July 18th 2014

Daily Market Commentary



  • The Consumer Price Index in Canada was reportedly up 0.1% and 2.4% in month-over-month and year-over-year terms, respectively. Both reports were above estimates.
  • The Consumer Price Index Core in Canada was reportedly down 0.1% and up 1.8% in month-over-month and year-over-year terms, respectively.
  • Wholesale Sales in Canada were reportedly up 2.2%, above estimates of 0.6%.
  • The House Price Index in China was reportedly up 4.2% in June. 


  • West Texas Intermediate and Brent crude headed for the first weekly gain in a month after a Malaysian Air passenger jet was downed in Ukraine and Israel sent ground forces into the Gaza Strip.
  • Gold fell in London, retreating from the biggest advance in four weeks amid tension in Ukraine and the Middle East, as a stronger dollar curbed demand. Palladium traded below the highest price in 13 years.
  • Copper fell to the lowest in more than two weeks in London as equities dropped after a Malaysian airliner was shot down over Ukraine and Israeli troops moved into Gaza. Nickel declined the most in eight weeks.


  • Canadian Pacific Railway Ltd. rose the most in almost three months after beating analysts’ estimates for profit and sales, powered by gains in grain and crude-oil shipments.
  • Royal Dutch Shell has suspended development of a liquefaction unit at Canada’s Jumping Pound facility, which was to be used to develop the emerging gas for transport market. (Globe)

United States:

  • U.S. stock-index futures were little changed, following the biggest decline since April for the Standard & Poor’s 500 Index, as investors awaited a consumer-sentiment report.
  • AbbVie Inc. agreed to buy Shire Plc for $54.8 billion, becoming the largest U.S. company to ever take a foreign address to lower its taxes.
  • General Electric Co.’s second-quarter profit matched analysts’ estimates, buoyed by expanding industrial margins, as the company heads toward an IPO for the Synchrony Financial unit this month.


  • European stocks fell for a second day, paring a weekly advance, amid concern that conflict between Ukraine and Russia is deepening.
  • Advanced Micro Devices Inc. shares fell 16 percent in German trading today after the chipmaker forecast third-quarter sales that may miss analysts’ estimates, an indication it may be losing orders to Intel Corp.
  • Asian stocks fell for the first time in five days after a Malaysia plane was shot down over Ukraine and Israel sent troops into Gaza, spurring demand for haven assets.
  • Malaysian Airline System Bhd. Shares tumbled the most in nine weeks after one of its planes was shot down in Ukraine, four months after the disappearance of Flight 370 contributed to the carrier’s biggest loss since 2011. The stock lost 11 percent.