July 22nd

Daily Market Commentary



  • The Consumer Price Index in the U.S. was reportedly in line with estimates for June, up 0.3% and 2.1% in month-over-month and year-over-year terms, respectively.
  • The Consumer Price Index Core, however, which excludes the price of food and energy, rose by less than expected, increasing by 0.1% and 1.9% in month-over-month and year-over-year terms, respectively. 


  • West Texas Intermediate rose for a second day before stockpile data that will signal the strength of fuel demand in the U.S., the world’s biggest oil consumer. Brent gained in London.
  • Gold fell in London as expectations for higher U.S. interest rates and a stronger dollar countered haven demand amid tension in Ukraine and Gaza.
  • Zinc climbed to the highest price since 2011 after falling inventory and an improving demand outlook spurred speculation that consumption will exceed supply. Aluminium reached a 16-month high.


  • Canadian National Railway Co. reported second-quarter profit that beat analysts’ estimates as shipments of grain and fertilizers soared 29 percent. “Our Canadian grain supply chain is fully back in sync,” Chief Executive Officer Claude Mongeau told analysts yesterday.

United States:

  • U.S. stock-index futures advanced, signalling the Standard & Poor’s 500 Index will rise, as companies including Netflix Inc. and Chipotle Mexican Grill Inc. posted results that topped estimates, while European foreign ministers meet to discuss the Ukraine crisis.
  • Herbalife Ltd. shares fell the most in three months yesterday after billionaire Bill Ackman vowed to show Enron Corp.-like fraud at the seller of supplements and weight-loss shakes.
  • Yahoo! Inc. is adding to its mobile lineup with the acquisition of analytics company Flurry Inc.
  • State Street Corp., the third-largest custody bank, said second-quarter profit rose 5.4% after equity markets rallied globally, lifting assets and fees they generate
  • Time Warner Inc.’s board took its first concrete step to fend off Rupert Murdoch’s unwanted takeover offer by eliminating a provision in its bylaws that let shareholders call special meetings.
  • Verizon Communications Inc. exceeded profit estimates on stronger customer gains as T-Mobile U.S. Inc. brought more promotions and price cuts to the industry.


  • European stocks rose, rebounding from three days of losses, as European Union foreign ministers meet in Brussels to discuss sanctions against Russia.
  • Asian stocks advanced, with the regional benchmark index on course for its highest close in six years, as investors bet rising tensions in Ukraine over the shooting down of a jetliner won’t curb global economic growth.
  • Malaysian Airline System Bhd., reeling from its second disaster in four months, is likely near the end of its days as a publicly traded company.  The company plans to present a revival plan to its state- run parent Khazanah Nasional Bhd the options range from Khazanah taking Malaysian Air private to bankruptcy, with both routes involving a delisting.
  • Saudi Arabia will open up its stock market to foreign investors in the first half of 2015, providing greater access to the Arab world’s biggest exchange. The benchmark index surged to the highest level in six years.


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