January 21st, 2016

Daily Market Commentary



  • Continuing Jobless claims in the US were quoted at 2.2M, slightly below estimates.
  • Initial Jobless Claims were reported at 293K, above estimates of 278K.
  • Consumer Confidence in the Eurozone was reported at -6.3, slightly worse than estimates.
  • The ECB maintained their key deposit rates and interest rates.


  • Gold extended its rally above $1,100 an ounce as investors seek protection from the sell-off in equities and commodities.
  • Brent oil extended its decline from the lowest close in more than 12 years as rising U.S. crude stockpiles added to a swelling global glut.


  • Brookfield Property Partners LP is shopping for buildings in North American cities hardest hit by the oil slump, as pressure on the local economies creates discounts.
  • Canadians aren’t getting the full benefit of plunging oil prices when they fill up at the pump, the Bank of Canada said Wednesday. (Globe)


United States:

  • U.S. index futures fell, signalling the rout that dragged the Standard & Poor’s 500 Index to its lowest level since 2014 isn’t over yet.
  • Southwest Airlines Co.’s fourth-quarter profit topped analysts’ estimates as the carrier paid less for jet fuel and flew more passengers longer distances.
  • When Schlumberger Ltd. kicks off the reporting for fourth-quarter earnings in the U.S. oil patch Thursday, it may be the only one of its peers that turned a profit in North America


  • European stocks rose, after their worst slump since August, as investors awaited comments by European Central Bank President Mario Draghi.
  • Banca Monte dei Paschi di Siena SpA rebounded in Milan trading, after losing almost half of its value over the past three days, as European Union officials signaled they’re ready to speed up the process of setting up an Italian bad bank.
  • UniCredit SpA offered to buy back bonds from retail customers for the third time in a year amid regulatory changes and increasing nervousness among Italian savers about such investments.
  • Barclays Plc Chief Executive Officer Jes Staley unleashed a fresh round of cuts at the investment bank that will eliminate 1,200 jobs worldwide and shut securities operations across Asia, people with knowledge of the matter said.
  • SABMiller Plc’s sales showed that not all European consumer-goods companies are being stunted by a slowdown in emerging markets, buoying the case for its takeover by Anheuser-Busch InBev NV.
  • Chinese stocks tumbled as the central bank’s biggest cash injection in the financial system in three years failed to ease concern that the nation’s economic slowdown will deepen.
  • Sharp Corp. is leaning toward accepting a rescue by government-backed Innovation Network Corp. of Japan over a potentially larger offer from Taiwan’s Foxconn Technology Group, according to two people familiar with the talks.

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