July 15th, 2015
Daily Market Commentary
- Manufacturing Shipments in Canada were reportedly up 0.1% in month-over-month terms, below estimates.
- MBA Mortgage Applications were down 1.9% in the U.S.
- The NY Empire State Manufacturing Index was reported at 3.86, above estimates of 2.75.
- The Producer Price Index for the U.S. was up 0.4%
- Oil traded near the highest price in more than a week on estimates that bolstering Iran’s crude exports under the terms of a nuclear deal won’t occur until next year.
- Gold held a two-day decline as investors awaited testimony from Federal Reserve Chair Janet Yellen for indication on when the central bank will raise interest rates.
- Mills in the biggest steelmaker are churning out less even as economic growth shows signs of stabilizing, showing the fortunes of the industry that led China’s industrialization may be diverging from the country as a whole.
- Canada’s central bank may cut its key lending rate Wednesday for the second time this year, a decision that hinges on whether Governor Stephen Poloz views an oil shock as having broadened into a recession.
- Brookfield retains Citigroup, Macquarie for talks with Asciano, as it determines whether its A$8.8b indicative proposal for Australian port and rail operator will result in firm offer.
- U.S. stock-index futures were little changed after equities posted their longest winning streak since January, and investors awaited Federal Reserve Chair Janet Yellen’s testimony before Congress.
- BlackRock Inc., the world’s largest money manager, said second-quarter profit rose 1.4 percent as investors added money to its lineup of exchange-traded funds and active products.
- The National Retail Federation predicted a drop in the average family’s back-to-school spending, bringing a downbeat forecast to an industry hoping for a resurgence in the second half.
- U.K. stocks were little changed, paring an earlier decline after wages in Britain accelerated to the fastest pace in more than five years.
- Greek Prime Minister Alexis Tsipras braved a revolt in his own party as parliament in Athens began to debate a bailout of up to 86 billion euros ($95 billion) that international officials have already suggested won’t be enough.
- China’s stocks fell for a second day after better-than-expected economic data failed to boost investor confidence in the world’s worst-performing equity market over the past month.
- China’s economic growth proved resilient in the second quarter as policy makers stepped up support and a stock market boom — since soured — spurred services.
*All information is taken from Bloomberg, unless otherwise noted.