July 22nd, 2015

Daily Market Commentary



  • MBA Mortgage Applications in the U.S. were up 0.1%.
  • Existing home sales in the U.S. were up 5.49M in month-over-month terms, or 3.2%. This figure was above estimates.
  • Retail Sales in Italy were down 0.1% and up 0.3% in month-over-month and year-over-year terms, respectively.


  • Oil fell in New York, trading near $50 a barrel, on signs that the U.S. supply glut is failing to clear.
  • Gold futures retreated for a 10th day in the longest run of losses since 1996 as Goldman Sachs Group Inc. predicted further declines and investors sold more through funds.
  • Japan’s biggest nickel producer (Sumitomo Metal Mining Co) reversed its outlook for the global market to predict another surplus as demand growth slows in China. Prices fell as much as 2 percent.


  • Canada Spring Wheat Yields Seen as Mixed Amid Dryness, CWB Says. Poor conditions reported in southern Alberta and parts of northwestern Saskatchewan, while good to excellent crops observed in Manitoba and north-central areas of Saskatchewan

United States:

  • Nasdaq 100 Index futures retreated as disappointing results from Apple Inc., Microsoft Corp. and Yahoo! Inc. rippled through technology stocks.
  • Microsoft Corp. shares fell more than 4 percent in Europe trading after the software maker posted its largest-ever quarterly loss, hurt by a $7.5 billion writedown related to its flopped purchase of Nokia’s handset unit.


  • European stocks fell after Apple Inc.’s worse-than-forecast results dragged semiconductor companies lower and commodity producers deepened declines.
  • Prime Minister Alexis Tsipras returns to the Greek parliament on Wednesday seeking support from the opposition to help him overcome his own party’s rebellion against the terms of a third bailout.
  • The Bank of England said a growing number of policy makers have become concerned about rising inflation pressures, indicating building momentum toward the first interest-rate increase in eight years.

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