February 24th, 2016

Daily Market Commentary



  • MBA Mortgage Applications were down 4.3% in the US.
  • Consumer Confidence in France was listed at 95, slightly below estimates.



  • Oil extended declines after oil ministers from Iran and Saudi Arabia signaled they’re unwilling to curtail production.
  • Gold climbed for a second day as stocks and crude oil retreated, boosting demand for haven assets. Investors increased holdings in funds backed by the precious metal for a ninth day, building their stake at the fastest pace in seven years.


  • Royal Bank of Canada said fiscal first-quarter profit fell 0.4 percent as gains from its $5 billion takeover of Los Angeles-based City National Corp. were countered by lower earnings in capital markets. The lender raised its quarterly dividend 2.5 percent to 81 cents a share.
  • Encana Corp. reported its fourth straight quarterly loss, cut its annual spending forecast and lowered the dividend amid tumbling oil and natural-gas prices.
  • Suncor Energy Inc. is better positioned than most U.S. shale drillers to endure the oil-market collapse that Saudi Arabia’s petroleum minister signaled is far from over, said Chief Executive Officer Steve Williams.

United States:

  • U.S. stock-index futures fell, signaling no relief for the Standard & Poor’s 500 Index after yesterday’s slide from a six-week high.
  • U.S. Treasury Secretary Jacob J. Lew downplayed expectations for an emergency response to global market turbulence when Group of 20 finance chiefs and central bankers meet this week in China, calling on nations to do more to boost demand without pursuing unfair currency policies.
  • Lowe’s Cos. posted fourth-quarter sales that topped analysts’ estimates, following larger rival Home Depot Inc. in taking advantage of a years-long real estate rally that’s spurring consumers to spend on their homes.
  • Donald Trump’s dominating victory in the Nevada caucuses pushes him further out ahead of his nearest competitors for the Republican presidential nomination.



  • European stocks declined for a second day amid a retreat in oil prices as investors assessed global growth prospects
  • Airbus Group SE said profit rose 1.6 percent last year as it ramped up deliveries of the latest A350 model and broke even on the A380 superjumbo. Figures were held back by higher development spending.
  • Petroleo Brasiliero SA was accused in a lawsuit of hiding corruption and kickback schemes as the oil giant induced a Washington firm’s managed funds to invest more than $221 million in an off-shore drilling business that’s now foundering.
  • K. mortgage lending rose the most in more than seven years in January, adding to evidence of a surge in demand by property investors before a tax increase takes effect in April.
  • Japanese stocks fell as the yen strengthened and Iran and Saudi Arabia doused hopes for a rebound in crude prices, sending global energy shares lower.
  • Momo Inc. surged after naming Alibaba Holdings Group Holding Ltd.’s vice chairman to its board, stoking speculation that the Chinese maker of a dating app may be able to complete a management-led buyout with help from the country’s biggest online retailer.


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