Germany restored its position as Europe’s economic powerhouse last quarter as domestic spending surged and trade contributed to growth.
  • Hong Kong equities fell, with the Hang Seng Index halting its longest winning streak in seven months, as HSBC Holdings Plc slumped after earnings missed estimates.
  • Hitachi Ltd. agreed to buy Finmeccanica SpA’s rail business and a signals affiliate in its largest overseas acquisition as it seeks growth abroad.
  • HSBC Holdings Plc Chief Executive Officer Stuart Gulliver, up against rising capital demands and sluggish global growth, is facing calls to break up Europe’s largest bank after cutting the bank’s profitability targets.

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